The cryptocurrency market faced a dual onslaught of bearish macroeconomic news and staggering security breaches, creating a complex trading environment. Bitcoin (BTC) experienced a sharp, albeit brief, downturn following the release of a surprisingly robust U.S. jobs report, while a separate analysis revealed that the first half of the year was the most costly on record for crypto hacks, largely driven by nation-state actors. The price of Bitcoin, which had successfully breached the $110,000 resistance level for the first time in a month, hitting a 24-hour high of $110,493.51, quickly retreated. In the minutes after the economic data was released, BTC dipped to just under $109,000, testing its daily low of $108,532.30, showcasing the market's sensitivity to Federal Reserve policy expectations.

Bitcoin (BTC) Price Falters as Strong US Jobs Data Delays Rate Cut Hopes

The U.S. economy added 147,000 nonfarm payrolls in June, significantly surpassing economist forecasts of 110,000, according to the Bureau of Labor Statistics. This stronger-than-expected data, coupled with a drop in the unemployment rate to 4.1% from an expected 4.3%, sent ripples across financial markets. For crypto traders, this data directly impacts the likelihood of monetary easing. The report bolstered Federal Reserve Chairman Jerome Powell's patient stance, diminishing hopes for an imminent interest rate cut. The market's reaction was immediate and quantifiable. According to the CME FedWatch tool, the probability of the Fed holding rates steady in its upcoming July meeting surged from 75% to 95% following the report. Consequently, the odds of a rate cut by the September meeting fell from a near-certain 95% to a less confident 78%. This hawkish shift makes holding non-yielding assets like Bitcoin less attractive relative to interest-bearing instruments like U.S. Treasuries, whose 10-year yield spiked nine basis points to 4.36% on the news. The BTC/USD pair saw a 0.44% decline, reflecting this macro pressure.

Altcoin Market Reacts to Macro Headwinds

The broader altcoin market displayed a mixed but generally negative reaction. Ethereum's trading pair against Bitcoin, ETH/BTC, fell by 2.51% to a low of 0.02323, indicating that capital was rotating out of the largest altcoin and into the relative safety of Bitcoin amid the macro uncertainty. Similarly, Solana (SOL) saw its BTC pair drop by 0.78%. Chainlink (LINK), a key oracle network, experienced a significant drop against the dollar, with the LINK/USD pair falling 3.76% to a 24-hour low of $13.28. However, not all altcoins suffered. Avalanche (AVAX) showed remarkable strength, with the AVAX/BTC pair surging an impressive 6.73% to a high of 0.00022890, suggesting strong project-specific fundamentals or sentiment were overpowering the broader market trend. This divergence highlights crucial opportunities for pair traders who can identify assets with independent strength.

Record-Breaking Crypto Hacks Expose Deepening Security Risks

While macroeconomic factors dictated short-term price action, a far more ominous trend emerged from the security landscape. A damning report from TRM Labs revealed that crypto investors lost a record-breaking $2.1 billion to hacks and exploits in the first half of 2025. This figure surpasses the previous H1 high from 2022 and nearly equals the total losses for all of 2024. The most alarming detail is the attribution: North Korean-linked hacking groups are reportedly responsible for an astounding $1.6 billion, or 70%, of all stolen funds this year. This highlights a significant escalation in state-sponsored cyber campaigns targeting the digital asset space.

Nation-State Actors and Evolving Attack Vectors

The surge in stolen funds is heavily skewed by the monumental $1.5 billion Bybit hack in February, which is now attributed to North Korean actors and stands as the largest single crypto theft in history. This event has pushed the average hack size to $30 million, double the previous year's level. The report from TRM Labs also underscores a critical shift in attack methods. Over 80% of the stolen funds came from infrastructure-level breaches, such as private key theft and sophisticated social engineering, rather than the smart contract exploits like flash loans that dominated previous years. This evolution suggests attackers are targeting the core operational security of exchanges and large firms, a trend that poses a systemic risk to the entire ecosystem and demands heightened vigilance from both institutional and retail investors.