<span class="acf-media-credit"><span class="acf-credit"><span class="acf-credit"><a href="theblock.co" target="_blank">The Block Crypto</a></span></span><span class="acf-credit"> | <span class="acf-credit"><a href="https://www.shutterstock.com/image-photo/marriner-s-eccles-federal-reserve-board-676743697" target="_blank">Shutterstock</a></span></span></span>Bitcoin was trading just below $80,000 on Monday after giving back some of its gains from last week.
The largest cryptocurrency by market capitalization was changing hands at around $79,500, according to The Block's bitcoin price page. It had climbed above $82,000 at one point last week before Friday's U.S. jobs report, which showed 162,000 jobs were added in August against expectations of 55,000. The unemployment rate was unchanged at 4.1%.
Following the report, the implied probability of a 25 bps Federal Reserve rate hike on Sept. 16 rose to around 60%, according to CME's FedWatch tool. Treasury yields and the U.S. dollar rose following the data, while bitcoin and other rate-sensitive assets came under pressure.
"The crypto market continues to display exceptional resilience despite having been presented with plenty of reasons to correct," LMAX Group Market Strategist Joel Kruger told The Block. "Bitcoin is holding near $80,000 following an aggressive August rally that pushed momentum into overbought territory."
