Bitcoin's price fluctuated following a stronger-than-expected jobs report indicating a resilient U.S. labor market, which dampened the prospects for interest rate cuts in the near future. The report revealed that 147,000 nonfarm jobs were added in June, surpassing economists' expectations and bringing the unemployment rate down to 4.2%. Initially trading below $109,000, Bitcoin's price jumped above $110,000 but settled around $109,746, reflecting a 1.4% increase over 24 hours. Ethereum and other cryptocurrencies also saw gains, with Ethereum rising 5.2%. Market confidence in rate cuts significantly decreased, with traders adjusting expectations from a 24% probability to a mere 4.7%. Despite the reduced likelihood of lower rates benefiting risk assets like crypto, Bitcoin’s price remained supported by ongoing financial concerns in the U.S. and political pressures impacting Fed Chair Powell. Overall, the economic outlook remains uncertain, but the labor market's strength could influence future monetary policy decisions.

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