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Bitcoin holds near $64,000 ahead of US jobs data
ADP showed private hiring slowed in July, and the article flags that the two-year Treasury yield and 10-year yield ticked up into the jobs release.
Bitcoin was trading around the $64,000 area early Friday as traders awaited the upcoming US Labor Department jobs report, weighing potential interest rate relief against the risk of a deeper growth scare, according to CryptoSlate.
At about 2:08 a.m. UTC, Coinbase priced bitcoin at $64,322.23, about 0.37% above the bottom of a $64,087.41 to $64,944.16 rolling 24-hour range. CryptoSlate’s own bitcoin page showed $64,344.62, down 0.33% over the prior 24 hours.
ADP reported that private employers added 44,000 jobs in July, down from a revised 95,000 gain in June, with most of the July increase coming from education and health services. The wage details also complicated the view of policy timing, with annual pay growth for job changers accelerating to 7.0% from 6.6%, while pay growth for workers who stayed in their jobs held at 4.4%.
In a separate market check, the article said the Treasury two-year yield rose to 4.25% on Aug. 6 from 4.18% a day earlier, while the 10-year yield increased to 4.69% from 4.63%. CryptoSlate noted that reactions after the official release, such as falling short-term yields and a weaker dollar alongside stable or higher bitcoin, would fit a rate-relief interpretation, while weaker payrolls paired with lower bitcoin and broader risk assets would point toward growth-scare selling.
Latest closeBitcoin $64,800.33 ▲0.8%