DATA & FIGURES
The $60,000 rebound interrupts a brutal stretch, with June being the worst month on record for US spot Bitcoin ETFs, which shed $4.5 billion. Private employers added just 98,000 jobs in June, down from 122,000 in May and short of forecasts. The ISM manufacturing index eased to 53.3 from 54, and its prices-paid gauge tumbled to 73 from 82.1.
THE SCENARIO
The rebound in Bitcoin's price may be attributed to the softer US economic data, which dented the Fed's hawkish narrative. The Fed Chair Kevin Warsh declined to signal whether policymakers lean toward hikes in July or September, and the two-year Treasury yield ended flat at 4.15%.
DIRECT QUOTE
"Stablecoins aren't tied to Bitcoin's volatility anymore. We see two distinct needs here: people speculating on price, and people looking for stable, global money." — Amram Adar, Founder and CEO of Oobit
BBN INSIGHT
The Positive Side: The rebound in Bitcoin's price may be a sign of a bottoming process, with long-term holders accumulating and spot orderbooks on Binance and Coinbase turning bid-heavy. The Negative Side: The brutal stretch in June, with US spot Bitcoin ETFs shedding $4.5 billion, may continue if the US jobs report is hot, sending Bitcoin back toward its lows.
MARKET REACTION
The price of Bitcoin responded positively to the softer US data, rebounding 2.8% to around $60,000. Other cryptocurrencies, such as Ethereum and BNB, also saw gains, with Ethereum up 3.22% and BNB up 1.16%.