Bitcoin Slips Under $80K After Hot US Jobs Report

Bitcoin dipped below $80,000 on Friday following a much stronger than expected US jobs report that quickly revived concerns over tighter monetary policy. The Bureau of Labor Statistics reported that nonfarm payrolls increased by 162,000 in August, beating the Reuters consensus estimate of 56,000 by a wide margin. Unemployment held steady at 4.1%, while earlier estimates received upward revisions.

Following the release, Bitcoin lost about two percent to trade near $79,570, while Ethereum held near $2,454. The initial market reaction pared earlier gains rather than triggering a full collapse. Other assets reacted swiftly as the two year Treasury yield climbed and the US dollar index gained ground. Higher yields and a stronger dollar traditionally create tough headwinds for crypto and precious metals alike.

Traders are now watching macroeconomic data closely to see how the Federal Reserve will handle interest rates at the next meeting. The implied probability of a rate increase rose after the jobs report, signaling that macroeconomic pressures will likely dictate short term price action for crypto assets in the coming days.