Bitcoin Prepares for July Jobs Report After June's Brief Rally
The US Bureau of Labor Statistics is set to release its July nonfarm payrolls report, with economists predicting a gain of just 83,000 jobs and an unemployment rate steady at 4.2%. Bitcoin traders are wondering if this will trigger the same reaction as June's report, which saw a much lower-than-expected 57,000 new jobs.
Last month's report was seen as a sign that the Federal Reserve might hold off on raising interest rates, which would ease liquidity conditions and support Bitcoin. The price of Bitcoin jumped 4% to near $62,000 after the report came out, but ultimately fell back within weeks.
However, not everyone is convinced that this pattern will repeat itself. Vanguards 401(k) data points to a much lower payroll gain of just 18,000 jobs, which could send Bitcoin surging again if it meets expectations.