In brief
- The U.S. economy added just 22,000 jobs in August.
- That locks in rate cuts in the coming months, according to Grayscale’s Zach Pandl.
- A labor snapshot like Friday’s would typically provoke recession fears, he said.
The price of Bitcoin and other cryptocurrencies seesawed on Friday as investors weighed a weaker-than-expected jobs report against the increased likelihood of rate cuts.
Nonfarm payrolls increased by 22,000 in August, the U.S. Bureau of Labor Statistics said, while economists anticipated that the U.S. economy would add 75,000 jobs last month. The unemployment rate meanwhile ticked up to 4.3% from 4.2% a month prior.
Bitcoin climbed to $113,000 following the report’s release, but then it dove $110,500, while still showing a 1.1% increase over the past day, according to crypto data provider
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Author: André Beganski
