U.S. job growth blows past forecasts, setting stage for Fed rate hikes
U.S. job growth blows past forecasts, setting stage for Fed rate hikes
Bitcoin is now facing another headwind — the prospect of higher interest rates.
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- The U.S. economy added 172,000 jobs in May, more than double economist forecasts of 85,000.
- The unemployment rate came in at 4.3%, in line with expectations.
- Bitcoin remained lower for the session at $61,900 following the report.
The U.S. economy added 172,000 jobs in May, nearly double economists’ expectations, strengthening the case for Federal Reserve rate hikes this year.
The unemployment rate held steady at 4.3%, according to data released Friday by the Bureau of Labor Statistics.
Bitcoin remained under pressure following the report, trading below $62,000 as the broader crypto market nursed steep overnight declines.
The 10-year Treasury yield jumped to 4.52% following the report. U.S. equity index futures were also lower, the Nasdaq 100 index down 1.2%. Oil prices edged modestly lower at $94 per barrel, while gold slid 1.1% to around $4,400 per ounce.
Recent economic data continue to point to a resilient U.S. economy this week. Both the ISM Manufacturing PMI and ISM Services PMI came in above expectations and remained in expansionary territory.
U.S. equities have had an incredibly strong run, with the S&P 500 about to post gains for 10 consecutive weeks and rising roughly 10% year-to-date. However, some exuberance has faded from the semiconductor sector following Broadcom’s earnings report, which disappointed investors with a weaker-than-expected outlook for AI-related chip demand.
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Crypto Flows, Share and the Selective Rotation
Crypto Flows, Share and the Selective Rotation
Markets repositioned since June, but Binance held share (~55% user funds, ~24% spot) and drew net inflows in early July while the tracked market saw outflows.
Markets repositioned since June, but Binance held share (~55% user funds, ~24% spot) and drew net inflows in early July while the tracked market saw outflows.
Why it matters:
Markets repositioned since June, but Binance held share (~55% user funds, ~24% spot) and drew net inflows in early July while the tracked market saw outflows.
Bitcoin ETFs post third straight weekly inflows despite $465 million in late-week losses
Crypto steadies as Iran-U.S. pause sends oil tumbling, lifts risk assets
Interest rates in U.S., U.K., Japan and Coinbase, Strategy earnings: Crypto Week Ahead
Ballooning U.S. debt sends investors to bitcoin, gold to shelter from dollar devaluation
Bitcoin ETFs post third straight weekly inflows despite $465 million in late-week losses
Coinbase CEO Brian Armstrong criticizes crypto startups that rebrand to AI
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