Bitcoin climbed nearly 4% on July 2 to touch $62,038.35, its highest level so far this month. The catalyst was a June nonfarm payrolls report so weak it practically begged the Federal Reserve to ease off the monetary brakes.
The US economy added just 57,000 jobs in June, a number that came in dramatically below consensus estimates of 110,000 to 129,000. The unemployment rate held steady at 4.2%, but the headline figure was ugly enough to reshape the entire rate outlook in a single trading session.
A labor market miss this big changes the math
Market-implied odds for additional Fed tightening through the rest of 2026 fell significantly after the data hit screens. Weaker jobs data means the Fed has less reason to keep squeezing the economy, and cheaper money tends to find its way into risk assets like Bitcoin.
Risk appetite surged across asset classes as traders recalibrated their models. Equities moved higher too, but Bitcoin’s 4% daily gain outpaced most traditional benchmarks.
