The post U.S. Added Just 22K Jobs in August as Unemployment Rate Rose to 4.3% appeared on BitcoinEthereumNews.com. The employment situation in the U.S. continued to show softness last month, likely sealing the deal for a rate cut at the Federal Reserve’s upcoming meeting in mid-September. Nonfarm payrolls rose by 22,000 in August, according to a Bureau of Labor Statistics report released Friday morning. That was shy of economist forecasts for 75,000 and July’s 79,000 (revised from an originally reported 73,000). Alongside July’s 6,000 job upward revision, June’s number was revised lower by 27,000 to a negative 13,000 in what would have been the first negative monthly jobs print since the Covid lockdowns of 2020. The unemployment rate rose to 4.3%, in line with forecasts and up from July’s 4.2%. Average hourly earnings rose 0.3% for the month and 3.7% year-over-year, both matching forecasts. Financial markets reacted immediately, with bitcoin BTC$110,808.18 adding about $500 to $112,800 in the minutes following the report. The “it” asset of the moment, gold shot higher by more than 1% to a new record of $3,644 per ounce. U.S. stock index futures added modestly to previous gains, the dollar weakened and the 10-year Treasury yield fell six basis points to 4.11%. 50 basis point cut on the table Though rising modestly overnight in the hours ahead of the jobs report, bitcoin had been under sizable pressure since hitting a record high above $124,000 in mid-August, falling to as low as $107,400 earlier this week. Even Fed Chairman Jerome Powell flipping from hawk to dove at his Jackson Hole speech on Aug. 22 failed to ignite anything more than a one-day rally. Not entering the debate at all in past weeks was the idea that the Fed might cut rates by 50 basis points instead of the assumed 25. This morning’s soft numbers, however, may prompt that discussion to get started. All things being… The post U.S. Added Just 22K Jobs in August as Unemployment Rate Rose to 4.3% appeared on BitcoinEthereumNews.com. The employment situation in the U.S. continued to show softness last month, likely sealing the deal for a rate cut at the Federal Reserve’s upcoming meeting in mid-September. Nonfarm payrolls rose by 22,000 in August, according to a Bureau of Labor Statistics report released Friday morning. That was shy of economist forecasts for 75,000 and July’s 79,000 (revised from an originally reported 73,000). Alongside July’s 6,000 job upward revision, June’s number was revised lower by 27,000 to a negative 13,000 in what would have been the first negative monthly jobs print since the Covid lockdowns of 2020. The unemployment rate rose to 4.3%, in line with forecasts and up from July’s 4.2%. Average hourly earnings rose 0.3% for the month and 3.7% year-over-year, both matching forecasts. Financial markets reacted immediately, with bitcoin BTC$110,808.18 adding about $500 to $112,800 in the minutes following the report. The “it” asset of the moment, gold shot higher by more than 1% to a new record of $3,644 per ounce. U.S. stock index futures added modestly to previous gains, the dollar weakened and the 10-year Treasury yield fell six basis points to 4.11%. 50 basis point cut on the table Though rising modestly overnight in the hours ahead of the jobs report, bitcoin had been under sizable pressure since hitting a record high above $124,000 in mid-August, falling to as low as $107,400 earlier this week. Even Fed Chairman Jerome Powell flipping from hawk to dove at his Jackson Hole speech on Aug. 22 failed to ignite anything more than a one-day rally. Not entering the debate at all in past weeks was the idea that the Fed might cut rates by 50 basis points instead of the assumed 25. This morning’s soft numbers, however, may prompt that discussion to get started. All things being…

                                                                               Lawmakers in the US House of Representatives and Senate met with cryptocurrency industry leaders in three separate roundtable events this week.                     Members of the US Congress met with key figures in the cryptocurrency industry to discuss issues and potential laws related to the establishment of a strategic Bitcoin reserve and a market structure.On Tuesday, a group of lawmakers that included Alaska Representative Nick Begich and Ohio Senator Bernie Moreno met with Strategy co-founder Michael Saylor and others in a roundtable event regarding the BITCOIN Act, a bill to establish a strategic Bitcoin (BTC) reserve. The discussion was hosted by the advocacy organization Digital Chamber and its affiliates, the Digital Power Network and Bitcoin Treasury Council.“Legislators and the executives at yesterday’s roundtable agree, there is a need [for] a Strategic Bitcoin Reserve law to ensure its longevity for America’s financial future,” Hailey Miller, director of government affairs and public policy at Digital Power Network, told Cointelegraph. “Most attendees are looking for next steps, which may mean including the SBR within the broader policy frameworks already advancing.“Read more