Bitcoin falls 3.5% to $78,649 after strong US jobs report
Business
Bitcoin fell 3.5% to $78,649 on Friday after a strong US jobs report sparked worries about a possible Fed rate hike in September.
The August numbers showed 162,000 new jobs, more than expected, while unemployment stayed at 4.1%.
Bitcoin struggles to hold $80,000
Bitcoin's drop highlights its ongoing struggle to hold the $80,000 line. It briefly bounced back Thursday thanks to softer markets, but hopes for steady interest rates faded with the new jobs data.
As Sygnum Bank's chief investment officer Fabian Dori put it, "A strong print validates current September hike probabilities."
Other crypto-linked stocks like Coinbase and Circle also took a hit as investors braced for tighter money policies.