Bitcoin and ethereum rally as July jobs miss deepens rate-cut case
A labor-market report that fell well short of consensus sent crypto prices higher Friday morning, as markets read through to the implications for monetary policy. Bitcoin ($BTC) climbed from an opening print of $64,259.68 to…
Key takeaways
- Bitcoin rose from an opening $64,259.68 to $65,143.87 and ethereum from $1,902.20 to $1,929.36 by 9:02 a.m. ET on August 7, 2026, after weak July jobs data.
- July payrolls showed 23,000 jobs lost versus a Bloomberg consensus of 80,000 new jobs, while the unemployment rate fell to 4.1%.
- The larger-than-expected miss strengthened the case for monetary easing, which crypto markets priced in quickly.
- Despite the rally, bitcoin is 44.1% and ethereum 48.4% lower year-on-year, both well below their 2025 all-time highs of $126,198.07 and $4,953.73.
- FHFA Director William J. Pulte directed Fannie Mae and Freddie Mac to prepare to count cryptocurrency as an asset for mortgage qualification, and the first Fannie Mae-backed crypto mortgage has already closed.
A labor-market report that fell well short of consensus sent crypto prices higher Friday morning, as markets read through to the implications for monetary policy. Bitcoin ($BTC) climbed from an opening print of $64,259.68 to $65,143.87 by 9:02 a.m. ET on August 7, 2026. Ethereum ($ETH) moved in parallel, recovering from $1,902.20 at the open to $1,929.36 in the same window.
The jobs data behind the move
Economists surveyed by Bloomberg had forecast 80,000 new jobs in July, with the unemployment rate expected to hold steady. The actual figures landed in different territory: 23,000 jobs were lost, and the unemployment rate fell to 4.1%. A print that far below expectations tends to sharpen the case for monetary easing, and crypto markets absorbed the read-through quickly. Both tokens had opened slightly below Thursday's levels before the data hit.
Where prices stand against the longer cycle
Friday's bounce lands against a backdrop that tells a more complicated story over time. Bitcoin is 0.4% above its level from a month ago and 0.7% below where it opened a week ago, while sitting 44.1% below where it opened a year earlier. Ethereum has gained 5.8% over the past month, is down 0.8% versus a week ago, and is 48.4% lower year-on-year. Both assets remain well off the peaks set in 2025: bitcoin reached an all-time high of $126,198.07 on October 6, 2025, and ethereum hit $4,953.73 on August 24, 2025.
A regulatory shift in the demand environment
Beyond Friday's price action, a policy change is altering the demand environment for crypto. Federal Housing Finance Agency Director William J. Pulte has directed Fannie Mae and Freddie Mac to prepare to count cryptocurrency as an asset for mortgage qualification. The first Fannie Mae-backed crypto mortgage has already closed, arranged by Better and Coinbase for a couple in Ann Arbor, Michigan. Fannie Mae has separately announced it will accept crypto as collateral for conventional mortgages, a step that broadens the base of holders who have a practical reason to maintain positions rather than liquidate. President Trump has framed the broader policy goal as making the United States "the crypto capital of the world."
The immediate macro caveat remains the jobs data itself. One month's figures carry revision risk, and the gap between a 23,000-job loss and an 80,000-job consensus estimate leaves the rate path genuinely unresolved.
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