Bitcoin fell below $80,000 on Friday after a much stronger-than-expected US jobs report abruptly raised rate-pressure concerns across crypto and other markets.
The Bureau of Labor Statistics said nonfarm payrolls increased by 162,000 in August, compared with a Reuters consensus of 56,000. The release arrived at 8:30 a.m. ET, and was followed immediately by a sharp cross-asset reaction. Unemployment held at 4.1%, while earlier payroll estimates were revised up by a combined 55,000.
Bitcoin lost about 2% and slipped below $80,000 in the immediate reaction. Within hours Bitcoin market data from CryptoSlate put BTC back near $79,570, still up 0.83% over 24 hours. Ethereum market data showed Ethereum near $2,454 and up 1.41% over the same window, suggesting the immediate selloff cut into earlier 24-hour gains rather than producing a full-day crypto collapse.
Why good jobs news hit Bitcoin and gold
The market treated the payroll surprise as a reason the Federal Reserve could keep policy tighter. Reuters reported that the implied probability of a quarter-point September rate increase rose to 59% from 52% after the release.
The two-year Treasury yield, which is especially sensitive to Fed expectations, climbed 7.6 basis points. Ten-year and 30-year yields rose 3.2 basis points and 1 basis point, respectively, while the dollar index gained about 0.3% to 99.3.
That combination creates a familiar headwind for Bitcoin. Higher yields raise the return available on dollar assets, while a stronger dollar tightens financial conditions for assets priced in the currency. Gold faced the same pressure from a different angle: Reuters reported bullion down between 1.7% and 2.2% as higher rate expectations reduced the appeal of a non-yielding asset.
US stocks did not move in perfect unison. S&P 500 futures turned negative after the report and were down 0.22% at 8:33 a.m. ET, but Nasdaq 100 futures remained 0.07% higher. Average hourly earnings also rose a steady 0.3% for the month and 3.1% over the year. Those details show why the first reaction was not a one-way verdict across markets, even though the initial rate repricing was clear.
Oil was carrying its own catalyst. Brent was only slightly lower near $95 after the jobs report but remained more than 8% higher for the week amid renewed US-Iran hostilities and supply concerns. The payroll surprise offers the strongest explanation for the synchronized 13:30 BST jolt, but not for every move that followed.
The post Bitcoin falls below $80,000 as hot US payrolls revive Fed hike risk appeared first on CryptoSlate.
The 162,000 jobs gain lifted yields and the dollar, but the first selloff did not hold uniformly.
The post Bitcoin falls below $80,000 as hot US payrolls revive Fed hike risk appeared first on CryptoSlate. Analysis, Banking, Featured, Macro, Bitcoin, BTC, ethereum
This articles is written by : Nermeen Nabil Khear Abdelmalak
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