Bitcoin Stays Higher After Weak Jobs Data Dampen Rate-Rise Bets — Market Talk

Bitcoin remains stronger in the wake of Friday's weaker-than-expected U.S. nonfarm payrolls data dampening expectations for the Federal Reserve to raise interest rates. Payrolls unexpectedly dropped 23,000 in July, prompting markets to scale back bets for a near-term rate rise. "We are keeping our view of no hikes from the Fed for this year," Jefferies economist Mohit Kumar says in a note. Key will be Wednesday's U.S. inflation data, he says. Inflation should be contained enough to prevent the Fed from raising rates in September, by which point there should also be some resolution to the Middle East conflict, he says. Bitcoin rises 0.2% to $65,206 after reaching a two-week high of $65,393 overnight, LSEG data show. ([email protected])