June nonfarm payrolls rose by just 57,000 against a consensus of 115,000, while the unemployment rate fell to 4.2% from 4.3%.¹ The two-year Treasury yield dropped more than five basis points on the release, and bitcoin rebounded off its cycle low near $57,000, in line with the shift in rate expectations. The reaction underscores that bitcoin remains highly sensitive to near-term rate expectations, according to CoinShares’ Research. The Federal Reserve held rates at 3.5% to 3.75% at its June meeting, Kevin Warsh’s first as chair, and the dot plot moved hawkish rather than dovish: the median projection for end-2026 ... (full story)