Bitcoin hit $65,340 on Bitstamp, its highest level for August, up 1.3% on the day as markets reacted to weaker US jobs data. The US economy lost 23,000 jobs in July with the unemployment rate at 4.1%, according to the Bureau of Labor Statistics, which revised down May and June figures by a combined 103,000 jobs. The weak labor market data shifted Fed rate expectations from a 0.25% September hike to a pause, with the S&P 500 gaining 0.5% and the Nasdaq Composite rising over 1%. Trading firm QCP Capital described Bitcoin and altcoins as resilient after a week of bearish surprises, noting that the Coldcard wallet exploit and BTC sales by corporations only sparked limited demand for panic protection on options markets.
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