Bitcoin Tumbles Below $80,000 as Strong US Jobs Data Boosts Rate Hike Bets
The US non-farm payrolls data for August showed an unexpected surge of 162,000 jobs, exceeding expectations and sparking a correction in the cryptocurrency market.
Bitcoin's price fell below $80,000, while Ethereum dropped under $2,500. The robust labor market data has heightened market tension, pushing up the probability of a Federal Reserve rate hike in September.
Federal Reserve Chair Kevin Warsh stated that a rate hike is 'under consideration', citing the need to control inflation and return it to the 2% target. However, Vice Chair Christopher Waller took a more cautious stance, indicating that recent inflation data has shown signs of improvement, but also warned that a temporary dip in inflation could lead to a rate hike.
The release of the CPI data will provide clearer signals on whether changes in interest rate expectations can persist, serving as a key variable determining short-term trends in the cryptocurrency market.