Bitcoin surges past $62K as U.S. payroll miss dents Fed rate hike odds
Bitcoin has climbed more than 4% to briefly reclaim $62,000 after a weaker-than-expected U.S. jobs report reduced market expectations for another Federal Reserve rate hike this year. According to the U.S. Bureau of Labor Statistics, the U.S. economy added 57,000 nonfarm payrolls in June, well below economists‘ expectations of 115,000. The agency also revised May’s payroll figure lower by 43,000 jobs, ending a three-month stretch in which employment growth had consistently exceeded forecasts. Meanwhile, the unemployment rate came in at 4.2%, slightly below the expected 4.3%, suggesting hiring has slowed even as the labor market remains relatively resilient. The report sparked a rally across risk assets, with Bitcoin ($BTC) surging from below $60,000 earlier in the week to more than $62,000 on July 2 before stabilizing near $61,655 at the time of writing, according to data from crypto.news. The recovery followed several sessions of weakness driven by fears that the Federal Reserve could tighten policy again after officials projected additional rate increases during last months policy meeting. Softer jobs report has shifted Fed expectations The latest labor market data immediately changed traders expectations for the remainder of the year. Polymarket data showed the probability of another Federal Reserve rate hike in 2026 dropping to 47%,