Bitcoin’s Big Week: US Economic Reports That Could Shake Crypto World

by

For the past couple of weeks, Bitcoin and its crypto cousins have been seemingly on a diplomatic mission of sorts—staying remarkably still, bouncing gently between $104,000 and $109,000, after achieving a sky-high record of $111,980. Yes, you read that right—Bitcoin hit another lofty peak, then decided to take a leisurely breather, like a sprinter at the starting blocks. Despite an eye-popping 11% surge last month, the market is now, apparently, playing coy and waiting for the next drama to unfold. 🙄

As the calendar flips to a new month, investors—those brave souls—are fixating on a batch of US economic reports that could throw a spanner in the works, or, more generously, give the crypto market a much-needed jolt. Somehow, amid all this financial pinball, everyone’s holding their breath to see what comes next. Shall we? Yes, let’s! 🚀

2nd June: Fed Chair Jerome Powell Speech

Today, June 2, all eyes are glued on Jerome Powell, the head honcho of the Federal Reserve—think of him as the financial equivalent of a weather vane. He’ll be speaking in Washington at 1 pm, sharing his insights on the economy and whispering sweet nothings about interest rate moves. If you thought economists always agreed, think again. Powell’s words are like a secret handshake—only the initiated understand the real significance. His speech could sway market sentiment more than a squirrel on a power line—and that’s saying something. 🐿️

3rd June: US Job Openings (JOLTS)

On June 3, the latest Job Openings and Labor Turnover Survey (JOLTS) for April will drop like a surprise guest at a wedding. March saw job openings nosedive to 7.192 million—the lowest since September 2024, which feels like ages ago, in crypto years. This decline partly caused by Trump’s new tariffs (fancy that), suggests hiring is slowing down. If job openings keep shrinking, the Fed might decide to lower interest rates—probably a good thing for Bitcoin, and a better excuse to avoid that fancy gym membership. 🏋️‍♂️

4th June: ADP Non-Farm Employment

Wednesday, June 4, promises the ADP Non-Farm Employment report for May. In April, private companies only managed to add 62,000 jobs—less than a sluggish snail—down from 147,000 in March. Economists are now predicting a modest 112,000 new jobs. If May’s figure disappoints again, it’s a clear sign the economy might be going into slow motion. And what’s faster than a sluggish economy? Bitcoin, apparently, which might just enjoy the slowdown as an open invitation to shine. ✨

5th June: Initial Jobless Claims

Thursday, June 5, brings the weekly tally of jobless claims—an excellent way to see if people are fleeing the job market faster than a cat avoids a bath. Claims for the week ending May 24 hit 240,000—up from 226,000—and this is the highest since November 2021. It’s like the labor market is catching its breath, or perhaps just catching up on lost sleep. Economists expect about 232,000 claims for the week ending May 31. More claims might get the Fed’s attention, who may decide to support the economy—possibly making Bitcoin a shiny safe haven for worried investors. 😏

6th June: Non-Farm Payrolls & Unemployment Rate

The grand finale arrives on June 6 with the Non-Farm Payrolls report and the unemployment rate. In April, the economy added 177,000 jobs, holding the unemployment rate steady at 4.2%. Now, economists expect only 130,000 jobs in May—less than expected, and possibly less than desirable. If job growth continues to slow, thanks to tariffs and all those other fun surprises, the Fed might have to change its tune. A weaker dollar could lead investors to seek refuge in Bitcoin—who needs a lifeboat when you have blockchain? 🛳️

Read More

2025-06-02 12:39