Bitcoin
Strong US Payroll Data Halts Bitcoin Advance Above $80,000
Bitcoin retreated below $80,000 as stronger-than-expected August jobs data increased interest rate expectations, offsetting substantial spot ETF inflows.
Bitcoin fell back below $80,000 on September 4 after briefly rising toward $82,000, reversing gains following a stronger-than-expected US labor market report. Nonfarm payrolls increased by 162,000 in August, well above the 56,000 expected by economists, while the unemployment rate remained at 4.1% and July figures were revised upward to a 21,000 gain.
The labor data shifted interest rate expectations, raising the estimated probability of a Federal Reserve rate hike at the upcoming September 15–16 meeting to 62%. This reversed upward momentum generated earlier in the week by comments from Federal Reserve Governor Christopher Waller, who had suggested interest rates could remain unchanged if inflation continued to moderate.
The macroeconomic pressure counteracted strong institutional demand recorded earlier in the week. US spot Bitcoin exchange-traded funds posted $731 million in net inflows on September 3, led by $454 million into BlackRock's IBIT. Market attention now turns to consumer price index data scheduled for September 11, followed by a procedural US Senate vote concerning crypto regulation.
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