The US economy added far more jobs than expected in August, pressuring Bitcoin lower as traders repriced the odds of a Federal Reserve rate cut this month. Key points: According 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. Read more
Corporate crypto bets are getting bigger as rising markets reward direct exposure, putting balance-sheet strategies and institutional adoption back in focus. Crypto’s August rally put corporate conviction to the test. Bitcoin (BTC) miners that spent much of the crypto downturn courting AI investors are once again trading like leveraged bets on BTC, while Strategy and Strive are adding thousands more Bitcoin to their balance sheets. The same concentration is playing out elsewhere. Bitmine is closing in on owning 5% of Ether’s (ETH) circulating supply despite billions in unrealized losses, while 21 major financial institutions are taking a different approach by developing stablecoins for payments and settlement. Bitcoin’s August rally lifted beaten-down mining stocks by as much as 67%, reversing a trend that had favored miners pivoting to AI and underscoring the sector’s continued sensitivity to BTC market conditions. Read more
QuFi’s new platform uses post-quantum cryptography to verify digital asset transactions without requiring changes to existing blockchain settlement networks. Post-quantum infrastructure company QuFi Network has launched a verification platform designed to protect digital assets against future quantum computing threats without requiring changes to existing blockchain settlement networks. The platform separates verification from settlement, using a decentralized network of nodes to validate transactions with post-quantum cryptography before they are settled on existing blockchain networks. QuFi also launched uBTC, a proof-of-concept that applies the verification system to Bitcoin (BTC) and is currently operating on Bitcoin Testnet4. The uBTC system verifies BTC collateral and generates cryptographic proofs governing how value moves between settlement environments, while redemptions ultimately settle as standard Bitcoin transactions. Read more
US Bitcoin ETFs drew $730.9 million on Thursday as Bitcoin reclaimed $80,000, though CryptoQuant flagged weak fresh demand and a key $83,000 test. US-listed spot Bitcoin exchange-traded funds (ETFs) notched their biggest inflows in nearly eight months as BTC reclaimed $80,000. Bitcoin ETFs recorded $730.9 million in net inflows on Thursday, the largest daily haul since Jan. 14, when the funds attracted $843.6 million, according to SoSoValue data. The surge followed $101.2 million inflows on Wednesday and came as Bitcoin reclaimed the $80,000 level after trading in a range between roughly $76,000 and $81,000 this week, according to CoinGecko. Read more
Bitcoin rallied 5% to reclaim $80,000 as the US dollar weakened amid a suspected Bank of Japan currency intervention, though analysts remain split on the impact. Bitcoin (BTC) rallied 5% during US trading hours, reaching $81,000. Key points: At the time of writing, BTC stands at $81,000, near the highs seen during last month’s surprise upside. Read more