Jobs Data Rattles Crypto Market, Bitcoin Price Dives Below $80K
The price of Bitcoin (BTC) dropped below $80,000 on Saturday after the release of stronger-than-expected August jobs data. Nonfarm payrolls rose 162,000 in August, more than triple the 53,000 economists had forecasted. Private payrolls also increased significantly, with 127,000 jobs added compared to expectations of around 43,000 to 45,000.
The unemployment rate remained at 4.1%, and the BLS revised up payrolls for June and July by a combined 55,000 jobs. The strong jobs report may not be enough to significantly move current rate-hike pricing unless payroll growth is substantially below forecasts, according to Bank of America (BofA).
On Thursday, U.S. spot Bitcoin ETFs recorded $730.9 million in inflows, the highest since February. However, net inflows into spot Bitcoin ETFs on Friday totaled $174.60 million, down about 76% from Thursday's number.