The Bitcoin (BTC) price tumbled under $54,000, its lowest level since early August, in wake of the release of the August US jobs report, which appears to have exacerbated, not eased, fears that the US is tilting towards a recession and that the Fed may be behind the curve in preventing it.
The latest non-farm payrolls number showed the US economy added 142,000 jobs in August, a tad below the expected number of 160,000.
The unemployment rate, meanwhile, eased back to 4.2% from 4.3% in July, but that seemingly failed to ease investor worries.
The big negative revisions to the June and July reports seemed to concern the market—86,000 fewer jobs were added in these months than initially thought.