Bitcoin rebounds to $62,000 following softer US payrolls
Bitcoin climbed 4.3% to $62,003.7 by 09:50 ET (13:50 GMT) on Thursday, marking a rebound after a prolonged sell‑off driven by outflows from U.S. spot exchange‑traded funds and waning risk appetite.
US June non‑farm payrolls and unemployment data
The U.S. Labor Department reported that employers added just 57,000 jobs in June, far below the 115,000 jobs economists surveyed by Dow Jones had forecast and down from a revised 129,000 jobs added in May. The unemployment rate edged down to 4.2%, a slight increase over the 4.1% recorded a year earlier.
Implications for Federal Reserve policy
The weaker‑than‑expected payrolls figure reduces pressure on the Federal Reserve to raise interest rates later in the year. After the release, traders priced out the probability of a September rate hike, although CME Group’s FedWatch tool still indicated odds of a move in October. Fed Chairman Kevin Warsh described the jobs picture as “steady” and reiterated the central bank’s focus on returning inflation to its 2% target.
Market reaction and crypto sentiment
Lower borrowing costs are viewed as supportive for speculative assets such as cryptocurrencies. Bitcoin’s 30% decline in the first half of 2026 was halted by the payroll surprise, and the broader crypto market rallied. Ethereum surged 7.2% to $1,712.92, XRP rose 5.6% to $1.10, Solana gained 7.4%, and Dogecoin added 4%.
Additional context
The article notes that Bitcoin’s recent weakness stemmed from slowing institutional demand, limited progress on U.S. cryptocurrency legislation, and geopolitical uncertainty surrounding U.S.–Iran negotiations. Despite these headwinds, some analysts remain constructive on the longer‑term outlook, and digital‑asset markets have increasingly moved in tandem with technology stocks and broader risk assets.