Bitcoin falls 6% to $59,909 after stronger-than-expected U.S. jobs data reduces Fed rate cut expectations.
Bitcoin dropped below $60,000 for the first time this year, trading at $59,909 after a 6% daily decline. The move follows U.S. jobs data showing 172,000 new positions in May, nearly double forecasts, fueling bets on Federal Reserve rate hikes by year-end.
The cryptocurrency has fallen 18.5% over the past week and over 52% from its October peak of $126,080. Ethereum and Solana also slid, down 23% and 22% respectively, as broader crypto markets weakened. Earlier losses were tied to ETF outflows and a rare Bitcoin sale by Strategy.
Traders now see reduced odds of Fed easing, a headwind for risk assets. A Zcash security flaw further eroded confidence, though developers patched the vulnerability this week. Markets remain cautious amid Middle East tensions and weak risk appetite.