Welcome back to The Breakdown with me, NLW.

It's a daily podcast on macro, Bitcoin, and the Big Picture Power Shifts remaking our world.

What's going on, guys? It is Monday, June 10th, and today we are catching up on basically everything,

a Friday sell-off, roaring kitty. It is a big catch-up episode. But before we get into that,

if you are enjoying the breakdown, please go subscribe to it, give it a rating, give it a review,

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You can find a link in the show notes or go to bit.ly slash breakdown pod. All right, friends, well, after a week of strong

performance, Bitcoin stumbled on Friday. There was a sharp 5% sell-off on Friday morning before

price stabilized into the afternoon. Throughout the weekend, Bitcoin traded in a fairly tight range,

slightly above 69,000, failing to show meaningful

momentum. The most prominent trigger of the sell-off was a much stronger than expected jobs

report. On Friday morning, the Bureau of Labor Statistics reported that non-farm payrolls had

increased by 272,000 in May. Consensus estimates only called for 190,000 additional jobs, so this

was a vast outperformance. Main numbers were also a

significant turnaround from the prior month, which featured a very soft 165,000 added payrolls.

The hotter than expected numbers drove a morning sell-off across all markets, but equities

rebounded much more strongly than Bitcoin. The big takeaway on the street is that the strength

of this jobs report pushes back fed rate cuts. Economist Mohamed Al-Eurion said, it does close the door on a July rate cut. Ira Jersey, chief U.S.

rate strategist at Bloomberg Intelligence said, if you look at SOFR futures, we've actually

priced out an entire cut for the cycle just on this report. After the Bank of Canada and ECB

delivered their first cut last week, there was growing expectation that this

week's Fed meeting would be extremely dubbish. A Fed rate cut this month wasn't on the board,

...