Bitcoin price tags $65.3K August high as low US jobs numbers cool Fed rate bets
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- Bitcoin rose 1.3% to $65,340 on Bitstamp, tagging new month-to-date highs into Friday's Wall Street open as traders reacted to July's nonfarm payrolls miss.
- The US labor market lost 23,000 jobs in July with the unemployment rate at 4.1%, while BLS revised May payrolls down by 66,000 (from +129,000 to +63,000) and June by 37,000 (from +57,000 to +20,000) — a combined 103,000 below prior prints.
- Fed rate-hike odds for September flipped to a pause: CME Group's FedWatch Tool showed markets pricing a hold, versus a 0.25% hike as of the prior day.
- The S&P 500 opened 0.5% higher and the Nasdaq Composite added just over 1% on the same labor-market softness.
- QCP Capital described Bitcoin and altcoins as "resilient" after a week of bearish surprises, noting that the Coldcard wallet exploit and BTC sales by firms including Strategy drew only "limited demand for panic protection" on options markets.
Why it matters: A weak July jobs print with 103,000 in combined prior-month revisions flipped September Fed rate-hike odds to a pause, lifting Bitcoin to a $65,340 August high and pushing the S&P 500 and Nasdaq higher. Traders now await Kevin Warsh's Jackson Hole remarks to confirm the dovish pivot.
