Bitcoin Jumps to $65,300 After July Jobs Report Badly Misses Expectations
The economy lost 23,000 jobs in July against forecasts of 80,000 gains, pushing rate-cut odds higher and sending bitcoin to its highest level in weeks.
BY MARISOL VEGA4 MIN READ
Bitcoin rose after a weak U.S. employment report increased expectations for lower interest rates.
A miss large enough to move rate expectations
Economists had forecast roughly 80,000 new jobs in July; the economy instead lost 23,000, while unemployment ticked up to 4.1%. Weak labor data makes another Fed rate hike much harder to justify, and futures markets moved to price in about a 56% chance the Fed pauses at its September meeting — a shift that immediately rippled into risk assets.
Why bitcoin reacted this strongly
Bitcoin tagged an August high above $65,300, its best level in weeks, as lower expected interest rates reduce the opportunity cost of holding non-yielding assets and generally support risk-on positioning. The move came on top of a week that had already seen ETF inflows turn positive, adding a second supportive catalyst on the same trading day.
WHY IT MATTERS
Labor data has become one of the most reliable short-term bitcoin catalysts this cycle, because it directly feeds Fed rate-path expectations. A weak jobs report reads as bullish for bitcoin through the same mechanism it reads as bearish for the broader economy.
What to watch next
1.Whether bitcoin holds above $65,000 into the following week.
2.Fed commentary ahead of the September 16 meeting responding to the weak jobs data.
3.Whether ETF inflows extend the streak that began August 3–4.
Frequently asked questions
Why did bitcoin rally on bad jobs data?
A weak jobs report lowers the odds of further Fed rate hikes and raises the odds of a pause or cut, which tends to support risk assets like bitcoin by reducing the appeal of holding cash and bonds.
How much did bitcoin gain?
Bitcoin touched an intraday high above $65,300 on August 7, up roughly 2.8% over the prior week.
What's the September Fed meeting date?
September 16, 2026. Futures markets moved to price in about a 56% chance of a pause following the weak July jobs report.
SOURCES & DATA
Education, not financial advice. See our editorial process and corrections policy.
Marisol Vega
Bitcoin Almanack's editorial byline for Bitcoin markets, spot ETF flows, institutional activity, regulation, and daily news.
Sources, standards & corrections
Sources are linked inline. Read our editorial information, AI disclosure and corrections policy, or report an error.
Sources are linked inline. Read our editorial information, AI disclosure and corrections policy, or report an error.