US Jobs Data Sparks Rate Hike Fears, Hit Coinbase and Robinhood Stocks

The US jobs data released on Thursday had a significant impact on the stock market, with Coinbase and Robinhood experiencing losses.

The report showed that the US economy added 162,000 jobs in August, beating forecasts by a wide margin. This news revived expectations for a Federal Reserve rate increase, which led to a decline in cryptocurrency prices.

Coinbase fell 4.21% to $184.59, while Robinhood declined 1.17% to $123.26 during afternoon trading. The losses followed Thursday's crypto-linked rally, showing how quickly tighter-policy concerns can reverse risk appetite.

The Federal Open Market Committee meets on September 15-16, with its decision and updated projections due on September 16. However, a hike is not confirmed, as officials will receive more inflation evidence before making their decision.