Bitcoin Slips Below $80k Amid Strong US Jobs Report
Bitcoin's recent surge above $82,000 was short-lived as it dropped below $80,000 on Friday following a strong US jobs report. The report showed that the US job market accelerated in August, which typically leads to higher interest rates and reduced inflation fears.
The Federal Reserve is more likely to raise interest rates when the labor market is strong, which could negatively impact Bitcoin's value. However, traders view a US Federal Reserve interest rate hike at the upcoming September 15-16 policy meeting as only a 50% to 60% probability.
US President Donald Trump weighed in on the matter, demanding that the Federal Reserve slash interest rates and saying 'Lower the interest rates because the U.S.A. is a much stronger credit than it was just a short time ago! We should have the LOWEST RATE of any country in the World, like 'the old days.'
Bitcoin's recent performance has decoupled from stocks as investors have renewed concerns around dollar debasement.