Bitcoin · Federal Reserve (FED) · U.S. Treasury · CryptoSlate
Bitcoin dips below $80,000 as a hot August jobs report shifts Fed policy expectations
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Bitcoin's push above $80,000 lost an important policy cushion on Sept. 4, when the August jobs report came in far stronger than the recent hiring trend.
Key facts
- Average hourly earnings for private nonfarm workers rose 0.3% in August to $37.75 and were 3.1% higher than a year earlier
- Bitcoin registered an intraday low of $78,660, but recovered to stay close to $80,000
- The Bureau of Labor Statistics said nonfarm payrolls rose by 162,000 in August, more than five times the average monthly gain of 31,000 over the previous 12 months
- BLS raised June payroll growth to 31,000 and July growth to 21,000, adding a combined 55,000 jobs to its earlier estimates
Summary
01 August payrolls rose 162,000, weakening the labor-market case for Fed patience as Bitcoin slipped below $80,000 before recovering. 02 With yields and the dollar rising after the report, inflation now carries more weight in determining the Fed’s September decision. 03 August CPI on Sept. 11 is the next key test, with a hotter reading potentially reinforcing pressure ahead of the Sept. 16 meeting. Bitcoin registered an intraday low of $78,660, but recovered to stay close to $80,000.