"The global macro backdrop has not helped," including the recent escalation of hostilities in the Ukraine war and steel tariffs "among other headwinds," Mark Connors, chief investment strategist for Bitcoin investment advisory Risk Dimensions, told Decrypt. Meanwhile, the latest ADP jobs report showed showed employers adding just 37,000 jobs in May, well below the 115,000 forecast, while the the non-manufacturing Services PMI—a widely watched measure—contracted to 49.9%, only the fourth time since the recession of 2020 that it has dropped below the 50-percent breakeven point. ETH is up 4% over the past two weeks even as Bitcoin and others have been in negative territory over that period, climbing 44% over the past month.
Author: James Rubin
Published at: 2025-06-04 22:52:17
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