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Bitcoin Tumbles Below $80k as Jobs Data Revives Rate Hike Fears

Guavy AI Editorial Team
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BTC
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Bitcoin's recent push above $80,000 was short-lived as stronger-than-expected US jobs data revived bets on a September Federal Reserve rate hike. The cryptocurrency fell nearly 3% to $79,197, alongside stocks and bonds.

The nonfarm payrolls increased by 162,000 in August, topping every estimate in a Bloomberg survey. This has caused two-year Treasury yields to climb and the dollar to strengthen.

Investors had been speculating about a potential rate hike by the Federal Reserve due to inflation concerns. However, this jobs data has strengthened those bets, leading to a sell-off in Bitcoin and other assets.

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