Bitcoin and Gold Crash As US Payrolls Crush Forecasts

Bitcoin (BTC) and gold both dropped within minutes of Friday's US jobs report, after August payrolls came in at nearly three times what economists expected.

The print revived bets on a September Federal Reserve rate hike. That hit the two assets that had spent the week rallying on expectations of a hold.

Payrolls Triple Forecasts and Flip July Positive

The US economy added 162,000 jobs in August, against a consensus near 56,000. The Bureau of Labor Statistics (BLS) put the prior 12-month average monthly gain at just 31,000.

Revisions did more damage to the slowdown case than the headline did. July's reported loss of 23,000 jobs became a gain of 21,000. June moved up to 31,000 from 20,000.

Unemployment held at 4.1%. Average hourly earnings rose 0.3% to $37.75, lifting the annual pace to 3.1% and beating the 3.0% forecast.

Bitcoin Loses $80,000 in a Single Candle

Bitcoin traded at $81,340 before the release. It fell to $79,661 inside one five-minute candle, a 1.80% drop, and last changed hands near $79,860.

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