Bitcoin Tumbles Below $79K as US Jobs Report Exceeds Expectations

A stronger-than-expected US jobs report caused Bitcoin's price to plummet below $79,000. The report showed 162,000 jobs added in August, far surpassing expectations of roughly 55-58k.

The unemployment rate remained steady at 4.1%, while July's initially reported loss of 23,000 jobs was revised to a gain of 21,000.

The surprise boosted the greenback and Treasury yields, putting pressure on risk assets like Bitcoin. As a result, the cryptocurrency was rejected at $82,400 and dropped below $79,000.