STOCKS | Strong U.S. Jobs Data Revives Fed Rate-Hike Bets, Bitcoin Falls Below $80,000

U.S. jobs data came in stronger than expected, reviving market bets on a September Fed rate hike and sending Bitcoin down nearly 3%. According to Sina Finance, the latest rally above $80,000 came to an abrupt end. The August nonfarm payrolls increased by 162,000, above every economist's forecast in a Bloomberg survey, while the unemployment rate held at 4.1%. After the data, Bitcoin fell alongside stocks and bonds, briefly dropping 2.8% to $79,197. The two-year U.S. Treasury yield rose and the dollar strengthened. Sygnum Bank Chief Investment Officer Fabian Dori said stronger economic data does not end the policy debate and instead gives hawks more support. He added that the data confirms current market pricing for the probability of a September rate hike.