Strong US Jobs Data Sinks Bitcoin Below $80,000

Bitcoin's price drop below $80,000 was triggered by stronger-than-expected US jobs data, which revived bets on a September Federal Reserve rate hike.

The cryptocurrency fell to as low as $78,649 after nonfarm payrolls increased 162,000 in August, exceeding every estimate in a Bloomberg survey. The unemployment rate remained at 4.1 per cent.

This development led to an increase in two-year Treasury yields and a strengthening of the dollar.

According to Fabian Dori, chief investment officer at Sygnum Bank, 'A clear rebound doesn’t settle the debate, it arms the hawks.' This suggests that the jobs data has validated current probabilities for a September rate hike.