July’s US nonfarm payrolls fell by 23,000, fueling bets the Fed may pause rate hikes in September amid cooling labor data.
Bitcoin climbed to $65,340, its highest level in August, as risk assets rallied following weaker-than-expected US jobs data. The Bureau of Labor Statistics reported a 23,000 decline in nonfarm payrolls for July, with unemployment holding at 4.1%.
Revisions to prior months showed employment gains in May and June were 103,000 lower than previously reported. The data prompted traders to scale back expectations for a Fed rate hike in September, shifting bets toward a pause.
Crypto and equities extended gains, with BTC/USD rising 1.3% on the day. Analysts noted resilience in digital assets despite recent bearish pressures, as softer labor data eased concerns over aggressive monetary tightening.