Bitcoin slipped 2.2% to $79,802 by late Friday afternoon (ET), erasing part of a rally that had taken the cryptocurrency to $82,179 earlier in the week – its highest level since mid‑May. Despite the pullback, the digital asset remains on track for a roughly 3% weekly gain, marking a third consecutive week of positive performance.
Ethereum fell alongside Bitcoin, losing 2.2% to $2,454.77, though it is still up about 1% for the week. Among other major tokens, XRP dropped 4.4% after a modest 1.4% weekly rise, BNB slipped 0.9% while gaining 4.3% over the week, Cardano added 5.6% for the week, Solana fell 1.9%, and Dogecoin was flat. The memecoin $TRUMP plunged 13.7%, whereas the corporate Bitcoin holding strategy linked to MicroStrategy rallied nearly 18% on Thursday.
U.S. labor data released on Thursday showed non‑farm payrolls increasing by 162,000 in August, far exceeding the 55,000 jobs economists had forecast. The unemployment rate held steady at 4.1%, and revisions added a further 55,000 jobs to June and July figures. Meanwhile, the Personal Consumption Expenditures price index has remained above the Federal Reserve’s 2% target for 65 consecutive months, underscoring persistent inflation pressures.
In the wake of the jobs report, the CME Group’s FedWatch tool indicated that market participants now assign roughly a 58% probability to a quarter‑point rate hike at the Fed’s September 16 meeting, up from about 52% before the data. Federal Reserve Governor Christopher Waller told Reuters he is inclined to keep rates unchanged at that meeting if forthcoming inflation readings show a clear moderation.
Securities and Exchange Commission Chair Paul Atkins said the Senate is expected to vote on the “Clarity Act” on September 15 and urged lawmakers to forward the legislation to the president for approval before month‑end. He also noted that the SEC is drafting its own crypto‑focused rules to operate alongside the Clarity Act.
Geopolitical headlines were muted, with no new military actions reported between the United States and Iran, providing a brief respite for markets.
