Bitcoin Edges Higher as U.S. Jobs Report Meets Expectations
The latest U.S. jobs report showed the labor market added 139,000 jobs in May, closely aligning with economist forecasts of 130,000. April's figures were revised downward to 147,000 from the initially reported 177,000, while the unemployment rate remained steady at 4.2%. Following the release, Bitcoin's price saw modest gains, climbing above $104,000 as it continued to recover from recent declines. The jobs data took on added significance this month amid growing market uncertainty, with Bitcoin's resilience hinting at its potential as a hedge against economic fluctuations. Analysts are closely watching macroeconomic indicators for further clues on cryptocurrency price movements in the coming weeks.
U.S. Jobs Report Meets Expectations as Bitcoin Shows Modest Gains
The U.S. labor market added 139,000 jobs in May, aligning closely with economist forecasts of 130,000. April's figures were revised down to 147,000 from an initially reported 177,000. Unemployment held steady at 4.2%, matching expectations.
Bitcoin's price edged above $104,000 following the release, continuing its rebound from yesterday's sharp declines. The jobs data took on heightened significance this month amid growing signs of economic softness—including weak ADP payrolls, contracting ISM services data, and rising jobless claims.
Treasury markets reacted sharply to the report, with the 10-year yield jumping to 4.44% after touching 4.32% earlier in the week. Rate cut expectations shifted dramatically, with CME FedWatch showing July cut odds halving to 16% post-release.
Trump Media Seeks to Issue $12B in New Shares Amid Bitcoin Treasury Plans
Trump Media and Technology Group, the parent company of Truth Social, has filed with the SEC to issue up to 84.7 million shares of common stock, potentially raising $12 billion. This move follows last week's $2.44 billion fundraising effort to establish a Bitcoin treasury.
The company has also submitted paperwork to list a bitcoin ETF, mirroring existing spot BTC products in the U.S. market. DJT shares closed at $20.12 Thursday, down over 8% amid news of Donald Trump's public dispute with Elon Musk.
Trump-Musk Feud Triggers Market Turmoil: Crypto and Stocks Plunge
The much-hyped alliance between Donald Trump and Elon Musk has disintegrated into a public feud, sending shockwaves through financial markets. What began as verbal sparring has escalated into a full-blown market crisis, with both crypto and traditional assets caught in the crossfire.
Tesla shares plummeted 14% following Musk's threat to decommission SpaceX's Dragon spacecraft, while Trump vowed to cancel government contracts with Musk's companies. The crypto market bore the brunt of the sell-off, with Bitcoin crashing below $101,000 and $308 million in long positions liquidated within hours.
Market sentiment flipped from greed to neutral as $124 billion evaporated from crypto valuations. The pro-Trump memecoin became collateral damage in this clash of titans, its collapse mirroring the breakdown between two of America's most influential figures.
Senator Lummis Proposes 1 Million Bitcoin Reserve to Tackle National Debt
U.S. Senator Cynthia Lummis has unveiled an ambitious plan to address America's $33 trillion national debt by establishing a Bitcoin reserve. The proposal calls for the acquisition of one million BTC—approximately 5% of Bitcoin's total supply—over the next two decades. Lummis argues that Bitcoin's proof-of-work mechanism and scarcity make it an ideal strategic asset for long-term national financial stability.
The initiative could leverage existing government-held crypto assets, particularly those from forfeiture funds, as a starting point without immediate legislative changes. However, Lummis acknowledges future legal safeguards WOULD be necessary to shield the reserve from political volatility. The plan exclusively focuses on Bitcoin, dismissing other cryptocurrencies as less secure for this purpose.
Bitcoin Faces Critical Resistance Test Amid Bearish Technical Signals
Bitcoin's price action has reached a decisive inflection point, with the $103,000 level emerging as a make-or-break resistance zone. The cryptocurrency's failure to reclaim this threshold—where the 200-day moving average converges with Fibonacci resistance—suggests weakening bullish momentum.
Trading volume during the recent bounce appears anemic, raising questions about buyers' conviction. Market structure now shows a clear series of lower highs and lows, typically a precursor to further downside. Unless bulls can force a decisive breakout with strong volume, the path of least resistance may lead toward lower support levels.
The 4-hour chart paints a particularly telling technical picture. A golden ratio retracement at $103,000 aligns perfectly with multiple historical rejection points. This confluence transforms the zone into what traders call a 'decision point'—where either capitulation or reversal becomes inevitable.
Trump Media Advances $2.3B Bitcoin Reserve Plan with SEC Filing
Trump Media & Technology Group has taken a significant step toward establishing a corporate Bitcoin treasury, filing a FORM S-3 with the SEC to register 85 million securities tied to its $2.44 billion crypto reserve strategy. The filing clears the way for existing investors to publicly resell shares and includes provisions for future capital raises through a universal shelf registration.
The company plans to allocate approximately $2.32 billion of net proceeds to acquire Bitcoin at current market prices—a position that would amount to roughly 23,000 BTC. This would immediately rank TRUMP Media among the most substantial public holders of Bitcoin globally. Custody arrangements are slated for Anchorage Digital and Crypto.com.
The MOVE accelerates Trump Media's crypto ambitions following last week's dual announcements: the launch of fintech platform Truth.Fi and a proposed Bitcoin ETF for Truth Social users. Market observers note the filings represent one of the most aggressive institutional Bitcoin accumulation strategies since MicroStrategy's pioneering moves.
