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Following
BTC Strong U.S. employment data, Bitcoin fell below the US$80,000 mark
Boosted by strong U.S. employment data, Bitcoin faced increasing selling pressure, and its price quickly fell below the important psychological barrier of US$80,000. With the release of employment data, the market experienced a rapid and significant decline.
What factors have boosted the Fed's expectation of raising interest rates?
Surprisingly strong employment data released by the U.S. Bureau of Labor Statistics showed that non-farm payrolls increased by 162,000 in August. The data exceeded market expectations and, coupled with upward revisions to previous months 'data, suggested that the labor market was stronger than initially expected.
Unemployment remained stable at 4.1% in line with expectations, underscoring the unexpected vitality of the U.S. labor market.
The latest jobs report strengthens expectations in the interest rate futures market that the Federal Reserve may raise interest rates at its September meeting. In the swap market, the probability of interest rate hikes is forecast to exceed 60%.
Is wage growth in line with expectations?
Private sector employment surged by 127,000, far exceeding the forecast of 50,000, after previous data was revised upward from 30,000 to 71,000. Manufacturing added 16,000 jobs, significantly higher than the expected increase of 5,000. At the same time, the labor participation rate rose to 61.6%, slightly higher than the expected 61.5%.
Average hourly wages rose slightly 0.3% last month, in line with forecasts, with annual wages rising 3.1%. In addition, the average workweek increased slightly to 34.4 hours from the expected 34.3 hours.
These strong jobs data reshaped market expectations for the Federal Reserve's September decision, intensifying selling pressure on Bitcoin, causing it to fall below $80,000 again.
- Job growth exceeded forecasts, affecting market behavior.
- Expectations for interest rate hikes are heating up, affecting the trend of cryptocurrencies.
- Data revisions show stronger than expected employment growth.
- Investors reassess potential Fed action and markets are adjusting.
Market dynamics, especially the crypto sector, are undergoing a significant shift as employment data triggers adjustments to interest rate forecasts. The sharp decline in Bitcoin highlights the correlation between economic indicators and cryptocurrency valuations. The evolving situation continues to warrant close attention from stakeholders.
