Bitcoin recovers to $61,000 after $1.6B liquidations sparked by jobs report
In brief
- Bitcoin fell to $59,227 overnight, recovering to $61,000 by Saturday morning
- Strong U.S. jobs report repriced Fed expectations, sparking selloff across stocks, bonds, crypto
- $1.6 billion liquidated in 24 hours: Bitcoin $534M, Ether $423M
- Ether down 21.6% to $1,575; Solana down 23.7% to $63 weekly
- Nasdaq 100 fell 5% (steepest since April 2025); S&P 500 down 2.6%
Jobs Report Sparks Repricing
Friday's nonfarm payrolls report came in solid, and rather than cheering the strength, markets repriced the Federal Reserve outlook. Swaps now fully price a rate increase by the end of 2026. Two-year Treasury yields jumped 12 basis points to 4.16%.
The repricing hit equities hard. The Nasdaq 100 sank about 5%, its steepest drop since April 2025, and a gauge of chipmakers tumbled 10%. The S&P 500 fell 2.6% and failed to complete a tenth straight weekly gain.
Crypto wasn't spared.
Liquidation Cascade
Around $1.60 billion in positions were liquidated over 24 hours across roughly 308,000 traders, according to data cited in reporting. Longs accounted for $1.21 billion of the liquidations. Bitcoin itself saw around $534 million in liquidations, while Ether saw $423 million.
The token recovered more than $1,500 off its overnight low. Still, Bitcoin had been sliding toward $60,000 all week due to record ETF outflows and a major bitcoin sale.
Altcoin Pain
Ether is down 21.6% over seven days to around $1,575. Solana is down 23.7% over seven days to $63. XRP, dogecoin and BNB are all between 13% and 20% lower over the week.
Zcash logged $115 million in liquidations amid a 44% collapse tied to a disclosed bug in its Orchard privacy pool. Hyperliquid's HYPE is down 9.9% over the week, having outperformed through most of the recent decline.
Bitcoin was trading down about 1.3% on the day at press time.
