Bitcoin (BTC) Price: Five Days of ETF Inflows and a Jobs Miss - BTC Is Having a Good Week
TLDR
- Bitcoin hit a month-to-date high of $65,340 on August 7, up 1.3% on the day
- US nonfarm payrolls fell by 23,000 in July, the first monthly job loss since February
- Fed rate hike odds for September dropped from 55% to 42% after the jobs data
- US spot Bitcoin ETFs recorded $98.85M in net inflows, a fifth consecutive day of inflows
- QCP Capital described crypto price action this week as showing โresilienceโ
Bitcoin climbed to its highest point in August on Friday after weak US jobs data shifted expectations around Federal Reserve policy.
Data from TradingView showed BTC/USD reaching $65,340 on Bitstamp, a 1.3% gain on the day. For the week, Bitcoin was on track for a gain of more than 3%.
The move came after the US Bureau of Labor Statistics reported that nonfarm payrolls fell by 23,000 in July. That was well below the consensus estimate of a rise of 85,000 jobs. It marked the first monthly job loss since February.
BREAKING: The US economy unexpectedly loses -23,000 jobs in July, well below expectations of +85,000.
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