Bitcoin Bounces to $63,500 as Jobs Report Looms

As U.S. stocks closed mixed on Wednesday — the DJIA jumping 1.7% on healthcare gains, the S&P 500 adding 0.4%, and the Nasdaq clinging to a 0.1% loss after being down more than 1% earlier, dragged by a handful of AI favorites — bitcoin (BTC) was trading at $63,500. That's roughly $2,000 above its overnight low, though still down nearly 3% over the past 24 hours. A handful of crypto-related equities posted modest gains, though all remain sharply lower on the week. Tomorrow's U.S. jobs report for May now carries extra weight, given that markets have spent the last eight weeks casually walking back their rate-cut calls and pricing in rate hikes instead. May's employment data could either cement that view or, perhaps, prompt a reluctant reassessment.