Weak Jobs Data Sparks Crypto Relief Rally
Bitcoin snapped a damaging 10-day losing streak, surging back above $62,000, as a significantly weaker-than-expected US non-farm payrolls report eased immediate fears of aggressive Federal Reserve interest rate hikes.
June's data showed only 57,000 jobs were added, a massive miss against forecasts of 100,000–115,000. This miss caused the probability of a July rate hike to drop sharply from ~85% to ~77%, providing immediate relief to risk assets.
Simultaneously, spot Bitcoin ETFs roared back to life, recording $221 million in net inflows on the same day. This ended their own negative 10-day streak of outflows, confirming renewed institutional and retail demand. The confluence of a softening US labor market and renewed ETF interest sparked the robust rebound, reversing over a week of intense selling pressure.
$NVDAB $MSFTB $BTC
Bitcoin snapped a damaging 10-day losing streak, surging back above $62,000, as a significantly weaker-than-expected US non-farm payrolls report eased immediate fears of aggressive Federal Reserve interest rate hikes.
June's data showed only 57,000 jobs were added, a massive miss against forecasts of 100,000–115,000. This miss caused the probability of a July rate hike to drop sharply from ~85% to ~77%, providing immediate relief to risk assets.
Simultaneously, spot Bitcoin ETFs roared back to life, recording $221 million in net inflows on the same day. This ended their own negative 10-day streak of outflows, confirming renewed institutional and retail demand. The confluence of a softening US labor market and renewed ETF interest sparked the robust rebound, reversing over a week of intense selling pressure.
$NVDAB $MSFTB $BTC
