Bitcoin price tags $65.3K August high as low US jobs numbers cool Fed rate bets
Bitcoin rose to a new August high near $65,340 as weaker-than-expected US jobs data lifted risk assets. July nonfarm payrolls showed a loss of 23,000 jobs, while May and June were revised down by a combined 103,000, suggesting a softer labor market. The weaker report pushed the S&P 500 and Nasdaq higher and shifted rate expectations: markets moved toward the Federal Reserve holding rates steady in September, after previously favoring a quarter-point hike. Crypto traders viewed the data as potentially supportive for liquidity, though a weak economy can still weigh on risk assets. A market update from QCP Capital said Bitcoin and altcoins showed resilience rather than a clear trend, with limited demand for downside protection despite recent security concerns and corporate BTC sales.
