Bitcoin Hits $82K But Strong US Jobs Report Sparks $2,000 Pullback

It was a wild week for Bitcoin. The leading cryptocurrency made history by closing August in the green for the first time during a bear market, ending the month with a nearly 25% gain. The positive momentum pushed BTC past $80,000 on Thursday, eventually reaching a multi month high of $82,400 on Friday morning.

However, the celebration was cut short. A much stronger than expected US jobs report hit the wires on Friday, sparking fears that the Federal Reserve will raise interest rates later this month. Bitcoin quickly shed $2,000, sliding back down to around $79,270. Despite the drop, BTC is still holding up much better than gold, which erased all of its August gains this week.

On the corporate side, the world's largest corporate Bitcoin holder resumed its shopping spree after a two month pause. The company, often referred to as Strategy, purchased 4,603 BTC for $370 million. Interestingly, the firm recently sold some of its holdings at lower prices, only to buy them back at this higher rate.

While analysts at Fidelity warn that the bear market might not be over, some altcoins posted massive weekly gains. Uniswap surged nearly 40%, Zcash jumped 20% to briefly pass $1,000, and Monero rose 10%. Meanwhile, hardware wallet maker Trezor admitted that a recent security breach was worse than expected, exposing data for over 80,000 customers.