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

Bitcoin and the broader cryptocurrency market rallied on Thursday after a surprisingly weak U.S. jobs report tempered expectations for further Federal Reserve interest rate hikes. The leading digital asset gained over 2% and briefly surpassed the $62,000 mark before settling near $61,416, according to data from Investing.com.

Disappointing Jobs Report Fuels Rally

The rally was sparked by the U.S. nonfarm payrolls report, which showed employers added just 57,000 jobs in June. This figure was significantly below the 115,000 that economists had forecasted and marked a sharp slowdown from the revised 129,000 jobs added in May.

The unemployment rate ticked down slightly to 4.2%, the report stated. The soft labor market data complicates the Federal Reserve's economic assessment and eases immediate pressure on the central bank to pursue a more aggressive monetary policy to cool the economy.

Market Impact and Fed Outlook

For investors, the weaker economic data suggests the Fed may have more room to hold interest rates steady through the summer. Higher interest rates typically increase the appeal of yielding assets like bonds and can weigh on speculative, non-yielding investments such as cryptocurrencies.

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Following the data release, traders adjusted their bets on future Fed action, largely pricing out the possibility of a rate increase in September, as tracked by futures markets. This sentiment shift provides a tailwind for risk assets that have struggled under the prospect of tighter monetary conditions.

Broader Crypto Market Rebounds

Thursday's gains provided some relief for a market that has been under significant pressure, with Bitcoin declining more than 30% in the first half of 2026. The recent downturn has been attributed to persistent outflows from U.S. spot Bitcoin exchange-traded funds (ETFs) and a general weakening of risk appetite.

Other major cryptocurrencies also advanced on the news, with a broad-based recovery across the altcoin market:

• Ethereum (ETH) climbed 5.1% to trade near $1,700.
• Solana (SOL) rose 4.7% and Cardano (ADA) gained 5%.
• XRP added 2.3%.