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Bitcoin rises toward $65,340 after weak US jobs data cools Fed bets
Bitcoin climbed to $65,340 on Bitstamp after July nonfarm payrolls fell by 23,000 and unemployment held at 4.1%, helping lift risk assets and shift expectations for September rate policy.
Bitcoin pushed to fresh August highs near $65,340 on Bitstamp, rising as markets reacted to weaker US labor data, with Cointelegraph reporting the move carried through to the US market open.
The latest nonfarm payrolls figures showed the US economy lost 23,000 jobs in July, while the unemployment rate stayed at 4.1%, alongside downward revisions to prior months’ employment totals.
Cointelegraph said the data contributed to a shift in rate expectations, with CME Group’s FedWatch Tool indicating markets now price the Federal Reserve holding interest rates at current levels at its September meeting.
Following the jobs report, US stocks also opened higher, with the S&P 500 up 0.5% and the Nasdaq Composite adding just over 1%, as traders linked softer labor conditions to potential policy softening.
Latest closeBitcoin $64,760.18 ▲0.8%|S&P 500 7,709.96 ▼0.2%|Nasdaq Comp. 26,348.35 ▼0.1%