Bitcoin Slips Below $80,000 Amid Rate Hike Fears
Bitcoin retreated from its three-month high above $82,000 on Saturday as stronger-than-expected US employment data revived expectations for a Federal Reserve interest rate hike. The cryptocurrency fell to around $79,767.6, down 0.43% from Thursday's high of $82,178.6.
The Labor Department reported that nonfarm payrolls increased by 162,000 in August, exceeding the 56,000 gain economists had expected. This data strengthened expectations for a rate hike at the Fed's September 15-16 meeting, with rate futures pricing in around a 57%-59% probability of a hike.
Despite this hawkish outlook, institutional demand continued to support Bitcoin, with US spot exchange-traded funds (ETFs) attracting $174.6 million of net inflows on September 4. BlackRock's IBIT and Fidelity's FBTC were among the top contributors to these inflows.