Bitcoin Slips After Jobs Report Fuels Rate Hike Bets
Bitcoin's price slipped over 2% to $79,802.0 after a stronger-than-expected US jobs report boosted bets for a Federal Reserve rate hike later this month.
The data showed nonfarm payrolls rose by 162,000 in August, more than triple the 55,000 economists had expected, and reinforced signs of labor-market resilience despite elevated inflation.
However, comments from Federal Reserve Governor Christopher Waller that he is leaning towards keeping interest rates steady when the Fed meets later this month helped ease some concerns about imminent rate hikes, which in turn strengthened Bitcoin's price earlier in the week.
The prospect of steady rates bodes well for Bitcoin, given its sensitivity to shifts in yields. The crypto also gained from encouraging comments on US regulation from top officials, including Securities and Exchange Commission Chair Paul Atkins, who expects the Senate to vote on the Clarity Act on September 15.