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Bitcoin Rises Above $61,000 as Weak U.S. Jobs Data Cools Fed Rate Hike Fears
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 leading digital asset briefly surpassed $62,000 before settling around $61,416, a gain of 2.2% on the day, according to data from Investing.com.
Disappointing Jobs Data Fuels Rally
The catalyst for the market's move was the latest nonfarm payrolls report, which showed the U.S. economy added just 57,000 jobs in June. This figure was well below the 115,000 that economists had forecast and marked a significant slowdown from May's revised total of 129,000 jobs.
The softer labor market data eases pressure on the Federal Reserve to raise interest rates, giving policymakers more flexibility to maintain current policy. Lower borrowing costs are generally considered supportive for speculative, non-yielding assets such as cryptocurrencies.
Market Reaction and Fed Outlook
Following the data release, traders in the futures market priced out the probability of a rate increase in September, according to the CME Group’s FedWatch tool. The positive sentiment spread across the digital asset market, with most major altcoins posting gains.
AdKey altcoin movements included:
- Ethereum (ETH): Climbed 5.1% to approximately $1,699.
- Solana (SOL): Rose 4.7%.
- Cardano (ADA): Increased by 5%.
- XRP: Gained 2.3%.
Broader Headwinds Remain
Thursday's rally provides some relief for a market that has been under significant pressure throughout the year. Bitcoin recorded a decline of more than 30% in the first half of 2026, driven by persistent outflows from U.S. spot exchange-traded funds (ETFs) and a broader weakening of risk appetite.
Slowing institutional demand and a lack of clear progress on cryptocurrency legislation in the United States have also served as headwinds for the digital asset sector. Investors continue to watch macroeconomic data and central bank signals for direction.