Bitcoin Slumps Below $80,000 as Jobs Data Revives Rate Hike Bets

Bitcoin's recent push above $80,000 was short-lived as it plummeted nearly 3% following stronger-than-expected US jobs data. The token dropped as much as 2.8% to $79,197 on September 4, 2026, alongside stocks and bonds after nonfarm payrolls increased 162,000 in August, surpassing every estimate in a Bloomberg survey.

The unemployment rate held steady at 4.1%, causing two-year Treasury yields to climb and the dollar to strengthen. This sudden reversal has revived bets on a September Federal Reserve rate hike, sending shockwaves through the cryptocurrency market.