Bitcoin Slides as Blowout Jobs Report Revives Fed Hike Odds — SkimNews
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- August jobs report showed 162,000 positions added, nearly triple the 53,000 economists polled by Dow Jones had expected, with unemployment holding at 4.1% and both June and July payrolls revised higher.
- Fed funds futures traders raised September rate-hike odds to 58% from 49.4% a day earlier, per the CME FedWatch tool, after the payrolls beat.
- Bitcoin fell below $80,000 after touching a four-month high of $82,240 earlier Friday, dropping more than 2% to roughly $79,300 within minutes of the release.
- President Trump wrote on Truth Social that the jobs number was 'breaking all estimates,' renewed his demand that the Fed cut rates, and threatened to halt trade with countries running a surplus against the U.S.
- Gold gave up ground to a session low of $4,380 an ounce, on pace for a second straight weekly loss.
- The Dow fell 226 points (0.4%) and the S&P 500 slid 0.2%, while the two-year Treasury yield touched its highest level since January 2025.
- Fed Governor Christopher Waller had signaled Thursday he'd be 'inclined to support' holding rates steady, but the jobs beat undercut that case ahead of the Fed's September 15-16 meeting.
Why it matters: The market move is mechanical: a payrolls print nearly triple the forecast gives the Fed cover to hike, which lifts Treasury yields and the dollar while punishing non-yielding assets. Bitcoin fell 2% in minutes and the two-year yield hit its highest level since January 2025, eroding Thursday's optimism that followed Waller's rate-pause signal and reshaping bets ahead of the September 15-16 decision.
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