The US economy added 172,000 jobs in May, more than double the expected 80,000-85,000, causing a sharp market reaction. The Nasdaq fell over 4%, the S&P 500 dropped 2.6%, and Bitcoin slid below $62,000 as investors priced in a higher chance of Federal Reserve interest rate hikes. Treasury yields rose to 12-month highs, reflecting expectations of tighter monetary policy. This event highlights how strong labor data can trigger broad market selloffs, including in crypto, due to increased opportunity costs of holding non-yielding assets like Bitcoin.
Bitget CEO Gracy Chen expressed skepticism about Bitcoin's recent rise above $79,000, expecting a pullback to around $50,000 before increasing her holdings. She maintains a cautious investment approach focused on Bitcoin and S&P 500, with minimal exp...
Bitcoin traders are closely watching Federal Reserve Chair Kevin Warsh's first keynote at the Jackson Hole Symposium, recalling how Jerome Powell's 2022 speech caused a 6% drop in Bitcoin due to unexpected hawkish signals. Historical data shows 2022 ...
