Jobs Report to Test Bitcoin Rally, Nasdaq Stocks on Edge

The upcoming US jobs report is set to test the recent rally in Bitcoin and Nasdaq stocks. Economists expect the economy to add around 53,000-56,000 jobs in August, a modest recovery from July's revised loss of 23,000 positions.

Bitcoin has been trading near $81,200, having climbed over 5% since Thursday's opening level and breaking above its 50-week moving average for the first time since late 2023. The rally accelerated after Fed Governor Christopher Waller indicated he could support leaving interest rates unchanged if inflation continues to cool.

Markets responded by reducing expectations for a September rate hike, Treasury yields fell, and risk appetite improved. Coinpaper's recent analysis showed how quickly those probabilities have shifted following Fed commentary.

The US spot Bitcoin ETFs recorded roughly $731 million of net inflows on Thursday, their strongest daily intake since January. Ethereum and XRP also outperformed during the broader crypto rebound.