Bitcoin Live Updates: Market Adjusts to Jobs Data and Crypto Pressures
Bitcoin Faces Pressure Amid Jobs Data
Bitcoin (BTC) has mostly given up yesterday's modest bounce, returning to $60,000 during U.S. morning hours, down 0.8% over the past 24 hours.
Impact of Upcoming U.S. Nonfarm Payroll Report
Coming in a few minutes is the U.S. Nonfarm Payroll Report for May. While the interest rate outlook has taken a back seat to other concerns amid this week's crypto price crash, this morning's data will nevertheless be significant.
Markets have swung from the certainty of rate cuts this year to rate hikes as inflation has risen, in part due to surging energy costs. About the only thing that might alter that outlook for rates would be a sizable downturn in the labor market.
Potential Tailwinds for Crypto
If the interest rate outlook does another 180-degree turn (this time back to cuts), it could prove to be a much-needed tailwind to crypto markets.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.