Story
Bitcoin Rises Past $61,000 as Weak U.S. Jobs Data Cools Rate Hike Bets
Summary
Bitcoin and other major cryptocurrencies rallied after the June nonfarm payrolls report showed significantly slower job growth than anticipated, leading investors to scale back expectations for a near-term Federal Reserve interest rate hike.
Bitcoin gained more than 2% on Thursday, briefly crossing the $62,000 mark, as weaker-than-expected U.S. labor market data eased investor concerns about aggressive monetary tightening by the Federal Reserve. The leading cryptocurrency was trading at $61,416.6 by late afternoon, providing some relief after a prolonged selloff that saw it decline over 30% in the first half of 2026.
Disappointing Jobs Report
The catalyst for the rally was the latest U.S. nonfarm payrolls report, which revealed that employers added only 57,000 jobs in June. This figure was well below the 115,000 that economists surveyed by Dow Jones had forecast and a significant slowdown from the revised 129,000 jobs added in May.
The unemployment rate ticked down slightly to 4.2%, according to the report. The soft data complicates the Federal Reserve's assessment of the economy, which policymakers had increasingly viewed as resilient, and lessens the immediate pressure to raise interest rates to combat inflation.
Impact on Fed Policy and Markets
In response to the jobs data, traders adjusted their expectations for future Fed action. According to the CME Group's FedWatch tool, futures markets now price out the probability of a rate increase in September, though the possibility of a move in October remains.
AdLower interest rates and borrowing costs are generally considered supportive for speculative, higher-risk assets like cryptocurrencies, which tend to move in tandem with technology stocks. The market's reaction underscores how traders are closely monitoring macroeconomic data for signals on central bank policy.
Broader Crypto Market Rebounds
The positive sentiment extended across the digital asset market, which has been under pressure from persistent outflows from U.S. spot exchange-traded funds (ETFs) and a general weakening of risk appetite.
Other major cryptocurrencies also posted gains on Thursday:
- Ethereum (ETH) climbed 5.1% to $1,699.19.
- XRP gained 2.3% to $1.0820.
- Solana (SOL) and Cardano (ADA) improved by 4.7% and 5%, respectively.