Bitcoin
Bitcoin hits $65.3K on weaker US jobs data as Fed rate-cut bets strengthen
Bitcoin surged to monthly highs above $65,000 as markets reacted to disappointing US employment figures and revised lower payrolls for prior months.
Bitcoin reached $65,340 on Bitstamp during Friday's US market open, up 1.3% on the day, as the US economy shed 23,000 jobs in July according to nonfarm payrolls data from the Bureau of Labor Statistics. The unemployment rate held at 4.1%. The data also included downward revisions: May payrolls fell 66,000 from the initially reported 129,000 to 63,000, while June fell 37,000 from 57,000 to 20,000.
The weaker employment figures prompted traders to reassess Federal Reserve policy expectations. Market pricing via CME Group's FedWatch Tool shifted to favour the Fed holding rates steady at its September meeting, reversing earlier odds that had leaned toward a 0.25% rate hike.
Risk assets broadly responded positively to the data. The S&P 500 opened 0.5% higher while the Nasdaq Composite added over 1%. Analysts noted the employment figures would likely shape both the September Fed decision and discussions at the Jackson Hole economic symposium later in August. Fabian Dori, CIO at Sygnum Bank, cautioned that the interpretation hinged on whether the weakness reflected an orderly slowdown supporting easier policy or genuine growth concerns that could still pressure risk assets.
Trading firm QCP Capital described the macro picture as uncertain for Bitcoin, stating that recent price action pointed to "resilience rather than clear directional confirmation."
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