US Jobs Report Sinks Bitcoin Below $80K Amid Rate Hike Bets
The US labor market showed impressive strength in August, adding 162,000 jobs, more than triple the expected 53,000 to 56,000. This is the strongest monthly gain since March and suggests that the economy isn't slowing down as much as the Federal Reserve had hoped.
Bitcoin responded negatively to this news, falling nearly 2-3% to trade at a low of $79,197. The Dow Jones Industrial Average also shed around 226 points in response.
The unemployment rate remained steady at 4.1%, while labor force participation ticked up to 61.6%. Average hourly earnings rose 0.3% month-over-month and 3.1% year-over-year.
The odds of a 25 basis-point rate hike at the September 15-16 meeting jumped to approximately 58-60% according to the CME FedWatch tool, following the release of the jobs report.