Bitcoin fell below $80,000 after the August jobs report. Bitcoin reached an intraday low of $78,660. Bitcoin later recovered near $80,000. The Bureau of Labor Statistics said nonfarm payrolls rose by 162,000 in August. The average monthly gain over the previous 12 months was 31,000. The unemployment rate was unchanged at 4.1%. BLS revised June payroll growth to 31,000. BLS revised July payroll growth to 21,000. The revisions added 55,000 jobs to earlier estimates. Average hourly earnings for private nonfarm workers rose 0.3% in August to $37.75. Earnings were 3.1% higher than a year earlier. Food services and drinking places added 59,000 jobs. Local government education added 42,000 jobs. Information employment fell by 23,000. Health care added 13,000 jobs. Health care's average monthly gain over the prior year was 32,000. The stronger report reduced the labor-market argument for an immediate Fed pause. The report did not establish that every part of the economy was overheating. Inflation therefore has more weight in determining whether the Fed can remain patient. The two-year Treasury yield was near 4.40%, up from just above 4.33%. The 10-year yield was near 4.80%, up from just under 4.75%. The dollar index touched 99.932 from about 99.035. Fed Governor Christopher Waller said the labor market was satisfactory and stable. Waller said employment was near its maximum sustainable level. Waller said August inflation would heavily influence his September stance. Waller said continued progress toward the Fed's 2% goal would make him willing to hold the policy rate steady. Waller said a hot inflation reading could make him consider a rate hike. Waller spoke only for himself. The August consumer price index is scheduled for 8:30 a.m. ET on Sept. 11. The FOMC meeting is scheduled for Sept. 15-16. Decision-day events are scheduled for Sept. 16. A cooler CPI reading could support the case for holding rates steady. A hotter reading could strengthen the case that inflation progress has stalled.
Bitcoin Dips Below $80,000 Amid Strong August Jobs Report
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Summary
Bitcoin dipped below $80,000 after a strong August jobs report showed 162,000 nonfarm payrolls, with unemployment at 4.1%. The data weakened the case for a Fed rate pause, pushing focus toward inflation. Market participants now watch for signs of bitcoin ETF approval, which could influence volatility. Meanwhile, regulatory developments under CFT remain a key factor in investor sentiment.
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