Crypto
Bitcoin Tumbles Below $80,000 as US Jobs Report Sparks Rate Hike Fears
Bitcoin dipped below $80,000 on Friday after the US Bureau of Labor Statistics reported stronger-than-expected August nonfarm payrolls. The jobs report saw 162,000 new hires, significantly beating the consensus estimate of 56,000.
The surprise payroll numbers raised concerns about a potential Federal Reserve interest rate hike, with the implied probability increasing to 59% from 52%. This led to a sharp reaction across asset markets, including Bitcoin and gold.
Bitcoin lost around 2% in immediate response, dipping below $80,000 before recovering some losses. Ethereum remained relatively stable, trading near $2,454, but up 1.4% over the past 24 hours.