US Adds 162,000 Jobs; Bitcoin Drops to $79,500 Before Recovery
The US economy added 162,000 jobs in August, significantly exceeding forecasts and causing Bitcoin to dip from $81,300 to $78,600 before recovering. Divisions over the Federal Reserve's future policy remain unchanged despite the strong labor data.
US nonfarm payroll employment rose by 162,000 in August, nearly triple the consensus estimate of 56,000 jobs. The surprise surge pushed Bitcoin down from $81,300 to a low of $78,600 before settling at $79,500 when reported on Friday. Meanwhile, labor market figures shifted Polymarket probabilities regarding the Federal Reserve's September meeting back to a 50/50 split between a rate pause and a 25 basis-point increase. Prior to this data, expectations leaned toward a pause based on comments from Governor Christopher Waller favoring waiting for upcoming inflation information. Analysts note that previous guidance before similar FOMC meetings was more predictable under former Federal Reserve chairs. In parallel trading activity saw a rival Bitcoin fork utilizing the Blake2b algorithm begin operations with coins exchanging hands at $350 on exchange Neoxa.
