Bitcoin Jumps Above $61,000 on Weak U.S. Jobs Report
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- U.S. employers added just 52,000 jobs in June according to the Nonfarm Payrolls Report, well short of the 110,000 economist consensus
- The May payrolls figure was revised down from an originally reported 172,000 to 129,000, deepening the cooling signal
- Unemployment unexpectedly dipped to 4.2% despite the hiring slowdown, beating forecasts for a flat 4.3%
- Bitcoin hovered at $61,300 after the release, up roughly 4% over the prior 24 hours
- Nasdaq futures rose 0.7% following the soft print
- The 10-year Treasury yield fell about four basis points to 4.46% and the 2-year yield dropped five basis points
Why it matters: A June hiring pace of 52,000 — less than half the 110,000 forecast, with May also revised down by 43,000 — gives the Federal Reserve fresh evidence of labor market cooling and strengthens the case for rate cuts. Markets are already repositioning: bitcoin up 4%, Nasdaq futures +0.7%, and short-end Treasury yields falling faster than long-end, a classic soft-data, dovish-Fed reaction.
