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

Bitcoin (BTC-USD [https://seekingalpha.com/symbol/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 [https://seekingalpha.com/news/4492706-us-adds-far-fewer-jobs-than-expected-in-august-unemployment-rate-rises-to-43] showed the economy added only 22,000 jobs—well below the 75,000 consensus forecast and trailing July’s 79,000 increase. At the same time, the unemployment rate ticked up to 4.3% from 4.2% in July, matching expectations.

Bitcoin prices climbed to $113,000 following the report’s release. But the rally was short-lived as it soon cooled down to $110,500. Ethereum (ETH-USD [https://seekingalpha.com/symbol/ETH-USD]) and XRP (NASDAQ:XRPI [https://seekingalpha.com/symbol/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 beneficiaries.

The 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 [https://seekingalpha.com/article/4818076-bitcoin-may-outperform-as-fed-pivots-to-ease-policy] a recent Seeking Alpha analyst, adding that liquidity from monetary easing is the main driver of asset prices.

Other crypto-related stocks, including MicroStrategy (MSTR [https://seekingalpha.com/symbol/MSTR]) and MARA Holdings (MARA [https://seekingalpha.com/symbol/MARA]), were up in the afternoon. Meanwhile, Coinbase Global (COIN [https://seekingalpha.com/symbol/COIN]) was trading over 2% lower, while HIVE Digital (HIVE [https://seekingalpha.com/symbol/HIVE]) and Hut 8 (HUT [https://seekingalpha.com/symbol/HUT]) were down over 1%.

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