Bitcoin falls to $82,000 as US data raises rate concerns

Bitcoin dropped to about $82,000 on Tuesday and touched an intraday low near $82,776 after U.S. economic releases on labor market and consumer sentiment.

The Bureau of Labor Statistics reported August job openings at 7.1 million, little changed from a revised 7.3 million in July. The July openings figure was revised up by 64,000. Hires were 5.2 million, quits were steady at 3.1 million, and layoffs and discharges were about 1.6 million.

The Conference Board’s September consumer confidence index fell to 81.9 from 88.6 in August. Its Expectations Index, which reflects short-term views on income, business and labor conditions, declined to 63.6 for a third consecutive month. The share of respondents who expect higher interest rates over the next 12 months rose to 68.4%, up 5.2 percentage points from August. Average expected inflation over that horizon increased to 6.1% and the median rose to 5.1%, each up 0.3 percentage points. The survey ran Sept. 1-23 and included the Federal Reserve’s Sept. 16 rate increase to a 3.75%-4.00% target range.

Daily par yield curve data showed the 10-year Treasury around 5.24% and the two-year near 4.92% on Sept. 28. U.S.-traded spot Bitcoin ETFs recorded a net inflow of $31 million on Sept. 28, smaller than each of the five prior completed sessions, according to flow data.

The Bureau of Economic Analysis will publish August personal income and outlays, including the PCE inflation measure, on Sept. 30. The September employment report is scheduled for Oct. 2. Market participants said they will monitor incoming inflation and payroll data, Treasury yields and completed ETF flows for indications of demand and price direction.