World · Market · United States ·
Bitcoin touches $65,300 as US job data shift Fed rate outlook
The US unexpectedly shed 23,000 jobs in July, pushing chances of a Federal Reserve rate hike in September below 50%. Bitcoin rose to month-to-date highs above $65,000 as the weaker employment report eased rate hike concerns.
Why it matters for the crypto market
Lower interest rate expectations typically reduce the opportunity cost of holding non-yielding assets like Bitcoin, and weaker labor data can shift macro risk-asset flows.
Source: CoinDesk
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