Bitcoin Surges to New High Amid Weak Jobs Data and Rate Hike Odds Decline

Bitcoin (BTC) continued its upward momentum on Friday, reaching a month-to-date high of $65,340 on August 7. The price increase comes despite weak US jobs data, which showed nonfarm payrolls fell by 23,000 in July.

The jobs report was a miss for economists, who had predicted a rise of 85,000 jobs. It marked the first monthly job loss since February and added to concerns that the labor market is cooling more than previously thought.

However, the weak jobs data also led to a shift in expectations around Federal Reserve policy. Odds of a 0.25% rate hike at the September Fed meeting fell from 55% to 42%, according to the CME FedWatch Tool.

Bitcoin ETF inflows continued for a fifth consecutive day, with US spot Bitcoin ETFs recording $98.85 million in net inflows on August 7. This marked an extension of the streak, which started earlier this week.