Bitcoin Slumps to $30.6K Amidst Strong Fed Rate Hike Speculation

Bitcoin retreated to $30,600 as a blowout U.S. ADP private employment report, which showed more than double the expected number of jobs added in June, strengthened expectations of a rate hike by the Federal Reserve. Treasury yields rose, with the two-year yield reaching its highest level since 2006, indicating traders' belief in an extended rate hike campaign. Stock market futures also reacted negatively to the news, while gold traded lower and the dollar index remained unchanged.