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Bitcoin Rises Past $61,000 as Weak U.S. Jobs Data Cools Fed Rate Hike Bets
Bitcoin rallied on Thursday, briefly surpassing the $62,000 mark, after a surprisingly weak U.S. jobs report tempered expectations for further interest rate hikes from the Federal Reserve. The leading cryptocurrency was last trading up 2.2% at $61,416.6 by late afternoon, according to market data from Investing.com.
U.S. Labor Market Shows Signs of Cooling
The catalyst for the move was a U.S. nonfarm payrolls report that showed a marked slowdown in job growth for June. The data, which investors watch closely for clues on the Federal Reserve's monetary policy, came in well below forecasts.
- Jobs Added: 57,000
- Economist Forecast: 115,000
- Unemployment Rate: 4.2%
The soft employment figures suggest the economy may be cooling, reducing the immediate pressure on the Fed to raise borrowing costs to combat inflation. Fed officials have recently reiterated their focus on bringing inflation back to their 2% target.
AdMarket Reaction and Outlook
In response to the data, traders adjusted their bets on the Fed's future policy path. According to the CME Group’s FedWatch tool, futures markets priced out the probability of a rate increase in September. Lower interest rates are generally considered supportive for risk assets, including cryptocurrencies, as they can increase investor appetite for higher-yielding, more speculative investments.
Despite the day's gains, the broader crypto market remains under pressure. Bitcoin recorded a decline of more than 30% in the first six months of 2026, weighed down by persistent outflows from U.S. spot exchange-traded funds, slowing institutional demand, and geopolitical uncertainty. Other major cryptocurrencies also advanced on the news, with Ethereum climbing 5.1% to $1,699.19, and XRP gaining 2.3% to $1.0820.