Bitcoin’s price dropped sharply after a US jobs report significantly exceeded expectations. The US economy added 162,000 jobs in August, while forecasts had anticipated only 55,000 to 58,000 positions. The unemployment rate held steady at 4.1%, with hourly wages climbing 0.3% monthly and 3.1% annually. Bitcoin had climbed above $81,000 before the release, then tumbled $2,000 to $79,200. These strong labor market indicators give the Federal Reserve additional flexibility to keep monetary policy tight, which undermines risk assets like Bitcoin.
Source: Read the original article
