Bitcoin Surges Above $65,000 on Weak Jobs Data and ETF Inflows
Bitcoin's price surged above $65,000 on Friday, marking its highest level in August. The move came after weak US jobs data and five consecutive days of net inflows into US spot Bitcoin ETFs.
The Bureau of Labor Statistics reported a loss of 23,000 jobs in July, exceeding economists' expectations of a gain of roughly 85,000 jobs. This marked the first monthly employment decline since February.
The disappointing jobs data shifted Federal Reserve rate expectations, with CME FedWatch data showing odds of a 0.25% rate hike falling from 55% to around 42%. Traders now favor keeping rates unchanged in September.
ETF inflows have provided another positive signal for Bitcoin, with US spot Bitcoin ETFs attracting $98.85 million on August 7. Ethereum ETFs also recorded $49.60 million in daily inflows, extending their own positive streak to four sessions.