US Misses Expectations in August Jobs Report, Pushing Bitcoin to 3-Month High

Bitcoin prices rose 1.3% on Friday after the U.S. Department of Labor revealed that it added 235,000 jobs in August, well below the consensus estimate of 725,000 jobs. It reached a 3.5-month high of over $ 50,000.

The report may encourage the US Federal Reserve Board of Governance stimulus, known as “quantitative easing” or QE, to last longer than expected. Many crypto investors speculate that QE could weaken the dollar and increase the value of Bitcoin, which has limited inventory. Bitcoin is also considered a speculative asset on Wall Street, and more investors will be forced to seek such an investment as QE curbs returns in the traditional bond market.

The one-month data itself does not predict the course of the economy, but the report gives macroeconomic uncertainty caused by the delta variant of COVID-19, the idea that the US Federal Reserve allows a slowdown in liquidation. May be reinforced. program. $ 120 billion in bonds per month.