Larry Fink Says Bitcoin Could "Revolutionize Finance", Long-term BTC Holders Rise

Risk-on markets are falling after data from ADP showed private sector jobs increased by 497K in June, more than double consensus estimates. This has heightened concerns about a more restrictive monetary policy, adding to negative sentiment from yesterday’s Fed Minutes, which suggested that the interest rate decision in June may have been even more hawkish than previously thought. As a result, interest rates are surging across all maturities, with the 2-year treasury yield reaching a 16-year peak near 5.12%, although it’s now pulled back to 5.03%. The S&P is down 0.89% at writing, while the Nasdaq fell 0.94%. The risk off sentiment also tempered gains in the cryptocurrency market, which had gained overnight after comments from BlackRock’s CEO Larry Fink (more below). BTC has since retraced its gains, down 0.9%, while ETH is underperforming, down 1.5% in the same period. Tomorrow’s nonfarm payrolls report should provide more clarity on the employment situation.