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August Payrolls Knock Bitcoin Off $81,000
Bitcoin experienced a sharp decline following the release of the August employment report, with a $1,430 drop in five minutes. Traders on Polymarket adjusted their expectations for a September rate increase shortly after the data was announced.
AS1 NewsSource: thedefiant.io
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JSTBitcoin broke through a key range during the Asian and European trading sessions after the Bureau of Labor Statistics reported 162,000 jobs added in August, significantly exceeding the prior year's average. The immediate market reaction saw Bitcoin falling by $1,430 within five minutes of the report's release at 8:30 a.m. ET. Throughout the U.S. session, Bitcoin attempted to recover some of its losses but remained lower.
The employment data also influenced trader expectations on derivatives markets. On Polymarket, traders shifted the majority outlook for a September rate hike from a 39.5-cent probability to a higher likelihood within just 15 minutes of the report. This shift indicates increased market anticipation of continued monetary tightening.
Most large tokens, aside from privacy coins, declined in value following the employment figures, reflecting broader market sensitivity to macroeconomic indicators. The report's impact underscores the close relationship between economic data releases and cryptocurrency market movements, especially in terms of trader sentiment and expectations for future monetary policy actions.
The employment report caused immediate volatility in Bitcoin and influenced trader expectations for future rate hikes.