Bitcoin price tags $65.3K August high as low US jobs numbers cool Fed rate bets

Bitcoin achieved a new monthly high above $65,000, as risk assets rose following low US nonfarm payrolls data. BTC hit a peak of $65,340 on Bitstamp, up 1.3% for the day, as fresh US labor-market figures were released. The US economy saw a loss of 23,000 jobs in July, with the unemployment rate remaining steady at 4.1%. The Bureau of Labor Statistics (BLS) revised down job gains for May and June, stating that combined employment for those months is 103,000 lower than initially reported.

This weak labor data, along with the potential for policy easing from the Federal Reserve, bolstered both crypto and US stocks. The S&P 500 opened 0.5% higher, and the Nasdaq Composite added over 1%. Market expectations now indicate the Fed may hold interest rates steady at its September meeting, rather than raising them as previously anticipated.

Prior to the data release, Bitget Research chief analyst Ryan Lee stated that the employment numbers would set the tone for both the September meeting and the Federal Reserve's annual economic symposium in Jackson Hole, which is scheduled for the end of August.