US jobs data puts pressure on bitcoin
Bitcoin’s downward move occurred right after the US released its August jobs report. The country’s economy added 162,000 jobs, nearly three times the forecast level of about 56,000 jobs. The unemployment rate remained at 4.1%.
The figures indicate that the US labor market still has solid resilience, reducing expectations that the US Federal Reserve (Fed) will ease monetary policy soon. Even, the market has priced in a higher likelihood that the Fed will raise interest rates at its September meeting.
Immediately after the report, bitcoin fell by about 2%, at one point dropping below 79,000 USD. Yields on US government bonds due in 10 years rose to around 4.80%, while the 2-year yield increased to around 4.40%. Rising bond yields often put pressure on risk assets such as bitcoin.
Bitcoin’s downward move occurred right after the US released its August jobs report. The country’s economy added 162,000 jobs, nearly three times the forecast level of about 56,000 jobs. The unemployment rate remained at 4.1%.
The figures indicate that the US labor market still has solid resilience, reducing expectations that the US Federal Reserve (Fed) will ease monetary policy soon. Even, the market has priced in a higher likelihood that the Fed will raise interest rates at its September meeting.
Immediately after the report, bitcoin fell by about 2%, at one point dropping below 79,000 USD. Yields on US government bonds due in 10 years rose to around 4.80%, while the 2-year yield increased to around 4.40%. Rising bond yields often put pressure on risk assets such as bitcoin.