Bitcoin Slides After Blowout Jobs Report - From $82,240 to $78,649 in Minutes!
I saw this news on September 5th and it explains why my small TRX earnings lost value yesterday.
What happened?
1. The Blowout Number
US jobs report came out. Experts expected 56,000 jobs. Real number was 162,000 jobs. Almost 3x more!
2. Why Bitcoin Fell
When US economy is too strong, the Federal Reserve raises interest rates. Higher rates make dollar stronger and Bitcoin weaker. Bitcoin fell more than 2% to $78,649 within minutes. It closed September 5th around $79,676.
On Coindesk they said correlation with Nasdaq is now -0.2, meaning Bitcoin and stocks moving opposite.
3. Fed Hike Odds Jumped
Chance of rate hike in September went from 54% to 59% in minutes. Now 60.4% chance according to CME FedWatch.
Michael Saylor tweeted: "America added 162,000 payroll jobs on a base of 159.1 million — 0.10%. Yet trillions in assets reprice because economists guessed 56,000."
What does this mean for people like us in Iran?
We earn in small TRX or Satoshi, but price is controlled by US jobs report. We can't control Fed, but we can:
- Don't panic sell when Bitcoin drops 2%. This happens every September. They call it Red September - Bitcoin closed lower in 8 of last 13 Septembers.
- Hold TRX, not many different coins. Fees low, so drop hurts less.
- Wait for September 15-16 Fed meeting. That will decide next move.
Even with this drop, Bitcoin ETFs got $730.8 million inflow in one day and $3.52 Billion in August alone. Total crypto market still near $2.67 trillion.
So the slide is short term. Long term still bullish.
What do you think? Will Fed hike or not? Will Bitcoin hold $76k?
