Crypto Market Sees Signs of Recovery as Bitcoin Tests $65K

The crypto market is showing signs of recovery on August 8 as traders react to weaker-than-expected U.S. jobs data and lower expectations for another Federal Reserve rate hike.

Bitcoin (BTC) briefly moved above $65,000, while Strategy (MSTR) shares closed above $100. Pi Network (PI) also stood out among altcoins, gaining about 4.6% to around $0.091.

The weaker labor market has reduced expectations of a Federal Reserve rate hike at its September meeting, with prediction-market data currently putting the odds at around 37%, while the probability of rates remaining unchanged is about 63%. Lower interest-rate expectations can support risk assets such as Bitcoin and other cryptocurrencies.