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BTC Core Points
The U.S. non-farm payrolls increased by 162,000 in August, almost triple the economists 'consensus forecast of 56,000.
After the release of the data, Bitcoin fell from US$81,300 to a local low of US$78,600, and then rebounded to US$79,500.
A Bitcoin fork coin using the Blake2b algorithm showed its first trading activity, trading for US$350 on the Neoxa exchange.
Labor market performance tripled than expectations
According to data released on Friday, the U.S. non-farm payrolls increased by 162,000 in August, significantly exceeding economists 'consensus expectations of about 56,000. Affected by this news, Bitcoin (BTC) sold from $81,300 to a local low of $78,600. As of writing, its price was US$79,500.
Recent economic data is particularly important given that the interest rate outlook remains widely divided ahead of the next Federal Open Market Committee (FOMC) meeting on September 15-16. Under previous Fed chairmen, market expectations were generally stable before FOMC meetings. However, the lack of forward-looking guidance from Chairman Kevin Warsh and the possible presence of dissidents within the committee have increased uncertainty.
Earlier, Federal Reserve Governor Christopher Waller said on Thursday that he preferred to pause interest rate hikes and await upcoming inflation data. This led to a shift in probability forecasts on Polymarket: 60% probability supports a pause in interest rate hikes and 40% probability supports a 25 basis point rate hike. However, Friday's labor market data pushed the implied probabilities back to 50% each.
Implicit probability of the FOMC interest rate decision on September 16. Source: Polymarket
In response to strong labor market data, U.S. President Donald Trump has proposed a new rate cut request. "The Fed board and its new leadership must act wisely-please be patriots this time," he posted on Truth Social, continuing: "High interest rates put the United States at a very unfair disadvantage, and I will not allow that to happen!"
Trump has often criticized former chairman Jerome Powell for failing to cut rates, but until Friday he remained silent on Washi and made no similar remarks.
Blake2b version of Bitcoin attracts first batch of liquidity
When the BIP-110 soft fork was activated on August 7, the Bitcoin network briefly split into two competing chains: one enforces new rules for BIP-110, and the other continues to use existing rules. Because miners did not invest enough computing power to expand the BIP-110 chain, the branch largely stalled.
Backers of BIP-110 believe that miners 'refusal to follow the user-activated soft fork (UASF) proves that Bitcoin's mining layer has become too centralized. This criticism has been exacerbated by the lack of organized countermeasures on the part of Bitcoin's core community, such as the soft-fork URSF that was vetoed by users. Currently, only five mining pools control the vast majority of Bitcoin computing power, thus having a significant influence on which chains are extended and which transactions are included in blocks.
Bitcoin network computing power distribution. Source: Blockchain.com
In response, BIP-110 supporter subset led by LukeDashjr decided to continue the BIP-110 chain by changing the proof-of-work (PoW) algorithm to Blake2b, so that a new, more decentralized group of miners can emerge using DATUM gateway technology. The corresponding hard fork was launched on August 30. All addresses that held SHA-256 Bitcoin before (and possibly after) August 7 will hold the same amount of tokens in Blake2b version of Bitcoin. To date, the only exchange that lists Blake2b bitcoins is Neoxa. Although liquidity remains thin, Blake2b tokens are currently traded in USDC at a price of $350, with a spread of 1.1%.
BTCB2/USDC order book. Source: Neoxa Exchange
