BTC jumps nearly 4.2 percent as softer-than-expected June payrolls fuel Fed rate-cut bets and risk-asset rallies.
Bitcoin climbed to a July high of $62,137, gaining nearly 4.2 percent, after US nonfarm payrolls rose by just 57,000 in June, well below the 114,000 forecast. The unemployment rate held at 4.2 percent, with 7.1 million unemployed, according to the Bureau of Labor Statistics.
The weaker-than-expected jobs data reinforced expectations that the Federal Reserve may ease monetary policy sooner, boosting demand for risk assets. May’s payrolls were also revised downward by 43,000, adding to signs of a cooling labor market.
Short liquidations totaling $500 million accompanied the rally, as traders positioned for further upside in BTC amid the shifting macro backdrop.