Crypto
US Jobs Report Crushes Forecasts, Sends Bitcoin and Gold into Tailspin
The US jobs report for August came in at nearly three times what economists expected, crushing forecasts and leading to a sell-off in Bitcoin (BTC) and gold.
The Bureau of Labor Statistics reported that the US economy added 162,000 jobs in August, against a consensus near 56,000. The unemployment rate remained at 4.1%, but average hourly earnings rose 0.3% to $37.75, lifting the annual pace to 3.1%. This strong labor market data has revived bets on a September Federal Reserve rate hike.
Bitcoin traded at $81,340 before the release and fell to $79,661 inside one five-minute candle, a 1.80% drop. Gold also dropped from $4,473 to $4,376 an ounce, a 1.75% loss, in the same window.