The US economy added 172,000 nonfarm jobs in May, roughly double what economists had penciled in. The unemployment rate held steady at 4.3%, and Bitcoin responded the way it usually does when “good economic news” translates to “the Fed isn’t cutting rates anytime soon.” It dropped to approximately $61,900.

The Bureau of Labor Statistics report, released June 5, blew past consensus estimates of around 85,000 new jobs. The prior two months were revised upward by a combined 93,000 jobs.

Where the jobs landed

Leisure and hospitality, local government, and healthcare drove the bulk of the gains. Financial activities shed 22,000 positions.

Average hourly earnings climbed 0.3% month-over-month in May.

Why crypto cares about payrolls

Higher rates make safe-haven assets like Treasury bonds more attractive relative to risk assets. Bitcoin, for all its store-of-value narratives, still trades like a risk asset when macro conditions shift. The post-report slide to around $61,900 is a textbook example of that dynamic playing out in real time.

Prior month revisions compounded the effect. An additional 93,000 jobs spread across March and April means the labor market has been running hotter than anyone realized.

What this means for investors

The wage growth component deserves separate attention. A 0.3% monthly increase in average hourly earnings keeps the specter of sticky inflation alive. If wages continue rising at this pace, the Fed’s justification for maintaining restrictive policy only strengthens.