The release of the US Non-Farm Payrolls (NFP) report in early July has had a significant impact on the cryptocurrency market. The data showed weaker-than-expected employment growth, which reduced expectations of aggressive Federal Reserve action over the next few months.
This change has eased some of the pressure from the US dollar on cryptocurrencies and supported a short-term recovery in demand activity. The scenario is crucial for the possible formation of a new buying bias, but it's still necessary to see if the recovery can hold over the next few trading sessions.
The NFP report showed 57,000 jobs created in June, well below the expected 115,000 jobs. This slowdown in employment could become an important factor for the Federal Reserve, potentially easing inflationary pressures but also raising doubts about US economic growth.