Bitcoin experienced a significant decline below $54,000 during early Friday trading, triggered by reports of the now-defunct Mt. Gox exchange transferring $2.6 billion worth of bitcoin to settle debts. Despite Mt. Gox's announcement of initiating repayments to users, Bitcoin's response remained subdued. This downward trend marked the largest weekly percentage drop since FTX's collapse in November 2022, surpassing 13% according to CMC data. Investors and traders are closely monitoring the upcoming U.S. employment data release on Friday, particularly the nonfarm payrolls (NFP) report for June by the U.S. Bureau of Labor Statistics. Analysts anticipate a decrease in job creation to 190,000 in June from 272,000 in May, with the unemployment rate remaining steady at 4%. Forecasts suggest a slowdown in hourly wage growth to 0.3% from 0.4% in May, leading to a year-on-year increase of 3.9%, lower than May's 4.1%. This moderation in wage growth may positively impact inflation rates. The focus of macro traders is on the timing and extent of Fed rate cuts, with expectations of two cuts for the year due to recent underwhelming U.S. PCE inflation data. A disappointing job growth report on Friday could reinforce expectations of dovish monetary policies favoring risk assets. The crypto market remains volatile, with Solana (SOL) witnessing a price drop below $130 amidst bearish market conditions.