Bitcoin Seesaws as Hot Jobs Report Extinguishes Rate Cut Hopes
Bitcoin's price fluctuated around $109,746, increasing 1.4% after a stronger-than-expected jobs report diminished hopes for interest rate cuts. Ethereum rose 5.2% to nearly $2,600, while XRP and Solana increased by 4.1% and 1.7%, respectively. Nonfarm payrolls grew by 147,000 in June, exceeding the 111,000 estimate, with revisions for May and April also upward. The unemployment rate fell to 4.2%, the lowest since February, despite expectations of a rise. Market sentiment shifted, reducing the likelihood of Fed interest rate cuts from 24% to 4.7%. Concerns about U.S. finances and political pressure on Fed Chair Jerome Powell persist. Trump has urged Powell to lower rates, but the Fed has maintained its stance amid economic uncertainties. The Fed's benchmark interest rate is projected to remain between 3.75% and 4.00% by year-end. Calls for an investigation into Powell's testimony before Congress have intensified following allegations of deception.
