Bitcoin Surges Past $65K on Weaker US Jobs Data
The US Bureau of Labor Statistics reported on August 7, 2026, that nonfarm payroll employment changed little in July, declining by 23,000 positions. This outcome was well below the consensus forecast of roughly 80,000 added jobs.
The soft print and downward revisions to earlier data reinforced a picture of a softening labor market. May's gain was adjusted lower by 66,000 to 63,000, and June's was revised down by 37,000 to 20,000, erasing a combined 103,000 jobs from previous estimates.
The unemployment rate edged down to 4.1 percent from 4.2 percent, largely due to a contraction in the labor force and lower participation rather than stronger employment gains. Average hourly earnings rose only modestly, with year-over-year wage growth slowing to 3.2 percent.
Market participants quickly interpreted the data as diminishing the odds of a Federal Reserve rate increase in September, leading to a risk-on shift in markets. Bitcoin advanced nearly 2 percent on the day, trading near $65,200 and briefly surpassing the $65,000 level after earlier weekly pressure tied to rate-hike concerns.