Seeking Alpha 2023-06-02 14:32:38

Bitcoin nudges up after jobs report, crypto-linked stocks mixed

Bitcoin ( BTC-USD ) hovered around the breakeven level in Friday morning trading after May's jobs data showed nonfarm payrolls and the unemployment rate both rising. The digital token edged up 0.2% to $26.9K at 10:32 a.m. ET, after rising to as high as $27.2K in the minutes following the jobs report. SA contributor Richard Durant contended Thursday that bitcoin ( BTC-USD ) could continue to erase year-to-date gains as liquidity dries up in the market. Ethereum ( ETH-USD ) was also changing hands slightly in the green, rising 1.3% to $1.88K. The U.S. economy added 339K jobs, easily topping the economist consensus of 180K, up from April's revised reading of 235K. At the same time, though, the jobless rate rose to 3.7%, vs. 3.5% expected, from 3.4%. The mixed report also signaled some easing in wage growth, which should calm fears of a wage-price spiral. Traders, in turn, priced in a lower chance (68.0% vs. 79.6% on Thursday) that the Federal Reserve would keep interest rates unchanged at the rate-setting Federal Open Market Committee's June 13-14 meeting. Meantime, the probability of a 25 basis-point rate hike rose to 32.0% from 20.4%. Crypto-related stocks were mixed even as the broader stock market strengthened after the debt ceiling bill crossed the finish line late Thursday night, with President Joe Biden expected to sign it into law today. MicroStrategy ( MSTR ) -2.4% , Coinbase Global ( COIN ) -1.1% , Riot Platforms ( RIOT ) -5.8% , HIVE Blockchain ( HIVE ) -0.3% , Marathon Digital ( MARA ) -2.3% . More on the Crypto Market The Investment Case For Bitcoin Ripple Vs. SEC: Here's What's New Binance's Canada exit has been a boon for rival Kraken - report