Bitcoin Holds Below $80,000 as Jobs Data Boosts Rate Hike Bets
Bitcoin's price held steady below $80,000 on Saturday after retreating from a three-month high of over $82,000. The cryptocurrency fell as stronger-than-expected US employment data revived expectations for a Federal Reserve interest rate hike.
The jobs report showed nonfarm payrolls increased by 162,000 in August, exceeding the 56,000 gain economists had expected. This led to an increase in bets that the Fed could raise interest rates at its September 15-16 meeting, with rate futures briefly pricing in around a 65% probability of a hike.
Despite this, continued inflows into spot Bitcoin exchange-traded funds (ETFs) provided support for the cryptocurrency. U.S. spot Bitcoin ETFs attracted $174.6 million of net inflows on September 4, extending their inflow streak to three sessions and taking cumulative inflows over the period to about $1.01 billion.