The post Bitcoin Seesaws as Hot Jobs Report Extinguishes Rate Cut Hopes appeared on BitcoinEthereumNews.com.

In brief The labor market was stronger than expected in June, with U.S. employers adding 147,000 nonfarm jobs in June, while the unemployment rate ticked down to 4.2%. That extinguished hopes of an interest rate cut later this month, with traders penciling in a 4.7% chance on Thursday, from 24% a day before. Concerns about the country’s finances and pressure on Fed Chair Powell are still bolstering Bitcoin’s price, Grayscale’s head of research said. The price of Bitcoin wavered on Thursday after a hotter-than-expected jobs report pointed to a resilient U.S. labor market, squashing hopes of interest rate cuts later this month. Bitcoin was recently changing hands around $109,746, a 1.4% increase over the past 24 hours, according to crypto data provider CoinGecko. It was trading below the $109,000 mark when the report came out, then jumped above $110,000 before ticking back down to the current mark. Ethereum jumped 5.2% to just under $2,600, while XRP and Solana rose 4.1% to $2.28 and 1.7% to $152, respectively. Nonfarm payrolls grew 147,000 in June on a seasonally adjusted basis, surpassing economists’ estimates of 111,000 for the month, the Bureau of Labor Statistics said. Job growth for May was revised upward to 144,000, while April’s reading was also marked up to 158,000.  Although economists foresaw the unemployment rate rising to 4.3% in June as businesses navigate economic uncertainty marked by tariffs and geopolitical conflict, it dropped to 4.2%, the lowest level since February, according to Trading Economics. Market participants grew less convinced that the Fed will cut interest rates at the conclusion of its meeting later this month, with traders penciling a 4.7% chance on Thursday compared to a 24% chance a day before, per CME FedWatch. Traders also grew more convinced that the Fed would hold rates steady through September,…

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Filed under: News - @ July 4, 2025 4:28 am