Bitcoin US Jobs Impact: Price Falls 2% as ETFs See $175M Inflows
Bitcoin’s rally hit a wall this week as a stronger-than-expected US jobs report reshaped expectations for the Federal Reserve’s next move, giving the clearest recent example of the Bitcoin US jobs impact on crypto markets. The token dropped more than 2% on Friday, sliding from roughly $81,300 to $78,600 before buyers stepped back in and pushed it toward the $79,500-to-$79,800 range, according to market data cited by Yahoo Finance.
Key takeaways
- The US added 162,000 nonfarm jobs in August, nearly tripling the 55,000 economists expected, according to the Bureau of Labor Statistics.
- Bitcoin fell more than 2% on Friday, dropping from about $81,300 to $78,600 before partially recovering.
- CME Group’s FedWatch tool showed the odds of a September Fed rate hike jumping from around 52% to 58%, with some readings later climbing near 60%.
- Despite the pullback, Bitcoin remained on track for a third straight weekly gain of roughly 3%.
- Spot Bitcoin ETFs pulled in $175 million in fresh inflows even as macro uncertainty spiked.
Bitcoin reacts to robust US jobs report
The Bitcoin US jobs impact played out almost instantly on Friday, as traders repriced their expectations for monetary policy within minutes of the labor data hitting the wires. The move was sharp enough to erase a chunk of Bitcoin’s earlier weekly gains, though it stopped well short of undoing the broader rally that had carried the token to multi-month highs just a day earlier.
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