Bitcoin holds above $77,000 as weak US hiring data fails to shift Fed rate hike expectations

Bitcoin held above $77,000 on Wednesday after a report showed slower private job growth in the US, yet traders still expect the Federal Reserve to raise interest rates in September.

The price of bitcoin was $77,038, down 1% over 24 hours, according to CoinGecko. Ether fell 1.89% to $2,392.94, while most major tokens declined. The total crypto market value dropped 1.68% to $2.67 trillion.

Weaker hiring, higher rate odds

ADP reported that private employers added 38,000 jobs in August, down from 44,000 in July. Despite the slowdown, prediction markets raised the odds of a September Fed rate hike to 59%, up from 57% the day before.

The 10-year US Treasury yield reached its highest level since January 2025, while gold prices rose 0.84%. US stock indexes, including the Nasdaq 100, fell during the session.

Market breadth and ETF flows

Out of the 125 largest non-stablecoin tokens, 84 fell, 40 rose, and one remained unchanged. The Crypto Fear & Greed Index dropped to 63, down from 69 the previous day.

US spot bitcoin exchange-traded funds (ETFs), which track bitcoin’s price, saw partial inflows of $8.4 million on Tuesday, with Bitwise’s BITB leading. Ether ETFs recorded $8.6 million in inflows, with BlackRock’s ETHB contributing $11.2 million.

Top gainers and decliners

Pyth Network (PYTH) led the day’s gainers with a 14.9% increase, followed by Ape and Pepe (APEPE) and Maple Finance (SYRUP). Pons (PONS) was the biggest loser among major tokens, dropping 12.6% after a 235.5% weekly gain.

Sources

• The Defiant
• ADP National Employment Report
• CoinGecko (Bitcoin)
• CoinGecko (Global Charts)
• Polymarket (Fed Decision)
• US Treasury Yield Data
• Farside Investors (Bitcoin ETF Flows)
• Farside Investors (Ether ETF Flows)
• Crypto Fear & Greed Index
• DefiLlama (DeFi TVL)
• DefiLlama (Stablecoin Supply)