Bitcoin climbs back to $60,000; Ethereum retakes $1,700 after solid U.S. June jobs report
AI Market Summary
Bitcoin rebounded to $60,000 and Ethereum reclaimed $1,700 after stronger U.S. nonfarm payrolls reduced recession concerns, but the data also supports a more hawkish Fed path via firm wages and lower unemployment. Options markets show falling near-term implied volatility and increased focus on July-expiry calls, while spot BTC ETFs saw $224m inflows. However, lack of confirmation from Treasuries and equities suggests the move is a tactical bounce rather than broad risk-on.
Impact level
● High
Affected assets
BTC/USDT+0.37%
AI Insight · BTC/USDTAI Insight
● Neutral
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QCP Capital said on July 3 that Bitcoin briefly slipped below $58,000 on Wednesday before rebounding to around $60,000 after stronger-than-expected U.S. June nonfarm payrolls data. Ethereum also moved back above $1,700, recovering nearly 10% from its midweek low.
In options markets, short-dated implied volatility eased, and July-expiry call options became the main focus of trading. QCP noted that firmer wage growth, a lower unemployment rate and resilient consumer spending give the Federal Reserve room to keep policy restrictive.
Bitcoin spot ETFs posted net inflows of $224 million. QCP added that U.S. Treasuries and equities have yet to confirm a broader return of risk appetite, characterizing the move as a temporary crypto rebound.
AI Analysis: The strong payrolls print reduced recession fears and offered near-term support for risk assets. Combined with wage gains and falling unemployment, the data points to a resilient labor market, reinforcing the Fed's tight-policy stance. With less urgency for rate cuts, upside for crypto may remain capped as markets continue to wrestle with tighter macro liquidity and persistently high interest rates weighing on asset price momentum.
