Market Wrap: Bitcoin Pauses Losing Streak but the Trend Is Still Not Bullish

In macroeconomic news, 250,000 Americans filed initial jobless claims for the week ended Aug. 13, falling short of expectations of 265,000. The four-week average for initial jobless claims dropped 2% to 246,750, falling short of forecasts of 257,000 jobless claims. The unexpectedly strong job figures offer the latest evidence the U.S. economy remains strong, even as other indicators show growth is slowing. Investors have been hoping recent U.S. Federal Reserve hawkishness will lick inflation without setting off a dramatic recession.