Bitcoin tops $65K as US payrolls fall by 23,000

Bitcoin climbed above $65,000 after the July U.S. jobs report showed an unexpected decline in payrolls, weakening the case for another Federal Reserve rate hike. Summary U.S. nonfarm payrolls fell by 23,000, missing forecasts for an increase of roughly 80,000 to 85,000. Revisions removed a combined 103,000 jobs from May and June payroll figures. Bitcoin rose nearly 2% to around $65,200 as traders lowered their expectations for another rate increase. Options traders remain cautious, with geopolitical and inflation risks still limiting conviction in further upside. US payrolls record third-largest decline since 2020 The U.S. economy lost 23,000 jobs in July, according to data from the Bureau of Labor Statistics. Economists had expected employers to add between 80,000 and 85,000 positions. The contraction was the third-largest monthly payroll decline since 2020. It also marked a sharp reversal from June, when the economy added 57,000 jobs after a downward revision of 37,000. Revisions to the previous two months removed 103,000 jobs from the earlier estimates, suggesting that labor demand had weakened more than initial reports indicated. The unemployment rate edged down to 4.1%, compar...