Bitcoin and Ethereum retreat as strong August jobs data revive Fed hike bets

  • Donald Trump urged the Federal Reserve to cut rates after strong August payrolls.
  • Markets priced nearly a 60% chance of a September 16 rate increase.
  • Bitcoin fell after exceeding $82,000, following a three-and-a-half-month high of $82,400.

Bitcoin fell after reaching a three-and-a-half-month high of $82,400 as stronger-than-expected August U.S. employment data increased expectations that the Federal Reserve could raise interest rates on September 16. The cryptocurrency recovered from below $79,000 to $79,600, while implied odds of a rate increase rose to about 58%-60%. President Donald Trump renewed pressure on the Fed to lower rates and criticized Chair Kevin Warsh as markets awaited August consumer-price data. Ethereum traded near $2,450 after declining 2.5%, while XRP and Monero also fell. Institutional demand remained supportive, with U.S. spot Bitcoin ETFs recording $730.8 million of net inflows on September 3 and Ethereum spot ETFs drawing $148 million. PONS, DASH and BNB gained despite the broader market decline.

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