US employers added 162,000 nonfarm payroll jobs in August, versus a consensus of about 56,000 — a beat of roughly three times expectations. Bitcoin fell on the data, dropping from $81,300 to a local low of $78,600. It traded near $79,500 at the time of writing.
Federal Reserve Chair Kevin Warsh gave no forward guidance on the print. Governor Christopher Waller favored a pause in rate decisions pending new inflation data. Polymarket odds for the September 15-16 Federal Open Market Committee meeting shifted from a 60/40 split favoring a pause over a 25-basis-point hike to an even 50/50 split after the report. President Donald Trump called for rate cuts.
The jobs report is a macro print with an identifiable trigger behind Bitcoin's move. A stronger-than-expected labor market points to resilient demand, which markets can read as pressure on the Fed's path for easing.
Cointelegraph