Bitcoin Price Rises to Over $78,500 Amid Softer US Employment Figures
Bitcoin's price has surged to over $78,500 after breaking above $78,000 in the past 24 hours. This jump is largely attributed to softer US employment figures and fresh spot ETF inflows, which have boosted demand for BTC.
The ADP reported that US private employers added only 38,000 jobs in August, below market expectations of roughly 47,000. This weaker-than-expected job growth has reduced the likelihood of another Federal Reserve rate increase, with the probability now standing at around 62% from over 67% a day earlier.
Lower Treasury yields have also contributed to Bitcoin's price rise, falling by four basis points to 4.74% for the 10-year yield and six basis points to 4.32% for the two-year yield. This easing of borrowing costs has provided a favorable environment for risk assets, including BTC.
BlackRock's IBIT accounted for approximately $115.45 million of the daily inflows into US spot Bitcoin exchange-traded funds, which recorded net inflows of around $101.15 million on September 2.