Key facts
- Bitcoin surpassed $61,000 following the release of U.S. jobs data.
- U.S. nonfarm payrolls for June added 57,000 jobs, significantly below the expected 115,000.
- The unemployment rate increased to 4.2%.
- The weaker jobs report has reduced the perceived likelihood of a Federal Reserve rate hike.
- Former Fed Governor Kevin Warsh's comments suggesting easing inflation risks also contributed to market sentiment.
Bitcoin has climbed above $61,000 following the release of U.S. jobs data that showed a significant slowdown in hiring for June. The Bureau of Labor Statistics reported that only 57,000 jobs were added, well below the expected 115,000, and May's figures were revised downward. The unemployment rate ticked up to 4.2%. This weaker-than-expected report has bolstered optimism for a potential Federal Reserve rate cut, with odds of a hike this year falling to 50% and the chance of rates holding steady in July rising to 82.4%. The cryptocurrency had previously fallen below $60,000 amid concerns about potential rate hikes. Comments from former Fed Governor Kevin Warsh suggesting easing inflation risks also contributed to the positive sentiment.