Bitcoin falls below $60K on strong US jobs data
In brief
- Bitcoin fell to $59,825 Friday, lowest since October 2024
- US jobs data stronger than expected, boosted dollar strength
- Crypto market cap dropped 5% in 24 hours to $2.2 trillion
Labor data fuels dollar strength
US job growth topped all forecasts in May and the unemployment rate held steady, driving markets to reassess expectations for interest rate cuts. The strong data sent the dollar to its biggest weekly gain in three months. Bitcoin and other risk assets typically weaken when the dollar strengthens, since investors rotate into the comparatively safer currency.
The selloff wasn't confined to crypto. Equities and commodities fell alongside Bitcoin as the broader market reacted to the labor report's implications for monetary policy.
Altcoins take heavier losses
The total crypto market capitalization declined 5% in 24 hours to around $2.2 trillion. Altcoins bore the brunt of the move. Ether dropped 10% during the selloff, while BNB and XRP each fell 5%. Solana posted a 6% decline.
Bitcoin's recovery above $61,000 suggests the initial panic may have eased, but the move underscores how tightly crypto remains tethered to macro conditions and dollar flows.
