Bitcoin Barely Budges as Weak US Jobs Data Cuts Fed Hike Odds to 44%
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US non-farm payrolls unexpectedly fell by roughly 23,000 in July versus a Dow Jones consensus forecast of +83,000, and the BLS published the data at 8:30 a.m. ET on Friday, prompting traders to cut the odds of a September Fed rate hike to 44%. In crypto markets BTC rose about 0.7% in the hour after the release to a local high of $65,300, underscoring macro-driven market impact on crypto, DeFi and CEX liquidity and implying a short-term bullish reaction.
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Traders cut the odds of a September Federal Reserve rate hike to 44% on Friday after US non-farm payrolls unexpectedly fell by roughly 23,000 in July, all while Bitcoin (BTC) rose a very modest 0.7% in the hour after the release, jumping to a local high of $65,300.
Moving on, payrolls were forecast to rise by 83,000, according to the Dow Jones consensus, and the Bureau of Labor Statistics (BLS) published the decline at 8:30 a.m. ET, as per CNBC.
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