Bitcoin Surges Past $65K Amid Weaker Jobs Report and ETF Demand

Bitcoin's price surged past $65,000 on August 10, reaching an intraday high of $65,363 before declining modestly. The rally came after disappointing US employment statistics revealed a loss of 23,000 nonfarm payroll positions in July.

The weaker-than-expected jobs report reduced the likelihood of additional Federal Reserve interest rate increases, with futures pricing indicating a 44% probability of a rate hike in September.

Institutional demand for Bitcoin remains strong, with U.S. spot Bitcoin ETFs capturing $854 million in net inflows during the five-day period from August 3 to 8.