First Mover Americas: Bitcoin’s Bear Cross Is Bullish and a Big June Jobs Beat
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The U.S. jobs report for June showed a gain of 372,000 in nonfarm payrolls, exceeding economists’ estimates for a 275,000 increase. Bitcoin was trading about 1% lower in the minutes after the release of the report. The report might suggest that the Federal Reserve will have little choice but to raise the benchmark US interest rate by an 0.75 percentage point at a meeting later this month to keep the economy from getting too hot. Bitcoin is trading 1% down in minutes following the release, down 1% in comparison to the previous week's release of June's jobs report on May 1. The Federal Reserve is expected to raise its interest rate at its next meeting on June 26, according to the latest report. Source