Bitcoin Barely Budges as Weak US Jobs Data Cuts Fed Hike Odds to 44%

Traders cut the odds of a September Federal Reserve rate hike to 44% on Friday after US non-farm payrolls unexpectedly fell by roughly 23,000 in July, all while Bitcoin (BTC) rose a very modest 0.7% in the hour after the release, jumping to a local high of $65,300.

Moving on, payrolls were forecast to rise by 83,000, according to the Dow Jones consensus, and the Bureau of Labor Statistics (BLS) published the decline at 8:30 a.m. ET, as per CNBC.

CME Group’s FedWatch tool put the probability of a September move at 44% and October at 58.3% once the numbers landed, and Dow futures climbed close to 200 points as Treasury yields fell.

Bitcoin traded at $64,500 in the 30 minutes before the release and touched $65,300 in the hour that followed, according to data from CoinGecko.

Revisions Deepen the Slowdown

BLS cut May payrolls by 66,000 to 63,000 and June by 37,000 to 20,000, leaving the two months a combined 103,000 weaker than previously reported. Average monthly job creation across the past year now stands at 34,000.

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