Markets closed deep in the red as a blowout jobs report forced traders to reprice the Fed path.
May payrolls came in at +172K, more than double expectations, while unemployment held at 4.3%.
Fed funds futures now show markets pricing a 71% chance of a December rate hike, up sharply from yesterday.
The reaction was brutal:
$QQQ down 4.8%
$SPY down 2.6%
bitcoin:native down 4.1%
ethereum:native down 10.6%
$VIX up over 30%
Stocks and crypto are selling off together as volatility spikes.
The message is clear: A strong labor market gives the Fed less reason to cut and more room to stay hawkish.
BREAKING: Stripe, Visa, and Mastercard are reportedly close to launching a joint stablecoin platform.
Coinbase is now exploring a role.
The catch: Coinbase splits USDC revenue with Circle, and that deal renews in August.
Joining a rival platform puts that relationship at risk.
The market noticed: $CRCL dropped as much as 9% today.
Treasury Secretary Scott Bessent laid out the administration's crypto agenda.
He confirmed the US Strategic Bitcoin Reserve is advancing "with all deliberate speed," pushed the Senate to pass the CLARITY Act this summer, and backed durable tax rules he called key to innovation.
He also framed enforcement as a national security tool, tying asset seizures to illicit flows from Iran and the IRGC.
Reserve, regulation, enforcement: three fronts, one direction.
Crypto sold off today. A few names traded against the tape.
ethereum:0x57e114b691db790c35207b2e685d4a43181e6061 : +7% after Coinbase Ventures bought it on the open market
ethereum:0xfaba6f8e4a5e8ab82f62fe7c39859fa577269be3 : +10% green on RWA strength
zcash:native : +11% holding the privacy narrative
BREAKING: $1.23B in crypto positions liquidated over the last 24 hours.
Longs: $1.08B
Shorts: $142.15M
Over-leveraged longs got flushed at an 8:1 ratio.
Strategy just sold 32 bitcoin:native for roughly $2.5M, its first Bitcoin sale since December 2022, to fund dividend payments on $STRC , its perpetual preferred stock yielding 11.5% annually.
The size is immaterial: 0.0038% of holdings. Strategy still holds 843,706 bitcoin:native worth roughly $61B.
Strategy now carries around $1.5B in fixed annual dividend obligations across five preferred series.
Those come due whether Bitcoin is up or down.
The model has shifted from pure accumulation to selling Bitcoin when the math requires it.
BREAKING: Trump says he held a productive call with Israeli Prime Minister Benjamin Netanyahu and that no troops will be sent to Beirut.
Trump also says Hezbollah agreed through representatives to halt all shooting, with Israel and Hezbollah agreeing not to attack each other.
$PURR trades at just 1.24x mNAV to hyperliquid:native.
In past bull runs, proxies like $MSTR and $BMNR hit 1.5x–2.3x.
If hyperliquid:native rips to $100 and $PURR rerates to the high end, we could see $PURR hit ~$25.
The CFTC just greenlighted bitcoin perps on regulated US exchanges.
Any other asset class needs full Commission approval before listing, but at least there's a clear path now.
For years this market lived offshore because the US had no framework.
That changes today.
hyperliquid:native ethereum:0x232ce3bd40fcd6f80f3d55a522d03f25df784ee2