Daily Crypto Roundup: Bitcoin Holds $60K As Jobs Shock, Oil Slide And Bottom Calls Hit Crypto

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Welcome back to the Daily Crypto Roundup. Bitcoin is back above $61,000. The market has finally been given a bit of breathing room, and today's crypto rally is not coming from one single story. It is coming from three things lining up at once. Weaker US jobs data, falling oil prices, and the growing belief that the worst of the recent crypto shakeout may now be close to running its course. And that matters, because for the last few weeks, the market has felt like it has been trapped. Bitcoin has been under pressure, altcoins have been battered, strategy-linked stocks have been questioned, ETF flows have looked nervous, and traders have been wondering whether this was just another dip or the beginning of something much uglier.
But today, the tone is different. Bitcoin is trading around $61,000 to $62,000. Ethereum is around $1,700.
XRP is around $1.09.
BNB is around $560. Solana is back near $80. And Hyperliquid is holding around the mid $60 range. That is not a full recovery yet, and we should not pretend it is. But after the market recently broke below key levels and sentiment got extremely negative, this bounce is important.
Before we go any further, this episode is brought to you by Kraken. Not financial advice, but if you are looking for a trusted place to buy, sell and manage your crypto, check out Kraken through our link. It helps support the show, it helps us keep doing these daily episodes, and remember we are still giving away 20 XRP to listeners who sign up using our link. So thank you to everyone who has already signed up. And if you have not yet, the Kraken link is in the description. Now the biggest story today is the US jobs report. The American economy added only 57,000 jobs in June. Economists had been expecting around 110,000. May was also revised lower, from the original 172,000 figure down to 129,000.
So the message from the labor market is pretty clear. Hiring has slowed sharply. On its own, weaker jobs data would normally raise fears about the economy. But for Bitcoin and risk assets, the market's first reaction was actually positive. Why? Because the Federal Reserve has been the biggest pressure point. If the economy stays too hot, the Fed has more cover to keep rates higher or even raise them again. Higher rates are normally bad for crypto because they tighten liquidity, strengthen the dollar, and make investors less willing to take risk. But if the jobs market is cooling, the Fed suddenly has less room to be aggressive. That is why traders immediately started dialing back expectations of a rate hike. This is the same macro game we have been talking about for months. Bitcoin is not just trading on crypto headlines anymore. It is trading like a global liquidity asset. When markets believe the Fed is getting more hawkish, Bitcoin struggles.
When markets believe the Fed may have to soften, Bitcoin catches a bid. That is exactly what happened today. Bitcoin had already been moving higher before the data came out, but the weaker payrolls number gave the rally a reason to continue. It pushed Bitcoin back above $61,000, briefly above $62,000, and it helped lift the wider market with it. But this is where we need to stay balanced. A soft jobs report is good for rate expectations, but it is not automatically good if the economy starts looking properly weak.
There is a difference between the labor market is cooling enough for the Fed to ease off, and the economy is rolling over. Right now, the market is treating it as the first one. That is why crypto is rallying. But if future data starts screaming recession, that would be a very different conversation. The second major story is oil.
Oil has dropped to a 125-day low after signs of progress in U.S.-Iran talks. West Texas Intermediate fell to around $67 a barrel, while Brent Crude dropped towards $70.
That is a massive change from May when oil was trading above $100.
This is a big deal for crypto because energy prices feed into inflation. If oil is rising, inflation pressure rises with it, and the Fed has more reason to stay tough. If oil falls, inflation pressure eases, and the market starts to believe the Fed can back away from the edge. So today, crypto got a double boost. Jobs cooled, which weakened the case for rate hikes. Oil fell, which weakened the inflation threat. Put those two together and you get a much more supportive backdrop for Bitcoin. The Iran talks are not finished. There is no final agreement yet.
But the fact that both sides are expected to continue negotiations has given markets a window of calm. And sometimes that is all risk assets need. They do not need the world to be perfect. They just need the worst case scenario to move slightly further away.