Bitcoin falls below $80,000 after stronger US jobs report, ETF inflows hit $730 million

Bitcoin dropped beneath $80,000 following the release of the US August jobs report, which recorded 162,000 new nonfarm payrolls—well above the consensus estimate of 56,000. The sharp move in the cryptocurrency market came as traders reassessed prospects for Federal Reserve action in September, linking macroeconomic surprises directly to digital asset performance.

Labor market data stirs rate expectations

The US Bureau of Labor Statistics reported that the economy added 162,000 jobs in August and unemployment held steady at 4.1%. July’s payroll figures were also revised upward, shifting from an initial decline of 23,000 to an increase of 21,000. These changes suggested a more resilient labor market than previously thought, prompting a market-wide review of assumed Federal Reserve policy paths.

Federal Reserve Governor Christopher Waller stated on September 3 that if inflation continues to improve, he would likely favor keeping rates unchanged. However, he noted that a strong August inflation reading could provide justification for raising rates. The robust jobs data intensified the debate among policymakers ahead of the central bank’s meeting set for September 15-16.

Federal Reserve Governor Christopher Waller linked his rate decision to incoming inflation data, indicating that sustained improvement would support a pause, while resurgence would reopen debate on further hikes.