Bitcoin tops $65,000 after 'massive surprise' US jobs miss

What happened

Bitcoin rose above $65,000 after U.S. payroll data showed July jobs fell 23,000, far below the 80,000 expected, leading traders to discount a September Federal Reserve rate hike.

Confirmed

Global impact / market context

The weaker jobs report suggests the economy may be slowing, which could reduce pressure on the Fed to raise rates. Lower rates typically make risk assets like Bitcoin more attractive to investors.

Analyst inference

The move comes as markets anticipate the Fed’s policy path; a missed rate hike expectation often lifts risk‑on assets, while a stronger dollar or higher yields would normally weigh on Bitcoin.

Analyst inference

What to watch

1. Future U.S. employment reports to see if the jobs slowdown continues, which would further influence expectations for Fed rate decisions. Confirmed
2. Federal Reserve statements for any hints about delaying or cutting rates, as lower rates can boost demand for cryptocurrencies. Proposed
3. Bitcoin price reaction to any changes in the dollar index or Treasury yields, since those macro factors affect investor appetite for digital assets. Proposed

Affected assets

• BTC — Bitcoin

Evidence

• theblock.co