Bitcoin’s $3K Drop Comes as Fed Rate Hike Bets Surge, but Analyst Remains Bullish

All eyes on Friday were on the US jobs report, which actually showed that the US economy had added 162,000 jobs in August, almost triple expectations of roughly 55,000-58,000.

The unemployment rate remained at 4.1%, while July’s initially reported loss of 23,000 jobs was revised to a gain of 21,000. The reaction in financial markets was instant.

Bitcoin dropped sharply below $79,000 after it was rejected at $82,400 earlier that day, and the US stock market joined the ride. In contrast, Treasury yields and the greenback jumped. Good News Is Hurting Markets?

Although a strong labor market sounds positive at first glance for financial markets, there’s more to the story as it comes to monetary policy.