Bitcoin dropped below $80,000 as hot jobs data spurs Fed-hike bets. Crypto shares fall with American Bitcoin down 11%; SBET down 6%; BitMine, BTCS down over 5%; Circle down over 4%; Strategy down 3%.
Bitcoin dropped nearly 3% after stronger-than-expected US jobs data revived bets on a September Federal Reserve rate hike, abruptly reversing the cryptocurrency’s latest push above $80,000.
The token fell as much as 2.8% to $79,197, alongside stocks and bonds after nonfarm payrolls increased 162,000 in August, topping every estimate, while the unemployment rate held at 4.1%. Two-year Treasury yields climbed and the dollar strengthened.
The reversal gives Bitcoin’s repeated struggle around $80,000 a fresh macro test. The cryptocurrency had reclaimed the level Thursday as falling yields and a weaker dollar buoyed risk assets after Fed Governor Christopher Waller signaled support for holding rates steady if inflation continued to ease.
“A clear rebound doesn’t settle the debate, it arms the hawks,” said Fabian Dori, chief investment officer at Sygnum Bank. “A strong print validates current September hike probabilities. But Treasury cash balances, bank balance-sheet capacity, private credit creation and stablecoin supply matter independently of short-term Fed decisions.”
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