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Bitcoin price overcomes $50K, stocks slide after disappointing US jobs report

Cryptocurrency Sep 04, 2021 10:20PM ET
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Bitcoin price overcomes $50K, stocks slide after disappointing US jobs report

The S&P 500 slid to the intraday highs of Sept. 2 while Bitcoin (BTC) climbed to its highest levels in more than three months. The moves came as a key report on Sept. 3 showed that the United States economy added fewer jobs than anticipated, lowering the Federal Reserve's likelihood to start unwinding its stimulus program this year.

The U.S. Bureau of Labor Statistics revealed that nonfarm payrolls (NFPs) grew by 235,000 in August, against expectations of 733,000 positions. Nevertheless, the unemployment rate inched lower to 5.2% from the previous month's 5.4%.

Bitcoin 1-hour candle chart. Source: TradingView.com
Bitcoin price daily chart vs. spot gold (XAU/USD) and the U.S. dollar index (DXY). Source: TradingView

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Bitcoin price overcomes $50K, stocks slide after disappointing US jobs report
 

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