Bitcoin (BTC) has mostly given up yesterday’s modest bounce, returning to $61,900 during U.S. morning hours, down 0.8% over the past 24 hours.

Coming in a few minutes is the U.S. Nonfarm Payroll Report for May. While the interest rate outlook has taken a back seat to other concerns amid this week’s crypto price crash, this morning’s data will nevertheless be significant.

Markets have swung from the certainty of rate cuts this year to rate hikes as inflation has risen, in part due to surging energy costs. About the only thing that might alter that outlook for rates would be a sizable downturn in the labor market.

If the interest rate outlook does another 180-degree turn (this time back to cuts), it could prove to be a tailwind to crypto markets.