Bitcoin Soars to $65K as Weaker Jobs Data Shifts Fed Rate Bets

Bitcoin (BTC) reached new highs of $65,340 on August 4th as markets reacted to weaker US jobs numbers.

The US economy lost 23,000 jobs in July, according to nonfarm payrolls data from the Bureau of Labor Statistics (BLS), with an unemployment rate of 4.1%. The labor market was described as 'little changed' compared to the previous month.

Traders linked weaker labor-market conditions to potential policy softening from the Federal Reserve.

Data from CME Group's FedWatch Tool reveals that markets are now expecting the Fed to hold interest rates at current levels at its September meeting. This is a shift from majority odds favoring a 0.25% rate hike just yesterday.