Surprise nonfarm payrolls print sends Bitcoin below 80K
A surprise nonfarm payrolls print showed the US economy added 162,000 jobs in August, nearly triple the 56,000 economists expected. Bitcoin fell from about $81,300 to lows near $78,600 as traders repriced Federal Reserve rate-cut odds ahead of the September 15-16 FOMC meeting, keeping the crypto market under pressure.
Key Takeaways
- August nonfarm payrolls printed at 162,000 jobs, nearly triple the roughly 56,000 consensus forecast.
- Bitcoin sold off from $81,300 to local lows of $78,600, then recovered toward $79,500.
- Polymarket odds for the Sept. 16 FOMC decision shifted back to a roughly 50/50 pause-versus-hike split after the data.
- Stronger hiring raised fresh questions about whether the Federal Reserve will ease policy this month.
The print mattered because traders quickly repriced the odds of a Federal Reserve rate cut this month. Hotter jobs data often reduces expectations for easier policy, and Bitcoin sold first. For more market alerts, see our Fintech & Crypto Alerts hub.
Why did the surprise nonfarm payrolls print knock Bitcoin lower?
According to Cointelegraph's market report, Friday's labor release showed the US economy added far more jobs than expected. The 162,000 August gain was about three times the consensus estimate of roughly 56,000 jobs.
Bitcoin reacted quickly. The price dropped from $81,300 to local lows of $78,600 before bouncing to around $79,500 at the time of that report. Crossing back under $80,000 marked a sharp reset after the surprise strength in hiring.
Traders treated the release as a signal to mark down near-term easing hopes. That repricing pressured Bitcoin even as the market waited for the next inflation cues ahead of the FOMC.
How did Federal Reserve cut odds change after the data?
The next Federal Open Market Committee meeting is set for Sept. 15-16, and recent economic data is carrying extra weight amid divided rate outlooks. Fed Governor Christopher Waller said on Thursday that he would favor a rate pause pending upcoming inflation data.
After Waller's comments, Polymarket probabilities had swung to about 60% for a pause and 40% for a 25 basis-point hike. Friday's stronger jobs print then drove those implied odds back toward a 50/50 split.
US President Donald Trump also renewed pressure for lower rates after the release, writing on Truth Social that the Fed board must "get smart" and arguing that high interest rates put the United States at an "unfair disadvantage." The comments add political heat to an already uncertain September decision.
What should crypto traders watch before the FOMC?
Bitcoin's slide below $80,000 shows how sensitive digital assets remain to US labor surprises. With Chair Kevin Warsh offering limited forward guidance and potential dissenters on the committee, Cointelegraph noted that rate expectations are less anchored than in prior cycles.
Between now and the mid-September FOMC, markets will watch whether inflation data supports Waller's pause preference or whether softer follow-through data rebuilds the case for easier policy. Until that path clears, Bitcoin may keep reacting hard to each major US macro print.
For now, the headline is simple: a much stronger-than-expected August jobs report pushed Bitcoin back under $80,000 as traders reset Federal Reserve rate-cut odds in real time.