Donald Trump · Bitcoin · Federal Reserve (FED) · Polymarket · Cointelegraph
In response to the announcement, Bitcoin (BTC) sold off from $81,300 to local lows of $78,600
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Recent economic data carries added weight, given how divided rate outlooks remain ahead of the next Federal Open Market Committee (FOMC) meeting on Sept. 15-16.
Key facts
- In response to the announcement, Bitcoin (BTC) sold off from $81,300 to local lows of $78,600
- When the BIP-110 soft fork activated on Aug. 7, the Bitcoin network briefly split into two competing chains: one enforcing BIP-110’s new rules and another continuing under the existing rules
- While liquidity remains thin, Blake2b coins are currently trading at $350 against USDC with a 1.1% spread
- After Fed Governor Christopher Waller said on Thursday that he would favor a rate pause pending upcoming inflation data, Polymarket probabilities swung to 60% in favor of a pause and 40% for a 25
Summary
The US economy added far more jobs than expected in August, pressuring Bitcoin lower as traders repriced the odds of a Federal Reserve rate cut this month. The US economy added 162,000 nonfarm payroll jobs in August, nearly triple economists’ consensus estimate of 56,000. Bitcoin sold off from $81,300 to local lows of $78,600 following the data, before recovering to $79,500. A rival Bitcoin fork using the Blake2b algorithm saw its first trading activity, with coins changing hands at $350 on exchange Neoxa. According to data released on Friday, the US economy added 162,000 nonfarm payroll jobs in August, significantly outperforming economists’ consensus expectations of roughly 56,000 jobs.