Bitcoin Tumbles Following Stronger-than-Expected August Jobs Report
Dow Jones
1 hour ago
0929 ET - The August jobs report showed much stronger hiring than expected, at 162,000 with the unemployment rate steady at 4.1%. The data lifted long and short term rates and the U.S. dollar index. Meanwhile, riskier assets like bitcoin, which had a positive week up until now, are taking a hit. Bitcoin is back down below the $80,000 mark, trading off 2.4% to $79,531. Nevertheless, in its jump to $80k last month, bitcoin appears to have reignited a bull market, says analysts with CryptoQuant. "Exchange activity accelerated…. with derivatives positioning, whale inflows and spot-market deposits all increasing as market participation broadened," says the firm.
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