Bitcoin slips below $80,000 as strong jobs data revives Fed hike bets

  • Bitcoin fell below $80,000 after stronger U.S. employment data revived Fed hike expectations.
  • Spot Bitcoin ETFs recorded $730.8 million in net inflows on September 3.
  • El Salvador's Bitcoin dashboard showed more than 7,764 BTC after IMF scrutiny.

Bitcoin fell 1.67% to $79,701 after briefly reaching about $82,300, as stronger-than-expected U.S. employment data revived expectations for another Federal Reserve interest-rate hike. Nonfarm payrolls rose by 162,000 in August, compared with the 56,000 increase economists surveyed by Reuters had expected, while unemployment held at 4.1%. The probability of a quarter-point Fed hike this month rose to 59% from 52%, pushing Treasury yields and the dollar higher and weighing on risk assets. Strong institutional demand provided a counterweight, with U.S. spot Bitcoin ETFs recording $730.8 million in net inflows on September 3, including about $454 million for BlackRock's IBIT. On-chain data showed short-term holders' average cost basis at about $71,188, below roughly $78,713 in May. El Salvador's Bitcoin holdings also drew attention after the International Monetary Fund said additions reviewed under its loan program came from private donations rather than new government spending; the country's dashboard showed more than 7,764 BTC. Ether, XRP, Solana and Cardano declined, while BNB gained and Dogecoin fell.

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