Bitcoin dropped to roughly $57,700 overnight, marking its lowest price of 2024, before staging a recovery that brought it back above $60K by morning. The trigger: a US jobs report that came in well below expectations, briefly rattling risk assets across the board before markets collectively shrugged and moved sideways.
US private employers added just 98K jobs in June, undershooting forecasts by 20K. In English: the labor market is cooling faster than economists predicted, and that kind of miss tends to send traders into a brief panic before they recalibrate.
The numbers that matter
Bitcoin’s 24-hour change stood at +2.8% after the recovery, though it was still down 1.9% on the week, according to CoinGecko data. The bounce from $57,700 back above $60K represents a swing of roughly 4% in a matter of hours. Violent, but not unusual for a market that treats overnight sessions like a rollercoaster with no seatbelt checks.
Ethereum fared slightly better on the day, posting a 24-hour gain of 3.2% while hovering near $1,600. Solana led the major altcoins with a 4.9% daily bounce, trading around $77. XRP held steady near $1.05.
