Bitcoin's price surged past $62,000 on Thursday after weak US jobs data was released. The crypto market reacted positively to the numbers, which showed that the US added far fewer jobs than expected in June.
The nonfarm payrolls data from the Bureau of Labor Statistics revealed a job addition of 57,000 for June, falling short of the anticipated 114,000. The unemployment rate remained steady at 4.2 percent, and the number of unemployed people was unchanged at 7.1 million.
Crypto traders and analysts saw this as a potential tailwind for risk assets, with some speculating that the Federal Reserve may loosen financial policy in response to the weak labor market data. Michaël van de Poppe noted that inflation expectations have come down, and unemployment has dropped to its lowest level in close to a year.
The price of Bitcoin continued to climb, reaching new July highs above $62,000 on Bitstamp. This comes after nearly $500 million was liquidated from short positions over the past 24 hours, according to CoinGlass data.