Crypto Market Up on Weaker Jobs Data, Bitcoin Surges Past $65K

The crypto market is experiencing an uptick on August 8, following the release of weaker-than-expected US nonfarm payrolls data for July. This development has reduced the likelihood of the Federal Reserve hiking interest rates in September.

Prediction markets now show that only a 37% chance of a rate hike during the September FOMC meeting, with a 63% probability of holding rates steady or reducing them.

Bitcoin's price has moved above $65,000 for the first time since July 31, coinciding with rising inflows to Bitcoin ETFs. However, Glassnode data indicates that spot trading activity remains low, suggesting that retail buyers are still on the sidelines.