Bitcoin price craters to $60,000 as BTC bulls get jobs report they were hoping to avoid
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Bitcoin fell after the May US labor report gave markets a reason to delay the next Federal Reserve easing trade, turning a stronger jobs number into a tighter-liquidity problem for crypto.
Key facts
Bitcoin is -3.96% over the past 24 hours and currently sits at rank # 1 by market cap
The May Employment Situation report said nonfarm payroll employment rose by 172,000 in May, while the unemployment rate held at 4.3%
The labor print added another macro shock to a market that was already fragile after its slide from the low-$60,000 range
TradingEconomics release-screen data put the gain well above an 85,000 consensus estimate
Summary
01 Bitcoin fell after May payrolls rose 172,000, far above 85,000 estimates, and unemployment stayed at 4.3%. 02 The surprise pushed yields and the dollar higher, tightening liquidity for crypto and other risk assets. 03 But private payrolls slowed, wage growth cooled to 3.4%, and traders must decide which signal lasts. The May Employment Situation report said nonfarm payroll employment rose by 172,000 in May, while the unemployment rate held at 4.3%.