Bitcoin slumps below $79,000 after stronger-than-expected July jobs report

  • Bitcoin fell below $79,000 after the stronger-than-expected July jobs report.
  • $82,400 was Bitcoin’s earlier stopping point before the subsequent sell-off.
  • The report increased room for a September 15-16 FOMC rate hike.

Bitcoin fell below $79,000 within minutes after the stronger-than-anticipated U.S. jobs report for July intensified expectations that the Federal Reserve could raise rates at its September 15-16 FOMC meeting (Federal Reserve policy meeting). The asset had earlier stalled at $82,400. The move came as markets awaited CPI data, described as the final piece of the Fed puzzle, although no CPI figures are provided here.

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