Bitcoin Surges Above $81k Before Jobs Data Knocks Gains Down

Bitcoin (BTC) surged above $81k on Friday, only to pare its gains later in the day following stronger-than-expected August jobs data from the U.S. Bureau of Labor Statistics.

The nonfarm payrolls rose by 162,000 last month, more than triple the 55,000 economists had expected, and the unemployment rate held steady at 4.1%.

Despite this, Bitcoin was set to add over 2% this week, its third straight week of gains, with a Thursday and Friday rally fueled by a sharp drop in Treasury yields following comments from Federal Reserve Governor Christopher Waller.

Waller told Reuters he is leaning towards keeping interest rates steady when the Fed meets later this month, especially if upcoming inflation data points to a moderation in price pressures.