Bitcoin could rise due to a weaker job market, but Bitcoin ETFs are on track to their third consecutive week of net negative outflows.
Bitcoin and other risk assets could stand to benefit from a weakening job market and increasing unemployment in the United States, the world’s largest economy.
The unemployment rate in the United States increased to 4.1%, surpassing the previously anticipated 4.0%, and reaching its highest level since December 2021.
The U.S. economy added 206,000 jobs in June. While this is above the expected 191,000, it is considerably lower compared to the 272,000 jobs added in May, which was subsequently revised to 218,000, according to the nonfarm payroll data published by the Bureau of Labor Statistics on July 5.