Cryptocurrency Market Rebounds Ahead of U.S. Jobs Report

Bitcoin and the broader cryptocurrency market experienced a recovery from overnight lows, with notable gains in monero (XMR), XRP, and SUI. This rebound occurred ahead of the pivotal U.S. nonfarm payrolls report, which was anticipated to show a slowdown in hiring for May. Analysts at Bitunix suggested that weak data could support Bitcoin's rebound, as the market is closely watching the nonfarm payrolls report for signs of a cooling labor market, which could strengthen expectations for a year-end rate cut.

The public clash between President Donald Trump and billionaire tech entrepreneur Elon Musk over tax reforms and their impact on the fiscal deficit raised concerns among analysts. Valentin Fournier, lead research analyst at BRN, noted that this clash shook investor confidence, highlighting fractures within political and business leadership. Traditional markets remained relatively steady, but the cryptocurrency market saw a sharp reaction with significant liquidations as leveraged traders were wiped out. Fournier advised maintaining a cautious, low-exposure stance, expecting sideways or further downside action over the weekend. Any near-term rebound would require a fundamental catalyst to be sustained.

In other news, Circle's shares surged 168% on their first day of NYSE trading, closing at $83.23 from the IPO price of $31, lifting the market cap to $18.5 billion. The number of large open interest holders of CME bitcoin futures reached an all-time high of 217 as of the end of May, signaling increased institutional participation. Uber CEO Dara Khosrowshahi mentioned that the company is in the “study phase” of potentially using stablecoins as a payment method.

In traditional markets, the U.S. Treasury called on the Bank of Japan to hike rates to stall the weakness in the yen, a currency seen as a haven from risk. The U.S. Bureau of Labor Statistics is set to release May employment data, with nonfarm payrolls estimated to be 130K, unemployment rate estimated at 4.2%, government payrolls previously at 10K, and manufacturing payrolls estimated to decrease by 1K. The National Bureau of Statistics of China is expected to release May consumer and producer price inflation data, with previous month-over-month inflation at 0.1%, year-over-year inflation at -0.1%, and producer price index year-over-year at -2.7%.

Governance votes and calls include Uniswap DAO voting on a proposal to fund the integration of Uniswap V4 and Unichain support in Oku, ApeCoin DAO discussing scrapping the decentralized autonomous organization and launching ApeCo, and Optimism DAO voting to approve eligibility criteria for the Milestones and Metrics (M&M) Council in Seasons 8 and 9. Token unlocks include Aptos (APT) unlocking 1.79% of its circulating supply worth $52.25 million on June 12, Immutable (IMX) unlocking 1.33% of its circulating supply worth $12.39 million on June 13, and Starknet (STRK) unlocking 3.79% of its circulating supply worth $16.34 million on June 15. Token launches include the advised deadline to unstake stMATIC as part of Lido on Polygon’s sunsetting process ending on June 16, and Coinbase delisting Helium Mobile (MOBILE), Render (RNDR), Ribbon Finance (RBN), and Synapse (SYN) on June 26.