Crypto
Bitcoin Slips Amid Rate Hike Fears and Tight Labor Market
Bitcoin's price slipped by 0.69% to around $64,384 on Thursday as fresh US jobs data and rising rate hike expectations put pressure on crypto markets.
The U.S. Department of Labor reported initial jobless claims of 199,000 for the week ending August 1, below the forecast of 204,000 and slightly above last week's revised 198,000.
A tight labor market gives the Federal Reserve more room to keep rates elevated, which tends to reduce demand for risk assets like Bitcoin.
Crypto analyst Ted Pillows posted on X that spot buyers were pushing BTC higher, but markets are also watching Fed Chair Kevin Warsh's reported work on a new communication approach at the central bank.