Strong U.S. job growth signals potential Fed rate hikes

The U.S. economy added 172,000 jobs in May, significantly exceeding economists' forecasts and strengthening the case for potential Federal Reserve interest rate hikes later this year. The unemployment rate remained steady at 4.3%. This robust job growth data has put downward pressure on Bitcoin, which was trading below $62,000 following the report. The prospect of higher interest rates, coupled with a resilient U.S. economy, is creating headwinds for risk assets, including cryptocurrencies and U.S. equity futures.