Crypto
BTC Price Tumbles on Blowout Jobs Report: Strong Labor Market Raises Interest Rate Hopes
The price of BTC plummeted by $2,000 after the US jobs report revealed a stronger-than-expected economy in August.
The data from the Bureau of Labor Statistics showed that the US added almost three times as many jobs as expected, with 162,000 new positions created. This exceeded the anticipated 55,000-58,000 jobs and contradicted previous reports of job losses.
The strong labor market gives the Federal Reserve more room to keep monetary policy tight, which may be bad news for risk-on assets like Bitcoin. Kevin Warsh's hawkish speech from last week adds to this concern, suggesting that interest rates might increase.