Bitcoin Just Had Its Best Month Since 2024. A Crucial Jobs Report Could Put That Rally To The Test.

Bitcoin is holding near $78,000 after rising about 24% in August, its best monthly performance since November 2024. Traders are now watching the U.S. jobs report due Friday, which could quickly test the rally as bets swing on whether the Federal Reserve will raise interest rates at its September meeting on Sept. 15–16. After comments by Fed Chair Kevin Warsh at Jackson Hole, CME data cited by The Wall Street Journal showed traders assigning roughly a two-thirds probability to a quarter-point September increase, up from under 40% a week earlier. Tuesday’s data was mixed: job openings rose by 89,000 to 7.27 million in July, while hiring fell by 278,000 to 5.05 million. The article also notes bitcoin facing rising bond yields and higher energy prices tied to renewed U.S.-Iran fighting, with the 10-year Treasury yield near 4.8%. Beyond the jobs report, the Fed meeting and a planned procedural step on the crypto-industry-backed CLARITY Act on Sept. 15 add more catalysts.