Bitcoin Drops Below $80,000 as US Jobs Data Spurs Fed-Hike Bets
Nonfarm payrolls rose 162,000 in August, and traders now expect a quarter-point Federal Reserve increase at its Sept. 16-17 meeting.
- Bitcoin dropped as much as 3.5 per cent, falling below US$80,000 to US$78,649 after stronger-than-expected August nonfarm payrolls revived bets on a September Federal Reserve rate hike.
- Nonfarm payrolls increased 162,000 in August, topping every estimate in a Bloomberg survey, while the unemployment rate held at 4.1 per cent, boosting Two-year Treasury yields and the dollar.
- Shares of crypto-related companies declined, with crypto exchange Coinbase Global down around 4 per cent and Bitcoin accumulator Strategy and stablecoin issuer Circle Internet Group each falling around 1 per cent.
- Fabian Dori, chief investment officer at Sygnum Bank, stated "A clear rebound doesn't settle the debate, it arms the hawks," as market participants brace for potential Federal Reserve rate increases.
- This coming week's inflation data may prove cool enough to keep officials on the sidelines, maintaining the federal-funds rate in a target range of 3.50% to 3.75%.
15 Articles
15 Articles
Bitcoin is traded below $80,000 after more powerful than expected data from the US labour market, while oil price increases the pressure on risky assets.
Bitcoin near $80,000, Ethereum at $2,500 as crypto market absorbs U.S. rate expectations
Bitcoin traded near $80,000 while Ethereum held close to $2,500 on Monday as the crypto market absorbed shifting US rate hike expectations following strong labor data. Despite macroeconomic pressures and rising yields, continuous spot ETF inflows and steady institutional interest helped support market sentiment.
RealClearMarkets
BizTocA Fed Hike Requires Hot Economy. Don't Count on Either
Megan Leonhardt, Barron's Many economists and investors expect the Federal Reserve to raise interest rates by a quarter of a percentage point at its Sept. 16-17 policy meeting. But this coming...
Key news points: Payrolls raised to 60% the probability of an increase in Fed rates on September 16, while Bitcoin stands at $80,000. ETFs captured $986.7 million in five sessions and stablecoins added up to $1.26 billion, helping to sustain the market. Bitcoin is still in its home market. It's the biggest ... Read more
Coverage Details
Bias Distribution
- 100% of the sources lean Right
Factuality
To view factuality data please Upgrade to Premium
