Bitcoin and Gold Crash As US Payrolls Crush Forecasts

Bitcoin and gold experienced sharp declines following a significantly stronger-than-expected US jobs report for August. The US economy added 162,000 nonfarm payrolls, nearly triple the consensus forecast of 56,000, while July figures were revised upward from a 23,000 loss to a 21,000 gain. Unemployment held steady at 4.1%, and annual wage growth expanded by 3.1%, beating expectations. The robust labor market data reversed recent sentiment favoring a monetary policy pause, reviving market expectations for a Federal Reserve interest rate hike in September. Following the release, Bitcoin quickly breached the critical $80,000 psychological support, plunging from $81,340 to $79,661 within minutes. Gold also faced intense selling pressure, dropping 1.75% from $4,473 to $4,376 per ounce. The rapid downturn triggered heavy liquidations across cryptocurrency derivatives markets, with CoinGlass tracking over $201 million in liquidations within an hour, mostly affecting long positions. Market participants are now closely monitoring upcoming Consumer Price Index data scheduled for September 11 to gauge future policy direction.