Table of Contents

• US June Jobs Report

• Bitcoin

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Economy & Finance

US June Jobs Report

The U.S. Jobs Report for June revealed strong employment growth, with a substantial contribution from government hiring. Nonfarm payrolls increased by 206,000 jobs, surpassing expectations, though the unemployment rate rose to a 2.5-year high of 4.1%. This increase in unemployment was partly due to a larger labor force, as 277,000 more people entered the job market. Revised data showed that April and May job gains were 111,000 lower than previously reported, indicating a slowdown in employment growth. Additionally, wage growth slowed to its lowest pace in three years, with annual wages increasing by only 3.9%. These factors suggest a cooling labor market, which could influence the Federal Reserve's decision to start cutting interest rates later this year. Despite these concerns, the job market continues to support economic expansion, though the recent trends indicate potential challenges ahead.

Technology

Bitcoin

The trustee for Mt. Gox, the bankrupt Japanese bitcoin exchange, announced the start of repayments to creditors in bitcoin and bitcoin cash, following the recovery of 140,000 bitcoins from the 2014 hack. This process, involving transfers to designated digital asset exchanges, has already triggered significant bitcoin movement. Concurrently, Bitcoin is experiencing its largest weekly drop in over a year, falling by up to 8% on Friday to $53,523, marking a 12% weekly decline. This decline is driven by concerns over potential selling from Mt. Gox repayments and leveraged traders, despite global equities nearing record highs. Ether also dropped significantly, by 9%, to a two-month low.

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