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In Hong Kong, there was a big conference about Bitcoin, even though China doesn't allow commercial cryptocurrency trading. The conference, organized by BTC Inc, had about 5,500 people attending, with half of them from mainland China. The CEO of BTC Inc, David Bailey, said people were interested because Hong Kong is about to launch Bitcoin ETFs and might soon have Ethereum ETFs too. These ETFs allow people to use Bitcoin and Ethereum to buy shares, which they can then use as collateral for loans. Some companies in Hong Kong are working on making this process easier.

In Hong Kong, there was a big conference about Bitcoin, even though China doesn't allow commercial cryptocurrency trading. The conference, organized by BTC Inc, had about 5,500 people attending, with half of them from mainland China. The CEO of BTC Inc, David Bailey, said people were interested because Hong Kong is about to launch Bitcoin ETFs and might soon have Ethereum ETFs too. These ETFs allow people to use Bitcoin and Ethereum to buy shares, which they can then use as collateral for loans. Some companies in Hong Kong are working on making this process easier.

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### Why the Market is Down: US Jobs Report Causes Big Bitcoin Drop, Erases $500 Million in Open Interest The latest US jobs report had a big impact on the cryptocurrency market, causing over $500 million in Bitcoin investments to be wiped out. The US Bureau of Labor Statistics shared mixed news for May. On one hand, they reported 272,000 new jobs. On the other hand, unemployment went up to 4.0%, the highest since January 2022. People worked the same number of hours per week on average, and hourly wages went up by 0.4% in May, which is a 4.1% increase from last year. The private sector hired a bit more than 200,000 people per month over the last few months, compared to 155,000 at the end of last year. The total payroll for private-sector workers grew by 5.4% over the past year, down from the previous range of 6%-6.5%, matching 2018's highs. After this report, Bitcoin’s price fell by 2%, from $72,144 to $70,668, leading to many investors losing money. IT Tech stated, "Over $500 million of Bitcoin open interest was wiped out within minutes. Both short and long positions were liquidated." The mixed signals from the job report caused significant market changes. More hiring suggests a strong economy, but higher unemployment and steady work hours point to weaknesses. Charles Edwards, founder of Capriole Investments, noted, "Unemployment is at its highest since COVID, and markets reacted sharply. Often, the first reaction to these announcements is wrong. We'll see. But it seems like unemployment has bottomed out, suggesting US liquidity will need to increase soon. Rate cuts are likely." Based on the latest jobs report, Bitcoin and other digital assets are expected to remain unstable. Be cautious. If you are a long-term holder, it might be best to stick to your strategy and not panic.
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