The employment market in the U.S. remained strong in May with the government reporting the addition of 272,000 jobs, far past estimates for just 185,000 and well ahead of April's 165,000 (revised from a previously reported 175,000).

The May unemployment rate was 4.0% versus estimates for 3.9% and April's 3.9%.

The price of bitcoin (BTC) fell sharply from a two-month high just shy of $72,000 in the minutes following the numbers. At press time, BTC was changing hands at $70,900, down 0.5% over the past 24 hours.

Wage data from this morning's report shows average hourly earnings rising 0.4% in May versus forecasts for 0.3% and April's 0.2%. On a year-over-year basis, average hourly earnings were higher by 4.1% versus estimates for 3.9% and April's 4.0%.

After rising through the first part of 2024, interest rates have been on a downtrend over about the last five weeks as some recent U.S. economic data had pointed to a slowdown in both economic growth and inflation the 10-year Treasury yield ahead of this morning's numbers was at 4.30% versus a 2024 high of 4.71% in late April.

The move down in rates has been a boon for risk assets, with the major U.S. stock market averages surging to record highs and the price of bitcoin rising from about the $60,000 level to within close range of its record high just above $73,500.

Ideas that the major Western economies are about to fully enter a monetary easing cycle received further merit this week when both the Bank of Canada and the European Central Bank slashed their respective benchmark interest rates for the first time in several years. As for the U.S., the odds of a Fed rate cut have risen sharply of late, with investors prior to this morning's report having priced in about a 55% chance of a move on or before the bank's September policy meeting.

With today's strong numbers, much of this thinking is likely to be reversed in at least the short term. In addition to bitcoin's swift pullback, the 10-year Treasury yield has shot higher by 12 basis points to 4.42% and U.S. stock index futures are pointing to a lower open. Checking other indicators, the U.S. dollar has surged 0.5% and gold has tumbled more than 2%.

Bloomberg Chief Economist Anna Wong has an interesting contrary take on the data, suggesting the rise in the unemployment rate is the more important indicator of the reality of the employment situation. "[The government] model for estimating business births and deaths which added 231,000 jobs to the nonfarm-payrolls print in May is lagging the reality of surging establishment closures and falling business formation. We think the underlying pace of current job gains is likely less than 100,000 per month."

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U.S. Added 272K Jobs in May, Blowing Past Estimates; Bitcoin Pulls Back From 2-Month High - CoinDesk

Bitcoin price is back to trading below the pivotal $70,000 after losing ground over the weekend. Last week was bullish for BTCalso altcoins and especially among meme coins like Pepe, Notcoin, and GameStop.

Should Bitcoin secure support at $68,000, interest in the gigantic coin will grow significantly as traders look forward to the next attempt to reach new all-time highs.

The Federal Open Markets Committee will begin its sitting on Tuesday, June 11 to deliberate key economic policies touching on inflation and interest rates. Similarly, the US Consumer Price Index (CPI) report used to gauge the inflation trend will be released on June 12.

Economists project the CPI at 3.4% to match the previous 3.4%. This data will help central bank officials in the FOMC to affirm the banks outlook on the economy.

Traders should anticipate volatility during the week, which calls for caution among investors. However, the FOMC meeting is unlikely to result in a change in interest rates.

Market watchers say that the Fed could make the first interest rate cut in September.

The largest cryptocurrency hovered at $65,375 on Monday below key indicators such as the 20-day Exponential Moving Average (EMA) in blue and the 50-day EMA in red on the four-hour chart.

Bitcoin also sits below the Bollinger bands middle boundary. Nevertheless, it is important to pay attention to the bands narrowing. In other words, BTC is getting ready for a breakout whose direction may be decided later in the week as the market reacts to the CPI report and the FOMC meeting.

The more the Bollinger bands converge, the larger the breakout could be. Hence, a break above resistance at $69,642 may affirm the uptrend and increase the chances of a return above $70,000.

Remember Bitcoin price prediction recently breached the ascending trend lines support. This was to the disadvantage of the bullsand if this level goes unreclaimed for much longer, selling pressure will increase. Such an outcome may push BTC below $68,000 and bring support at $66,000 within reach.

The Relative Strength Index (RSI) reinforces the bearish grip on the trend but bulls still have time to fight for control as the RSI moves sideways at 45. Should the sliding continue into the oversold region, the path of least resistance will lean more to the south.

An uptrend will start to build for a breakout above $70,000 backed by the Bollinger bands constriction.

Considering the bullish outlook of Bitcoin ETFs with a daily total net inflow of $139 million on Friday, market sentiment remains positive. Moreover, the Bitcoin futures market recently hit a new record high above $37.5 billion, cementing the bullish outlook.

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Bitcoin Price: Heres When BTC Could Hit New All-Time High - CoinGape

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Bitcoins perpetual futures markets are currently experiencing high funding rates, signaling a premium for long positions and further correction for spot prices, according to the Bitfinex Alpha reports latest edition.

The rising Bitcoin CME futures open interest, reaching $11.4 billion as of June 4th, parallels the March all-time highs before a notable price correction. Traders appear to be leveraging the basis arbitrage opportunity, shorting Bitcoin on the open market while gaining spot exposure through ETFs, aiming to profit from futures and spot market price discrepancies.

Despite 20 consecutive days of ETF inflows since May 10, potential disruptions loom with the upcoming US Consumer Price Index report and the US Federal Open Market Committees interest rate discussions set to happen this week.

Last week, Bitcoins price fluctuated, reaching over $71,500 and then correcting to local lows around $68,500. Major altcoins experienced declines, with Ethereum (ETH) and Solana (SOL) dropping 7.5% and 12.1%, respectively.

The recent leverage flush saw significant liquidations in altcoin leveraged longs, with Coinglass data showing Bitcoin open interest at an all-time high of $36.8 billion on June 6th.

Nevertheless, short-term holders have increased their Bitcoin activity, with holdings peaking at 3.4 million BTC in April. Long-term holders, on the other hand, are demonstrating confidence by accumulating Bitcoin, with the inactive supply for one-year holders remaining stable.

Bitcoin whales are also on an accumulation spree, with their balance reaching a new historical high.

Therefore, although derivatives data suggest a price pullback in the short term, factors such as increased ETF buying activity, reduced selling pressure from long-term holders, and improved liquidity could potentially catalyze Bitcoins upward movement in the long term.

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Bitcoin futures hint at another market correction after FOMC meeting - Crypto Briefing

The Bitcoin network is currently experiencing a sharp increase in network fees driven by 332,000 unconfirmed transactions as of 12:05 pm Eastern Time on June 7.

Network fees at the time hit 514 sats for high-priority transactions and 513 sats for low-priority transactions, with prices climbing to around 520 sats per transaction earlier in the day. In United States dollars, this represents $50$52 in fees per transaction. Priority fees have since dropped to around $46 per transaction.

According to blockchain reporter Colin Wu, the 332,000 unconfirmed transactions are suspected to be the result of centralized exchange OKX collecting and sorting through wallets, though this wasnt confirmed by the time of publication.

Concerns surrounding miner difficulty, high network fees and miner profitability on the Bitcoin network have come into sharper focus post-halving.

The slashing of the block reward from 6.25 Bitcoin (BTC) to 3.125 BTC at the end of April has significantly impacted miner profits.

Bitfarms reported a 42% drop in mining revenue for the month of May the first full month since the latest halving event. The Bitcoin mining company disclosed in its end-of-month report that 156 BTC was earned in the month of May compared to 269 BTC in April.

The Bitcoin miner also explained that temperatures in its Argentina facility were unusually low in May recording some of the worst weather conditions in 44 years. These poor weather conditions caused the companys Rio Cuarto facility to shut down for eight days, contributing to a drop in the total number of Bitcoin mined.

Related: Can Bitcoin close above $70K amid strong labor market?

Since the start of 2024, Bitcoin miners in the U.S. have spent a total of $2.7 billion on electricitydespite rising computing difficulty and lower rewards.

According to analyst Paul Hoffman, Since the start of 2024, Bitcoin mining in the U.S. has consumed an enormous 20,822.62 GWh of electric power. The analyst added that the amount of energy used by Bitcoin miners since the start of 2024 alone could power 1.5% of U.S. households for an entire year.

In April, it took an average of $52,000 to mine a single Bitcoin. Following the halving event, the cost to mine a single Bitcoin has more than doubled to an average of $110,000.

Magazine: Real-life Doge at 18: Meme thats going to the moon

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Bitcoin network transaction fees temporarily soar to nearly $52 - Cointelegraph

Alex Dovbnya

DeFi Technologies has become the latest publicly traded company to adopt Bitcoin as its primary reserve asset

DeFi Technologies, a publicly traded company that focuses on Web3 technologies, hastaken a page out of MicroStrategy's playbook by announcing its own Bitcoin treasury strategy.

It has made an initial acquisition of 110 Bitcoins ($7.7 million) after deciding to make Bitcoin its primary reserve asset.

The company, whose shares are trading on Toronto's Cboe Canada, explained that it had acquired Bitcoin in order to protect the company's assets from currency debasement. Roussy Newton, CEO of DeFi Technologies, is convinced that the company could potentially expand its treasury because of the latest investment.

Business intelligence MicroStrategy famously became a trailblazer in the realm of corporate Bitcoin adoption with its audacious bet in August 2020. The bet has paid off, with co-founder Michael Saylor becoming one of the most prominent Bitcoin advocates. Asreported by U.Today, the company's stock was recently added to the MSCI World Index after its shares surged by more than 100% in 2024. MicroStrategy remains the biggest corporate holder of the leading cryptocurrency by a large margin with its massive $15 billion Bitcoin fortune.

After MicroStrategy, Tesla also purchased $1.5 billion worth of Bitcoin in February 2021, but it has already liquidated a substantial portion of that investment.

Last month, medical technology companySemler Scientific also decided to purchase $40 million worth of Bitcoin.

Overall, corporate adoption of Bitcoin has failed to take off, with very few non-crypto companies adding the leading cryptocurrency to their balance sheets. However, new accounting rules, which will go into effect next year, are expected to make it easier for companies to buy Bitcoin.

About the author

Alex Dovbnya

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. Hes particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

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Yet Another Public Company Buys Bitcoin - U.Today

The week ahead could boost market volatility with the CPI release on Wednesday, the FOMC meeting on Thursday, and a speech from Janet Yellen on Friday, one firm said. The week ahead could boost market volatility with the CPI release on Wednesday, the FOMC meeting on Thursday, and a speech from Janet Yellen on Friday, one firm said. The week ahead could boost market volatility with the CPI release on Wednesday, the FOMC meeting on Thursday, and a speech from Janet Yellen on Friday, one firm said.

Updated Jun 10, 2024, 8:21 PM

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Bitcoin, Ether Little Changed Over Weekend After $400M Liquidation Rout - CoinDesk

While Bitcoin arguably remains one of the best cryptocurrencies to buy and hold for the long term, it's hard to ignore the fact that the oldest name in crypto hasn't done much of anything recently. Bitcoin has largely been trading sideways for the past two months, and is not showing many signs of going full beast mode anytime soon.

With that in mind, it could be time to forget about Bitcoin for a little while and find other cryptocurrencies that have strong catalysts in place right now. The three cryptocurrencies that are on my radar right now are Ethereum (CRYPTO: ETH), Fetch.ai (CRYPTO: FET), and Chainlink (CRYPTO: LINK).

The obvious non-Bitcoin pick right now is Ethereum, and that has everything to do with the SEC's recent pre-approval of new spot Ethereum ETFs. Once these ETFs start trading, perhaps as early as this summer, they could lead to a massive influx of new investor money into Ethereum, and that could push up its price for the foreseeable future. The current thinking from JPMorgan Chaseis that these ETFs could see an influx of $3 billion in 2024.

We saw the same pattern with Bitcoin as soon as the new spot Bitcoin ETFs started trading. Massive new inflows led to Bitcoin hitting a new all-time high of $73,750 in March before settling into its current trading range. So could we see the same thing with Ethereum, which is just 22% below its all-time high of $4,891? Ethereum super-bulls are already projecting that the ETF investment narrative could be enough to send this crypto soaring past $5,000.

If we're really going to forget about Bitcoin, then we need to find a crypto alternative with truly stratospheric upside. That alternative is Fetch.ai, which is currently one of the hottest AI crypto tokens in the world right now. For the year, Fetch.ai is up a blistering 195%, and the upward trajectory could continue as long as investors are interested in everything AI-related.

What makes Fetch.ai particularly interesting right now is that it is becoming part of a new "AI super-alliance" featuring two other popular AI crypto tokens: SingularityNET (CRYPTO: AGIX) and Ocean Protocol (CRYPTO: OCEAN). Starting on June 11, Fetch.ai will be rebranded as the Artificial Superintelligence (ASI) token, and FET tokens will be converted into new ASI tokens on a 1:1 basis.

From my perspective, the creation of a new "super-token" makes the task of investing in AI crypto tokens much more appealing, because you're essentially getting three tokens for the price of one. Fetch.ai will become an integrated AI crypto token that combines the resources and intellectual property of three distinct AI projects. If you combine the market caps of these three tokens right now, it would give you a value of nearly $3.5 billion, good enough to rank among the Top 30 cryptos in terms of market cap.

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Finally, there's Chainlink. Long-time crypto investors probably remember this so-called oracle coin from the previous crypto bull market cycle, when it absolutely exploded in value. Back then, the investment thesis was all about decentralized finance (DeFi), and how Chainlink was becoming an integral part of this exciting new blockchain niche.

Fast forward to 2024, and the new investment thesis for Chainlink is all about real-world asset tokenization. Often referred to as just RWA tokenization, this describes the process of transforming real-world assets (such as stocks and bonds) into digital assets that can be traded on a blockchain.

RWA tokenization is one of the hottest topics on Wall Street right now, and one of the pet projects of BlackRock, the world's largest asset manager. As BlackRock CEO Larry Fink sees it, real-world asset tokenization could be the next big step after the introduction of spot Bitcoin ETFs.

So it's definitely worth trying to understand how this powerful new trend could revolutionize Wall Street. According to a growing number of experts, Chainlink could play a very important role in how this trend develops. For example, its new CCIP (Cross-Chain Interoperability Protocol) platform was specifically designed with the transfer of tokenized assets across blockchains in mind. In September 2023, a test case involving ANZ Bank in Australia showed how this could be done using stablecoins.

So there you have it: Three big trends, and three cryptos that could be well-positioned to benefit from those trends. While it's close to impossible to forget about Bitcoin (which should be part of your crypto portfolio if it is not already), these three cryptos arguably have much stronger tailwinds heading into the second half of 2024. Adding a light sprinkling of these cryptos to your overall portfolio could be the key to supercharging your returns for the year.

Before you buy stock in Ethereum, consider this:

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JPMorgan Chase is an advertising partner of The Ascent, a Motley Fool company. Dominic Basulto has positions in Bitcoin, Ethereum, and Fetch. The Motley Fool has positions in and recommends Bitcoin, Chainlink, Ethereum, Fetch, and JPMorgan Chase. The Motley Fool has a disclosure policy.

Forget Bitcoin: 3 Cryptocurrencies to Consider Instead was originally published by The Motley Fool

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Forget Bitcoin: 3 Cryptocurrencies to Consider Instead - Yahoo Finance

A key technical chart pattern suggests that Bitcoins (BTC) price could be headed to the $85,000 mark, but the worlds first cryptocurrency needs a weekly close above $71,300 to confirm more upward momentum.

Technical analysis using the Wyckoff method points to a potential Bitcoinprice breakout to the $85,000 mark, according to crypto analyst Mikybull.

Related: M2 money supply holds the key for Bitcoins next move Market analyst

The analyst wrote in a June 6 X post to his 67,000 followers:

Wyckoff accumulation is a classic technical analysis setup named after Richard Wyckoff, a technical analysis pioneer in the first half of the 20th century who broke down the market cycle into four distinct phases.

Related: 63 US banks on the brink of insolvency: Why Bitcoins next target is $100K

Meanwhile, to confirm more upward momentum, Bitcoin needs to perform a weekly close above the $71,300 mark, according to popular crypto analyst Rekt Capital.

The analyst explained in a June 5 YouTube video:

However, Bitcoins price may need to cool down based on a key technical indicator seen on the four-hour chart. Bitcoins relative strength index (RSI) peaked at 74 on June 5 before retracing to the current 68 level, according to TradingView.

While this suggests that Bitcoin is trading at fair value, the RSI may need to fall to around the 50 mark before BTCs price can see more upside momentum.

The RSI is a popular momentum indicator used to measure whether an asset is oversold or overbought based on the magnitude of recent price changes.

Continued inflows from the United States spot Bitcoin exchange-traded funds (ETFs) could help BTC close the week above $71,300.

The U.S. Bitcoin ETFssaw collective inflows of $488.1 million on June 5. Moreover, Bitcoin ETFs recorded their second-best inflow day of $886.6 million on June 4. By Feb. 15, Bitcoin ETFsaccounted for about 75% of new investment in the worlds largest cryptocurrency as it surpassed the $50,000 mark.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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Bitcoin Wyckoff pattern eyes $85K, but BTC price must close the week above this level first - Cointelegraph

Investing.com-- Bitcoin price stayed nearly flat on Monday after a sharp fall over the weekend saw the cryptocurrency pull back from recent highs, with focus squarely on more key signals on U.S. interest rates.

The worlds largest cryptocurrency had pushed as high as $72,000 last week, coming within spitting distance of record highs hit in March. But it then saw a heavy dose of profit-taking and weakness from Friday after the dollar rebounded.

fell 0.3% over the past 24 hours to $69,446.5 by 08:51 ET (12:51 GMT).

Bitcoins weekend decline came at the heels of a hotter-than-expected reading, which saw traders largely rethink recent bets that the Federal Reserve will begin cutting rates in September.

This notion boosted the , which in turn weighed on broader crypto prices.

The payrolls reading also put an upcoming Fed meeting in focus, with the central bank widely expected to at the conclusion of a two-day meeting on Wednesday.

But the Feds outlook on rates will be closely watched.

Before the Fed rate decision, inflation data is also due on Wednesday. The reading is expected to show inflation remaining well above the Feds 2% annual target, giving the central bank little confidence to begin trimming rates.

High-for-longer rates bode poorly for Bitcoin and broader cryptocurrencies, given that the sector usually benefits from increased liquidity and loose lending conditions.

Broader crypto markets were also nursing steep losses from over the weekend, as fears of high rates weighed on the sector. They were also hit by profit-taking after some gains through May.

World no.2 token slipped by 0.6% to $3,680.27 on Monday after losing nearly 4% on Friday.

, and rose 0.7% and 0.1%, respectively, while fell 1.5%. Among meme coins, and slid 1.3% and 1.8%, respectively.

Crypto investment products saw nearly $2 billion in inflows last week, extending a five-week streak to over $4.3 billion, asset manager CoinShares said in a Monday report.

Trading volumes in exchange-traded products (ETPs) surged to $12.8 billion for the week, a 55% increase from the previous week. Bitcoin led the way with inflows of over $1.97 billion, while ether experienced its best week since March with nearly $70 million in inflows.

The interest in spot bitcoin exchange-traded funds (ETFs) in the U.S. has picked up since mid-May after a sluggish April, which saw zero net inflows on some days and even outflows from major products like BlackRock (NYSE:)'s IBIT. Since then, inflows have surged, making IBIT the largest bitcoin ETF, accumulating over $20 billion in assets since its January launch.

Unusually, inflows were seen across almost all providers, with a continued slowdown in outflows from incumbents, said CoinShares note. Positive price action saw total assets under management (AuM) rise above the $100 billion mark for the first time since March this year.

Butterfill noted that the increased buying of ETH was likely in response to the unexpected SEC decision to allow spot ether ETFs.

In the meantime, some traders anticipate that inflows into ETH products will continue in the coming months, with a potential rally expected toward the end of the year.

$5-10 billion of fresh capital could be channeled through ether products in the short to medium term, digital asset manager Tyr Capital reportedly told CoinDesk. This could fuel an end-of-year rally in ETH and its ecosystem to new record highs.

A price target of $10,000 in 2024 is now a reasonable target especially when other supportive factors, like ETH now being deflationary, are taken into consideration, it added.

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Bitcoin price today: flat at $69k as rate fears grow before FOMC, CPI By Investing.com - Investing.com

Spot Bitcoin exchange-traded funds (ETFs) in the United States acquired the equivalent of around two months worth of the cryptocurrencys mining supply in the first week of June.

With inflows of approximately $1.83 billion, the 11 ETFs bought 25,729 Bitcoin (BTC)in the trading week between June 3 and 7 around eight times more than the 3,150 new BTC mined over the same time, according to data from HODL15Capital.

The amount of Bitcoin acquired in the week alone was almost as much as the entire of May, 29,592 BTC, per HODL15Capitals count, and is the biggest week of buying since mid-March when Bitcoin hit its current all-time high of $73,679.

The 11 ETFs have seen $15.69 billion in net inflows since their January launch, including the $17.93 billion in net outflows from Grayscales fund, with total assets under management (AUM) of around $61 billion.

Bitcoin proponents have long touted cryptocurrency as digital gold due to its built-in scarcity mechanism, which sees only 21 million BTC ever beingissued.

Related: Bitcoin ETF flows will send BTC price into parabolic run, traders say

ETF Store president Nate Geraci noted in a June 9 X post that Bitcoin ETF AUM is around 60% that of the countrys gold ETFs, despite gold ETFs being around for 20 years and Bitcoin ETFs for only five months.

Bitcoin touched a highof $71,093on June 5amid the surge of inflows to the U.S. Bitcoin ETFs, the first time the asset has been above $71,000 since May 21, according to Cointelegraph Markets Pro.

The cryptocurrency has struggled to pass its current high, as its price is more heavily influenced by macroeconomic factors and geopolitical events, crypto exchange co-founder Radar Bear told Cointelegraph on June 7.

Magazine: Bitcoin ETFs make Coinbase a honeypot for hackers and governments Trezor CEO

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Bitcoin ETFs sucked up 2 months of BTC mining supply in first week of June - Cointelegraph