Home›Crypto›Market Structure›Bitcoin holds near $65,000 as weak U.S. jobs data resh…

Bitcoin holds near $65,000 as weak U.S. jobs data reshapes rate talk

The U.S. lost 23,000 jobs in July versus an 80,000 gain expected, with gold up 3% and silver up just shy of 6% on the day.

Reported · Written up by our desk · Market Structure

Bitcoin was holding near $65,000 as traders digested a weak U.S. labor report that fed back into Federal Reserve rate expectations, according to CoinDesk. The CoinDesk live updates said the market reaction was swift, with U.S. stock index futures rising and interest rates easing.

The U.S. Nonfarm Payrolls report showed the economy lost 23,000 jobs in July, the first monthly decline since February. That compares with consensus expectations for a gain of 80,000, and July’s reading followed June’s addition of 20,000, which was revised down from an initially reported 57,000.

CoinDesk also highlighted that the unemployment rate dipped to 4.1%, compared with expectations for 4.2% and the June rate of 4.2%. Average hourly earnings missed forecasts, and the broader data prompted different interpretations, including views that a seasonal adjustment issue may have distorted the headline.

In the coverage, 21Shares macro head Stephen Coltman said the weak jobs print makes another rate hike harder to justify by undermining arguments for higher rates, while RSM economist Joe Brusuelas said investors and the Fed should stay focused on next week’s inflation data. CoinDesk noted precious metals moved higher too, with gold up 3% and silver up just shy of 6% for the day, while crypto saw little action beyond bitcoin’s modest increase.

Latest closeGold $4,292.00 ▲1.1%|Silver $61.56 ▼0.9%|Bitcoin $64,975.37 ▲1.1%

More like this

Sources