Strong Jobs Report Crushes Crypto Bounce
A strong jobs report released by the Bureau of Labor Statistics on Friday sent shockwaves through financial markets, causing Bitcoin to plummet below $80,000 and gold prices to sink to a session low.
The US economy added 162,000 jobs in August, nearly triple the expected 53,000 gain economists had forecasted. This has led traders to increase their bets on a Federal Reserve interest rate hike, with fed funds futures now pricing a 58% chance of a hike at the central bank's Sept. 15-16 meeting.
The Dow Jones Industrial Average fell by 226 points, or 0.4%, while gold prices dropped to $4,380 an ounce, their lowest point in hours. President Trump even weighed in on Truth Social, demanding lower rates and threatening trade repercussions if the Fed doesn't comply.