Bitcoin drops below $80,000 as hot jobs data spurs Fed-hike bets

Bitcoin dropped as much as 3.5% after stronger-than-expected US jobs data revived bets on a September Federal Reserve rate hike, abruptly reversing the cryptocurrency’s latest push above $80,000.The token fell to as low as $78,649, alongside stocks and bonds after nonfarm payrolls increased 162,000 in August, topping every estimate in a Bloomberg survey, while the unemployment rate held at 4.1%. Two-year Treasury yields climbed, and the dollar strengthened.The reversal gives Bitcoin’s repeated struggle around $80,000 a fresh macro test. The cryptocurrency had reclaimed the level Thursday as falling yields and a weaker dollar buoyed risk assets after Fed Governor Christopher Waller signalled support for holding rates steady if inflation continued to ease."A clear rebound doesn’t settle the debate; it arms the hawks,” said Fabian Dori, chief investment officer at Sygnum Bank. “A strong print validates current September hike probabilities. But Treasury cash balances, bank balance-sheet capacity, private credit creation and stablecoin supply matter independently of short-term Fed decisions."Shares of crypto-related companies also declined. Crypto exchange Coinbase Global Inc. dropped around 4%, while Bitcoin accumulator Strategy Inc. and stablecoin issuer Circle Internet Group Inc. each slipped around 2%.