Bitcoin Rises Above $61,000 as Weak U.S. Jobs Data Cools Fed Rate Hike Bets

Bitcoin and other major cryptocurrencies rallied on Thursday after a surprisingly weak U.S. jobs report tempered expectations for further interest rate hikes from the Federal Reserve. The largest digital asset by market capitalization briefly surpassed $62,000 before trading at $61,416.6, a gain of approximately 2.2% as of 16:55 ET, according to Investing.com data.

Jobs Report Disappoints

The catalyst for the market move was the latest U.S. nonfarm payrolls report, which showed a marked slowdown in the labor market. Key figures from the report include:

• Jobs Added: U.S. employers added just 57,000 jobs in June.
• Expectations Missed: This figure fell significantly short of the 115,000 forecast by economists in a Dow Jones survey.
• Downward Trend: The result was also a deceleration from May's revised addition of 129,000 jobs.
• Unemployment Rate: The unemployment rate ticked down slightly to 4.2%.

Market Impact and Fed Outlook

The soft labor market data immediately altered investor outlooks on the Federal Reserve's monetary policy path. The figures ease pressure on the central bank to raise interest rates, a policy action that typically dampens appetite for speculative, higher-risk assets like cryptocurrencies.

Ad

Following the report, traders adjusted their positions, pricing out the probability of a rate increase in September. However, futures markets tracked by the CME Group’s FedWatch tool still indicate the possibility of a move in October. Lower borrowing costs are generally considered supportive for assets that do not offer a yield, such as Bitcoin.

Broader Crypto Market Rebounds

The relief rally extended across the digital asset market, providing a reprieve from a prolonged selloff driven by persistent outflows from U.S. spot ETFs and weakening risk appetite. Ethereum, the second-largest cryptocurrency, climbed 5.1% to $1,699.19.

Other major altcoins also posted gains, with Solana and Cardano improving by 4.7% and 5%, respectively. Despite Thursday's rally, the broader market remains under pressure; Bitcoin recorded a decline of more than 30% in the first six months of 2026.