The U.S. Department of Labor published better than expected employment data on Friday morning sending both stock and crypto markets higher. The economy added 139,000 jobs in May, surpassing economist forecasts that had predicted an increase of somewhere between 125,000 and 129,000 jobs. Unemployment remained unchanged at 4.2%.
(The U.S. economy added 139,000 new jobs in May according to the Dept. of Labor / CNBC)
The positive news comes in the wake of a public and bitter feud between U.S. President Donald Trump and Tesla CEO Elon Musk who accused the president of unspecified allegations involving deceased child sex trafficker Jeffrey Epstein. The two parted ways after Trump introduced his so-called “big beautiful bill” which the Congressional Budget Office (CBO) estimates will add another $3-$5 trillion to the ballooning $36 trillion U.S. debt.
“With interest, the bill would add nearly $3.0 trillion to the debt through 2034 – or $5.0 trillion if various temporary provisions are made permanent,” states the Committee for a Responsible Federal Budget.
Trump responded to Musk’s allegations by threatening to cancel government contracts related to Musk’s various businesses. The president also explained that Musk was upset about the bill because it removes electric vehicle tax credits that have historically been beneficial to Tesla (Nasdaq: TLSA). The company’s stock plummeted 14% on Thursday in its worst single day loss and markets dipped as the two billionaires continued to bicker on social media.
But now, on the back of a strong jobs report, stock markets are up, TSLA has climbed 5%, and the crypto industry edged higher this morning by 0.78% to $3.27 trillion. Bitcoin has topped $105K once again, and Trump is celebrating.
“Great job numbers, stock market up big,” Trump posted on Truth Social in all caps. “At the same time, billions pouring in from tariffs!!!”
Despite breaking $105K earlier in the morning shortly after the jobs report came out, bitcoin ( BTC) had retreated slightly to 104,749.03 at the time of writing, still up 1.14% over 24 hours and 0.57% for the week. Coinmarketcap shows the cryptocurrency trading within a 24-hour range of $100,436.89 to $105,376.77.
( BTC price / Trading View)
Trading activity saw a notable uptick, with 24-hour volume jumping by nearly 36% to $60.76 billion. Bitcoin’s market capitalization followed suit, rising 1.23% to $2.08 trillion. Meanwhile, BTC’s dominance over the wider crypto market grew to 64.68%, up 0.20% since yesterday, a sign that the cryptocurrency continues to hold its ground in the face of competing altcoins.
( BTC dominance / Trading View)
Futures markets reflected growing activity, with total open interest climbing 1.53% to $72.82 billion, according to Coinglass. Liquidation data revealed a relatively balanced day, with $978,730 in total liquidations split between $548,400 in longs and $430,330 in shorts, meaning a case can be made for both bearish and bullish leveraged bets.
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