Good morning, and welcome to First Mover. I’m Bradley Keoun, here to take you through the latest in crypto markets, news and insights. (Lyllah Ledesma is off.)
Bitcoin (BTC) was struggling to find direction Friday after a U.S. government report showed that the pace of jobs growth slowed in May – potentially a sign that the Federal Reserve's recent moves to cool the economy might be starting to have an impact.
As of press time, the largest cryptocurrency was changing hands at around $29,500, down 1.7% over the past 24 hours.
Crypto traders and analysts have been monitoring the Fed's actions because many see the U.S. central bank's $4 trillion-plus of money-printing over the past couple years as having stimulated prices for risky assets. Now that the Fed and President Joe Biden are pledging to tamp down inflation that has been at its fastest in four decades, prices for bitcoin and stocks have come under severe downward pressure.
In traditional markets, European indexes were mixed, and...
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