Bitcoin pushed back above the $60,000 level on Thursday, registering a roughly 3% increase as market participants positioned ahead of the June U.S. nonfarm payrolls report - a data point closely watched for signals about the Federal Reserve's next moves.
By 02:03 ET (06:03 GMT) Bitcoin last traded at $60,499.7, up about 3% on the session. The rebound occurred even as broader digital-asset markets continued to feel the effects of a protracted selloff that has weighed on prices this year.
Market backdrop
Cryptocurrencies have been pressured by continued outflows from U.S. spot exchange-traded funds and an overall decline in risk appetite among investors. The strain is reflected in Bitcoin's performance earlier in the year - the token recorded a drop exceeding 30% in the first six months of 2026.
Traders said attention ahead of the June payrolls report remained high, as a cooler labor market could alter expectations about the timing and magnitude of Federal Reserve interest-rate cuts. Lower borrowing costs are generally viewed as constructive for speculative assets such as cryptocurrencies, while a hotter-than-expected jobs print could reinforce tighter-policy expectations and sap risk appetite.
Comments from Federal Reserve Chair Kevin Warsh added nuance to the market picture. Warsh noted that inflation risks had eased recently, remarks that provided some support to financial markets. At the same time, he reiterated a firm commitment to the Fed's 2% inflation objective and said he would "disappoint" anyone expecting a permissive monetary stance.
Drivers of crypto performance this year
Several factors have contributed to the sector's weak showing in 2026. Institutional demand has slowed, progress on U.S. cryptocurrency legislation has been limited, and geopolitical uncertainty tied to U.S.-Iran negotiations has also weighed on sentiment. Despite those headwinds, the market did see short-term gains on Thursday, and some analysts maintain a constructive view on the longer-term outlook for digital assets.
Digital-asset markets have increasingly tracked technology stocks and other risk assets this year, leaving macroeconomic releases, central bank commentary and capital flows into crypto-focused investment products as primary directional influences.
Altcoin moves
- Ethereum rose about 2% to $1,626.92.
- XRP gained roughly 1% to $1.06.
- Solana jumped 4% and Cardano climbed 2%.
- Among meme tokens, Dogecoin edged up 0.6%.
Most altcoins traded higher in a range-bound session as investors awaited clearer macro signals.
Implications for markets
With cryptocurrencies moving more in step with broader risk assets, incoming U.S. labor-market data and central bank commentary are set to remain influential. For investors and market participants, the path of interest rates and the flow of capital into crypto investment vehicles will likely continue to determine sentiment and price action in the near term.
Author: Nina Shah