Prices Bitcoin It shook Thursday after a hotter than expected employment report pointed to a resilient US labor market and crushed hopes of cutting interest rates later this month.
According to the Crypto Data Provider, Bitcoin has recently changed its hands to around $109,746, up 1.4% over the past 24 hours. Co Ringecko. It traded below $109,000 when the report was released, then jumped above $110,000 after returning to its current mark.
Ethereum jumped 5.2% to just under $2,600 XRP and Solana It rose 4.1% to $2.28 and 1.7% to $152 respectively.
Non-farm payroll increased 147,000 on a seasonally adjusted basis in June, with economists estimates above 111,000 for the month, with the Bureau of Labor Statistics I said. Job growth in May was revised upward to 144,000, while reading in April was also marked to 158,000.
Economists predicted the unemployment rate would rise to 4.3% in June as businesses navigate the economic uncertainty marked by tariffs and geopolitical conflicts, but fell to 4.2%, the lowest level since February. Trade Economics.
Market participants were not convinced that the Fed would cut interest rates at the end of the meeting later this month. CME FedWatch. Traders also believe the Fed will hold the rates steadily through September, with the odds rising to 25% from 6% on Wednesday.
Lower interest rates tend to benefit risk assets such as stocks and crypto with cheaper borrowing and increased liquidity, but Bitcoin prices are strengthened by concerns about the country’s finances and US President Donald Trump’s rhetoric. I said On Twitter, previously X.
“Bitcoin is fine,” he said. “There’s a big picture, (a) a booming economy and markets, a massive peace budget deficit, and ongoing political pressure on the central bank.”
I have Trump I was called repeatedly Powell can cut interest rates, but the US Central Bank has remained unshakable as it seeks to assess how changes in trade and immigration are affecting the economy.
“Uncertainty about the economic outlook has decreased, but it continues to rise,” Powell said. I said last month. The economic forecast released alongside Powell’s comments showed that he penciled with a two-half point rate reduction.
The Fed only has four meetings left this year, but traders still believe that the Fed’s benchmark interest rate will settle between the target range of 3.75% and 4.00% by the end of December.
Trump’s pressure campaign against Powell escalated Wednesday after US Federal Housing and Finance Director William Pluter. I insisted In a letter from the Federal Government Chair lying before Congress, about the scope of the renovation to the Fed headquarters.
“Speaker Powell needs to be investigated by Congress soon,” he wrote. “I am asking Congress to investigate his political bias and his deceptive Senate testimony.”
Edited by Andrew Hayward