Bitcoin Price Benefits From Jobs Data

Bitcoin gained 0.8% in the minutes after the US jobs report was released. The weaker growth gives the Fed sufficient cover to reconsider the more hawkish stance at the US central bank’s next monetary policy meeting in September, this, consequently will relieve the pressure from risky assets ranging from US shares to cryptocurrencies. At the time of writing, the most famous crypto currency trades at $19,930.

Economists had forecast 300,000 added jobs, but it is a unambiguous decrease from the 528,000 jobs added by the US economy in July. Friday’s jobs data also showed that hiring in the US is still robust and strong but is slowly heading down.

The unemployment rate, meanwhile, rose to 3.7% from 3.5%, indicating that large-scale layoffs by big companies are starting to weigh on workers. Wages increased 0.3% from the previous month.