Jobs Report Jolts Crypto Market, Bitcoin Plummets Below $80k

A strong jobs report from the US added to pressure on the Federal Reserve to raise interest rates, causing a sharp drop in cryptocurrency prices.

The August jobs data showed that the economy added 162,000 jobs, more than triple the expected 55,000. Unemployment held steady at 4.1%, meeting forecasts. However, this robust economic growth has reduced pressure on the Fed to cut rates, leading markets to price in a higher probability of a hike instead.

Bitcoin plummeted below $80,000, falling $1,600 in just three minutes, and is now trading at $79,763.95, down 1.4% over 24 hours. Ethereum also dropped, sitting at $2,461.41, while XRP fell to $1.41.

Zcash bucked the trend, however, with a 13% gain, pushing its price to $1,034.80.