Bitcoin Faces A Black Swan — Bitwise Sounds The Alarm
US July Employment Situation report revealed a payroll growth of only 73,000, with significant downward revisions of 258,000 jobs for May and June, lowering the three-month hiring average to 35,000. Bloomberg Economics identified these revisions as a "black swan event," indicating a drastic shift in the labor market from growth to cooling. Bitwise Europe’s André Dragosch warned that further negative revisions could prompt emergency rate cuts, with a 91% probability of at least one cut anticipated at the September FOMC meeting. Bitcoin's price fell to $111,920 post-report but rebounded slightly as rate-cut expectations increased. Spot Bitcoin ETFs saw a net inflow of $91.6 million on August 7, breaking a four-day outflow streak. The market remains sensitive to labor data and Fed policy responses, with Bitcoin trading at $116,359 at press time.
