Bitcoin Falls Below $80K as Hot Jobs Report Revives Fed Hike Bets

BTC slid under $80,000 after August payrolls hit 162,000, erasing a rally built on Fed Governor Waller's signal that he could back holding rates steady.

Key Facts

• Bitcoin fell below $80,000 on Friday, dropping about 2% within an hour of the August employment report and giving back Thursday's rally.
• US employers added 162,000 jobs against forecasts of 53,000 to 65,000, a reading that argues current rates are not restraining the economy enough to cool inflation.
• Crypto derivatives markets saw about $278 million of liquidations in four hours, roughly 86% of it long positions, according to CoinGlass.

Bitcoin (

) fell back below $80,000 on Friday, trading at $79,512 at the time of writing, after a far stronger-than-expected US employment report revived expectations of a Federal Reserve rate hike this month.

The decline erased a rally that carried Bitcoin from about $77,000 to nearly $81,800 on Thursday.

Prices held above $81,000 through Friday morning before falling about 2% to $79,450 in the hour spanning the 8:30 a.m. ET release, CoinMarketCap data shows.

Source: CoinMarketCap

Why Strong Jobs Data Raises the Odds of a Rate Hike

Nonfarm payrolls rose by 162,000 in August, while the unemployment rate held at 4.1%,