The price of bitcoin initially showed little reaction to the soft data even as traders quickly amped up bets on big Fed rate cuts in the second half of the year. The jobs market softened appreciably in July with the U.S. adding just 114,000 jobs during the month and the unemployment rate rising to 4.3%, according to the Bureau of Labor Statistics. Those 114,000 jobs were well shy of expectations for 175,000 and down from 179,000 in June (itself revised lower from an originally reported 206,000). The unemployment rate of 4.3% was up from 4.1% in June and above forecasts for 4.1%. The price of bitcoin (BTC) is about flat from just before the numbers hit, now trading at $64,500, and little-changed from 24 hours ago. Reaction in traditional markets was far bigger, with the 10-year Treasury yie
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