Bitcoin dropped below $80,000 after US nonfarm payrolls rose by 162,000 in August, beating expectations for a 56,000 increase.
The August figure was also higher than TD Securities’ forecast of 95,000 jobs. Unemployment remained at 4.1%, while upward revisions added 55,000 jobs to the prior two months, suggesting the labor market has regained momentum.
The report comes ahead of the Federal Reserve’s September meeting, with investors watching employment data as they assess the central bank’s interest-rate outlook.
The jobs strength complicates the case for a rate pause, but Fed Governor Christopher Waller already signaled that inflation would determine his vote. He said yesterday he would support leaving rates unchanged this month if upcoming data show inflation continuing to cool.
His remarks pushed September hike odds down to around 50% from roughly 70% earlier in the week.
