Surprise nonfarm payrolls print sends Bitcoin back below 80K

Key points:The US economy added 162,000 nonfarm payroll jobs in August, nearly triple economists’ consensus estimate of 56,000.Bitcoin sold off from $81,300 to local lows of $78,600 following the data, before recovering to $79,500.A rival Bitcoin fork using the Blake2b algorithm saw its first trading activity, with coins changing hands at $350 on exchange Neoxa.Labor market beats expectations threefoldAccording to data released on Friday, the US economy added 162,000 nonfarm payroll jobs in August, significantly outperforming economists’ consensus expectations of roughly 56,000 jobs. In response to the announcement, Bitcoin (BTC) sold off from $81,300 to local lows of $78,600. At the time of writing it stands at $79,500. Recent economic data carries added weight, given how divided rate outlooks remain ahead of the next Federal Open Market Committee (FOMC) meeting on Sept. 15-16. Under previous Federal Reserve chairs, expectations ahead of the FOMC were mostly well-anchored. However, the lack of forward guidance from Chair Kevin Warsh, along with potential dissenters in the committee, has resulted in added uncertainty. After Fed Governor Christopher Waller said on Thursday that he w...