Asset prices reflected a buoyant mood on Wednesday, with bitcoin (BTC) reclaiming $112,000 and European stocks rising at the open, as analysts increasingly downplayed fears of stagflation and recession triggered by horrible U.S. jobs data.

On Tuesday, the U.S. Bureau of Labor Statistics published a shocking update: The economy likely added 911,000 fewer jobs than originally reported in the 12 months through March 2025.

Think of it this way: for over a year, equity and crypto market bulls took risks, confident that a healthy labour market would keep the economy going despite sticky inflation. That confidence was shaken on Tuesday, and BTC quickly dropped from $113,000 to $110,800.

Some market participants viewed the BLS revision as evidence of an impending recession. However, Michael Eng

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