Jobs Report Shocks Market as Bitcoin Tests Critical Support

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Let's get into it. Jobs data came in hot. The US added around 85,000 positions in May, meeting expectations and holding unemployment steady at 4.3%.
Wage growth year over year cooled to 3.4% from 3.6. Bonds immediately sold off. Ten-year yields spiked to 4.5, 2%, and equity futures turned red. The strong print shifts rate expectations under new Fed share, Kevin Warsh, with hikes back on the table instead of cuts. Bitcoin is testing critical support at $62,000, currently trading near $61,900. The entire crypto sector is getting hammered, down over 14% this week. Worst performance since July 2024
Ethereum sits at $1,658, Solana at $65,000. Zcash cratered 40% after Shielded Labs disclosed a vulnerability in its Orchard Privacy Pool that could have minted unlimited counterfeit tokens. The bug sat undetected for four years since May 2022 Arthur Hayes dumped his entire Zcash position along with a hyperliquid and near holdings. MicroStrategy is underwater, facing an $11 billion paper loss with Bitcoin trading below their average cost basis of $75,000.
The company sold 32 Bitcoin this week, first sale since 2022, raising questions about funding pressures. Bitcoin ETFs just ended a 13-day outflow streak totaling $4.4 billion, but modest inflows Wednesday barely register as noise. JP Morgan, Bank of America, and Citi are launching a shared tokenized deposit network by mid-2027 to fight stablecoin competition. The clearinghouse will operate the blockchain-based system converting bank deposits into tokens that move 24-7. That wraps your market intel. Trade smart out there. For deeper insights and real-time analysis, visit capitalcopilot.io.