Bitcoin has successfully shaken off a positive US nonfarm payrolls report as former President Donald Trump again urged the Federal Reserve to start cutting interest rates. Will Fed Chair Jerome Powell heed his advice?

 

On June 6, Bitcoin surged past $104,000 following the opening of Wall Street, as strong US labor market data contrasted with Trump’s renewed calls for rate cuts.

 

 

Bitcoin edges higher as Trump targets the Fed

 

According to data from Cointelegraph Markets Pro and TradingView, BTC/USD rose 2.5% on the day.

 

After recovering from the initial losses triggered by the ongoing public dispute between US President Donald Trump and SpaceX CEO Elon Musk, markets focused on fresh inflation signals as Trump shifted his attention to the Federal Reserve.

 

Trump's Continued Criticism of the Fed

 

In a post on Truth Social, Trump criticized the Fed, stating: “‘Too Late’ at the Fed is a disaster!” He’s no stranger to criticizing both Fed policy and Jerome Powell, frequently calling for rate cuts in 2025, which he believes would benefit risk assets, including cryptocurrencies.

 

 

"Europe has had 10 rate cuts, we have had none. Despite him, our country is doing great," Trump remarked, referring to Powell.

 

"Go for a full point, Rocket Fuel!" he added.

 

Markets Expect Few Rate Cuts Before September

 

As previously reported by Cointelegraph, markets are pricing out any chance of rate cuts before the Federal Reserve’s September meeting, according to data from CME Group’s FedWatch Tool. Trump’s call for a full percentage point cut is currently fully priced out by the markets.

 

 

Meanwhile, the day’s nonfarm payrolls data appeared to support the Fed’s current stance. The data showed a resilient labor market, which lessens the need for an immediate rate cut.

 

According to the US Bureau of Labor Statistics (BLS), “total nonfarm payroll employment increased by 139,000 in May, and the unemployment rate remained unchanged at 4.2 percent.”

 

— AccGn News Team