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U.S. Added 139K Jobs in May, Roughly In Line With Forecasts

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U.S. labor market growth continued to modestly slow in May, but not enough to force a rise in the unemployment rate.

Nonfarm payrolls grew 139,000 last month versus economist forecasts for 130,000 and April’s 147,000 (revised from an originally reported 177,000).

The unemployment rate for May was 4.2% against expectations for 4.2% and April’s 4.2%.

In the midst of a strong rebound following yesterday’s sharp declines, the price of bitcoin BTC rose a small bit further following the news to just above $104,000.

Always a closely-followed print, the May payrolls data was of particular import this time around as a string of economic reports this week pointed to growing economic weakness. Among them were the slowest ADP jobs growth in more than two years, ISM Services slipping into levels suggesting economic contraction and a rise in initial jobless claims to the highest level since October.

Nearing 4.50% as the week began, the 10-year U.S. Treasury yield slipped to as low as 4.32% and the odds of a summer Fed rate cut(s) had risen appreciably ahead of this morning’s report.

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Michael Saylor’s Strategy Added 4,980 Bitcoin Last Week, Bringing Stack to 597,325 Coins

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Strategy (MSTR), the largest publicly traded company holding bitcoin (BTC), boosted its BTC reserves by buying 4,980 BTC for a total of $531.9 million last week.

This addition brings Strategy’s total bitcoin holdings to 597,235 BTC purchased for $42.4 billion, or an average price of $70,982 each. At bitcoin’s current price of about $107,500, that stack is worth more than $64 billion.

Strategy financed the purchase through $519 million of common share sales alongside about $59 million of STRK and STRF preferred stock sales.

MSTR shares are up 1.3% premarket.

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Spanish Police Arrest 5 in Suspected $540M Crypto Fraud Operation

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Spanish police arrested five members of a suspected crypto fraud operation that allegedly laundered 460 million euros ($540 million) stolen from over 5,000 victims.

The bust, carried out by Guarda Civil, the armed wing of the country’s law enforcement agencies, saw three arrests from searches in the Canary Islands and two in Madrid on June 25.

The investigation was supported Europol, as well as police forces from Estonia, France and the U.S.

The criminal network raised funds through cash withdrawals, bank transfers and crypto payments, Europol said in a statement on Monday.

Investigators suspect the organization of having set up a corporate and banking network out of Hong Kong to receive, store and transfer criminal funds through accounts in different names and in different exchanges.

The investigation is still in progress, Europol added.

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Bitcoin-Gold Price Ratio’s 10% Surge Greenlights Bullish Flag Pattern: Technical Analysis

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This is a daily technical analysis by CoinDesk analyst and Chartered Market Technician Omkar Godbole.

The ratio between the per-piece dollar price of bitcoin (BTC) and gold’s (XAU) per-ounce dollar-denominated price rose over 10% to 33.33 last week, registering its best performance in two months, according to data source TradingView.

The double-digit gain, representing BTC’s outperformance relative to gold, marked a breakout from the bull flag pattern. The so-called flag breakout signals a continuation of the rally from lows near 24.85 reached on April 11.

A bull flag pattern is characterized by a sharp uptrend followed by a relatively brief counter-trend consolidation that usually refreshes higher, as is the case with the BTC-gold ratio.

The flag breakout is said to extend the upside by an amount equivalent to the magnitude of the initial rally. So, the ratio could rise to 42.00, topping the record high of 40.73 hit in December.

BTC/Gold ratio and BTC/USD's daily charts. (TradingView/CoinDesk)

Previous uptrends in the ratio have been characterized by sharp upswings in BTC’s dollar-denominated price, as observed in late 2024 and in April and May, rather than gold dropping more than BTC.

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