Bitcoin falls to $78,950 after jobs data raises rate-hike concerns

  • Bitcoin fell to $78,950.76 after stronger-than-expected employment data.
  • Bitcoin declined 1.37% in 24 hours, according to CoinMarketCap.
  • The U.S. August CPI announcement is scheduled for the 10th.

Bitcoin fell to $78,950.76 after employment data released on September 4 showed a larger-than-expected increase in jobs, raising the likelihood of interest rate hikes. CoinMarketCap recorded the price at 8:29 a.m. on the 8th, down 1.37% over 24 hours. Ethereum declined 1.02% to $2,438.09, XRP dropped 2.22% to $1.38 and Solana fell 2.21% to $103.52. With the Federal Reserve’s focus shifting back to inflation, markets are watching the U.S. August Consumer Price Index (CPI), an inflation gauge, due on the 10th. U.S. stocks also ended lower, with the Dow Jones 30 Industrial Average down 0.51%, the S&P 500 down 0.38% and the Nasdaq Composite down 0.29%.

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