Bitcoin Breaks Above $65K Amid Weaker Than Expected Jobs Numbers

The Bitcoin price reached new heights in August, breaking above $65,000 on Friday as markets reacted to weaker-than-expected US jobs numbers.

According to data from TradingView, BTCUSD hit $65,340 on Bitstamp, a gain of 1.3% for the day.

The US economy lost 23,000 jobs in July, with the unemployment rate remaining at 4.1%, according to nonfarm payrolls data from the Bureau of Labor Statistics.

This unexpected drop in employment numbers led traders to believe that the Federal Reserve might not raise interest rates as previously anticipated for its September meeting.

In fact, CME Group's FedWatch Tool shows that markets are now expecting the Fed to hold interest rates at current levels, a change from yesterday when majority odds favored a 0.25% rate hike.