Bitcoin climbed past $62,000 on July 2 as weaker-than-expected US employment figures reduced expectations for Federal Reserve rate hikes.
Bitcoin rose about 4 percent over 24 hours to top $62,000, its highest level in roughly 10 days. The move followed the release of June nonfarm payrolls data showing the US economy added just 57,000 jobs, well below the 110,000 forecast and May’s revised gain of 129,000.
The unemployment rate edged down to 4.2 percent. Market odds of a rate increase by September fell from 65 percent to 50 percent after the report, according to CME FedWatch.
The gains built on comments made the previous day by Federal Reserve Chair Kevin Warsh, who said inflation risks had come down. Bitcoin had already moved above $61,000 ahead of the jobs data.
Broader crypto markets also advanced, with Ether and Solana posting gains. The rebound occurred even as AI-related stocks fell sharply on renewed concerns about chip demand.
