Coinbase Slides as Hot Jobs Report Dents 10% Rally
Coinbase fell as hot jobs revived Fed hike bets and pushed Bitcoin below $80,000, while higher rates could help stablecoin revenue.
Stocks · News reference
Polymarket is hiring veterans of Robinhood, Coinbase and Nasdaq as it prepares for a major U.S. test against Kalshi during NFL season.
Reference Details
Poisar stores the source's headline, summary and market tags for reference. Reporting and full article text remain with the original publisher.
Keep reading
Coinbase fell as hot jobs revived Fed hike bets and pushed Bitcoin below $80,000, while higher rates could help stablecoin revenue.
Cathie Wood of ARK Invest predicts Bitcoin could surge nearly 1,480% to $1.25 million within five years, driven by institutional adoption, monetary policy concerns, and younger investor preference for crypto over gold. However, the article cautions that Bitcoin faces headwinds from gold's stronger performance, competition from stablecoins, and its lack of established safe-haven status, suggesting investors should carefully evaluate Bitcoin's strengths and weaknesses before investing.
A blowout August jobs report pushed traders to price a coin-flip chance of a Federal Reserve rate hike this month, dragging the S&P 500 and Dow lower by midday Friday.
Bitcoin jumped 22% in August as gold correlation hit a six-year high. Analysts say shifting links may aid diversification as Wall Street adopts blockchain.
Robinhood Chain is seeing a surge in metrics, which is helping fuel the Arbitrum ARB token, which has soared to its highest point since January.