Strong US Payrolls Report Sinks Bitcoin and Gold
US August payrolls crushed forecasts by nearly three times, rising to 162,000 jobs. This strong employment report led to a sudden drop in Bitcoin and gold prices within minutes of its release.
The print revived bets on a September Federal Reserve rate hike, which had previously slipped to a coin flip. The surprise rise in payrolls handed Chair Kevin Warsh the tight labor market he needs for his hiking case.
Bitcoin traded at $81,340 before the report but fell to $79,661 inside one five-minute candle, a 1.80% drop. Gold also offered no shelter, sliding from $4,473 to $4,376 an ounce, a 1.75% loss in the same window.
Leverage magnified both moves, with CoinGlass logging $202 million in long position liquidations in one hour, taking the 24-hour total to $768.54 million.