Bitcoin soared to $109,000 amid a collapse in employment in the US

Bitcoin soared to $109,000 amid an unexpected drop in employment in the US, leading to mass liquidation of short positions. Data on private employment showed the most significant job loss since March 2023.

The BTC/USD rate rose by 4% on the day the data was released, reaching $109,000 at the opening of trading on Wall Street on July 2. The increase was accompanied by an unexpected decline in jobs in the private sector, which was 33,000 below expectations and reached the lowest level since March 2023.

Automatic Data Processing (ADP), which prepared the national employment report, projected an increase of nearly 100,000 jobs. ADP's chief economist Nela Richardson commented: "Although layoffs are still rare, the reluctance to hire and replace departing employees led to job reductions last month."