Crypto Market Soars After Better-Than-Expected US Jobs Report

Table of Contents

TL;DR

  • The U.S. added 147,000 jobs in June, pushing unemployment down to 4.1% and easing recession fears.
  • Bitcoin climbed to $109,477, with Dogecoin, Ethereum, and Lido posting gains above 3%.
  • The strong labor data could delay Federal Reserve rate cuts, yet crypto markets reacted positively, signaling renewed investor confidence in digital assets as macro conditions stabilize.

The cryptocurrency market rallied thursday following the release of U.S. labor data showing stronger-than-expected job growth. According to the Labor Department, American employers added 147,000 jobs in June, slightly above consensus forecasts, while the unemployment rate dipped to 4.1%. Despite growing speculation that the Federal Reserve may now postpone rate cuts until September, digital asset prices pushed higher.

Bitcoin led the movement with a 1.0% gain, reaching $109,477, continuing a trend of moderate strength since late June. Ethereum surged 3.6% to $2,585.24, followed closely by Lido Staked Ether (STETH), up 3.5% at $2,582.81. Other top performers included Dogecoin, which jumped 4.7% to $0.1723, and TRON with a 1.3% rise to $0.2845. Solana registered a modest gain of 0.5%, priced at $151.89.

Crypto Gains Momentum As Investors Look Beyond Rate Cuts

Unlike earlier in the year when strong labor market reports dampened crypto performance due to rising bond yields, thursday’s upbeat figures were met with optimism across the digital asset space. The reason may lie in shifting investor expectations. With inflation moderating and economic growth remaining intact, many traders now view the current conditions as favorable for medium-term crypto appreciation, even without immediate rate reductions.

Historical data shows a mixed relationship between nonfarm payrolls and Bitcoin pricing. In months of weak employment data, BTC has previously rallied, as in October 2023. Yet this time, the market interpreted resilience in job creation as a sign of economic health rather than monetary tightening pressure.

Crypto Market

Dogecoin and Ethereum Outperform As XRP Lags

Among the day’s movers, Dogecoin stood out with its 4.7% jump, driven by renewed retail interest and increased trading volume. Ethereum’s upward move came amid optimism around upcoming network upgrades and increased institutional exposure. Meanwhile, XRP underperformed, dropping 2.7% to $2.27. BNB also edged lower by 0.1%, settling at $660.58.

While crypto markets remain sensitive to macroeconomic signals, today’s rally indicates a growing belief that digital assets can thrive even in high-rate environments, as long as broader economic indicators remain solid.

RELATED POSTS

Ads

Follow us on Social Networks

Crypto Tutorials

Crypto Reviews