Bitcoin stalls near $77,000 as oil tops $90, yields climb

Bitcoin traded around $76,985 on Tuesday after the Labor Department’s JOLTS report showed job openings at 7.3 million in July, with hires at 5.1 million and quits at 3.1 million. June openings were revised down to 7.2 million.

The report arrived less than three weeks before the Federal Reserve’s Sept. 15-16 policy meeting. Data and commentary from the Jackson Hole gathering influenced markets: after Fed Chair Kevin Warsh’s Aug. 28 remarks, the probability of a September rate increase implied by CME FedWatch rose to about 66% from roughly 60%.

Manufacturing and energy data added to market pressure. The ISM manufacturing index fell to 54.6 in August from 55.6, with new orders at 53.7 and employment at 51.2. ISM’s Prices Index remained at 71.1 for a second month, and respondents cited higher costs for fuel and oil-based products. West Texas Intermediate crude settled near $90.22, up about 5.2%, and Brent around $94.65.

Treasury yields moved higher. The two-year yield rose to about 4.39% and the 10-year to roughly 4.79%.

U.S. spot Bitcoin exchange-traded funds recorded net outflows of about $236.46 million on Sept. 1, reversing $216.7 million of inflows on Aug. 31. Bitcoin had traded above $81,000 earlier in the week before the post-Jackson Hole selloff and slipped back below $77,000.

James E. Thorne, chief market strategist at Wellington Altus, warned raising rates in response to an externally driven energy shock could compound economic damage, citing higher transport and production costs and reduced household purchasing power.

Key economic reports are scheduled in the coming days: August payrolls on Sept. 4, producer prices on Sept. 10 and consumer prices on Sept. 11. The Federal Reserve will announce its policy decision on Sept. 16.