Bitcoin volatile despite increased odds of rate cut after weak jobs data

Bitcoin ( BTC-USD ) price remained volatile on Friday, erasing early gains as investors still remain cautious following a weaker-than-expected jobs report. August’s nonfarm payrolls report showed the economy added only 22,000 jobs—well below the 75,000 consensus forecast and trailing July’s 79,000 ￰0￱ the same time, the unemployment rate ticked up to 4.3% from 4.2% in July, matching ￰1￱ prices climbed to $113,000 following the report’s ￰2￱ the rally was short-lived as it soon cooled down to $110,500. Ethereum ( ETH-USD ) and XRP ( NASDAQ: XRPI ) fell 1.1% and 0.7%, respectively, over the same period. However, all of them turned green in the afternoon trading.

Historically, Bitcoin has reacted positively to signs of lower interest rates, as it could be a tailwind for risk assets, and Bitcoin could be among the primary ￰3￱ odds of a Fed rate cut increased following today’s data. “Bitcoin is well-positioned to outperform in the next round of monetary policy easing, especially after a period of cooled sentiment,” noted a recent Seeking Alpha analyst, adding that liquidity from monetary easing is the main driver of asset ￰4￱ crypto-related stocks, including MicroStrategy ( MSTR ) and MARA Holdings ( MARA ), were up in the afternoon. Meanwhile, Coinbase Global ( COIN ) was trading over 2% lower, while HIVE Digital ( HIVE ) and Hut 8 ( HUT ) were down over 1%.

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