Bitcoin Slumps Below $80K as Strong Jobs Report Dampens Rate Hike Expectations

Bitcoin's price surge on Friday was short-lived as it tumbled below $80,000 after the release of the U.S. jobs report exceeded expectations.

The nonfarm payrolls report revealed that the U.S. economy created 162,000 jobs in August, surpassing a median forecast from Wall Street banks of 55,000.

This robust job data has led investors to reassess their outlook for Federal Reserve policy, with a stronger labor market providing policymakers room to continue keeping borrowing costs higher when inflation is higher.

The BTC price had reached an intraday high of $82,262.21 but dropped to almost $79,800 in just a few minutes after the report's release, wiping out over $2,400 and falling below the critical $80,000 threshold.