Bitcoin faces new challenges due to the expectation of higher interest rates.
By James Van Straten, Krisztian Sandor|Edited by Stephen Alpher Jun 5, 2026, 12:57 p.m. 1 min readMake preferred onKey points:
- In May, the U.S. economy saw an addition of 172,000 jobs, significantly surpassing economists' predictions of 85,000.
- The unemployment rate remained at 4.3%, consistent with forecasts.
- Following the report, Bitcoin traded lower at $61,900.
In May, the U.S. economy added 172,000 jobs, more than double the predictions made by economists, which strengthens the argument for potential Federal Reserve interest rate hikes this year.
The unemployment rate was stable at 4.3%, as reported by the Bureau of Labor Statistics on Friday.
Bitcoin BTC$62,300.09 continued to experience downward pressure, trading below $62,000 as the wider cryptocurrency market dealt with significant overnight losses.
Following the report, the yield on the 10-year Treasury surged to 4.52%. U.S. equity index futures also fell, with the Nasdaq 100 index dropping 1.2%. Oil prices saw a slight decrease, settling at $94 per barrel, while gold dropped 1.1% to approximately $4,400 per ounce.
Recent economic indicators suggest a robust U.S. economy this week, with both the ISM Manufacturing PMI and ISM Services PMI exceeding expectations while remaining in expansionary zones.
U.S. stocks have enjoyed a remarkable rally, with the S&P 500 on track for ten consecutive weeks of gains, up about 10% year-to-date. However, enthusiasm has waned in the semiconductor sector after Broadcom's earnings report, which fell short of investor expectations regarding AI chip demand.
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Arthur Hayes sells zcash holdings after Orchard Pool vulnerability disclosed
By Olivier Acuna|Edited by Sheldon Reback1 hour agoHayes indicated he might reassess if his concerns about a potential exploit are proven unfounded.
Key points:
- Arthur Hayes, chief investment officer of Maelstrom, announced he sold all his zcash holdings after a serious vulnerability was identified in the Orchard Pool.
- This flaw, disclosed by Shielded Labs and present since 2022, could have permitted unlimited ZEC minting, leading to a more than 40% drop in the token's value.