Bitcoin stayed near $65,000 after July U.S. payrolls came in far below expectations, while stocks, metals and bonds reacted more sharply. The report shifted attention back to the Federal Reserve’s rate path as oil, yields and the dollar remained key macro pressures for crypto.
Bitcoin stayed near $65,000 after July U.S. payrolls came in far below expectations, while stocks, metals and bonds reacted more sharply. The report shifted attention back to the Federal Reserve’s rate path as oil, yields and the dollar remained key macro pressures for crypto.
Bitcoin traded around $65,000 on Friday after the U.S. labor market unexpectedly lost 23,000 jobs in July, missing forecasts for an 80,000 gain. Earlier in the session, bitcoin had been nearly flat around $64,350, while ether held near $1,903 and major crypto assets showed limited movement ahead of the payrolls release.
Bitcoin traded around $65,000 on Friday after the U.S. labor market unexpectedly lost 23,000 jobs in July, missing forecasts for an 80,000 gain. Earlier in the session, bitcoin had been nearly flat around $64,350, while ether held near $1,903 and major crypto assets showed limited movement ahead of the payrolls release.
The data matters because it feeds directly into expectations for Federal Reserve policy, a major driver of liquidity-sensitive assets including crypto. A softer labor market can support the case for keeping rates on hold, but inflation concerns remain part of the market’s calculation.
CoinDesk reported that the unemployment rate dipped to 4.1%, below expectations for 4.2%, while average hourly earnings rose less than forecast. June payrolls were revised down to 20,000 from 57,000, and May’s job gains were cut to 63,000 from 129,000.
Traditional markets responded more clearly than crypto. U.S. stock index futures rose, interest rates moved lower, and precious metals rallied, with gold and silver both gaining on the day. Bitcoin was only modestly higher, underscoring its continued narrow trading range despite the broader risk-asset move.
The macro backdrop was not entirely supportive. Brent crude rose after reports tied to potential restrictions on U.S. and Israeli ships through the Strait of Hormuz, reviving inflation worries. Higher oil prices, firmer yields and a stronger dollar were described as headwinds that have kept bitcoin constrained through the summer.
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