Bitcoin briefly falls below $60K for the first time since October 2024

Bitcoin's dip highlights the impact of strong US economic data on cryptocurrency markets, emphasizing the dollar's dominance over riskier assets.

Share

Add us on Google by Vivian Nguyen Jun. 5, 2026

A stronger-than-expected US labor market report sent Bitcoin plunging to $59,825 on Friday, its lowest since October 2024, before the asset recovered above $61,000 at press time, according to TradingView data.

US job growth topped all forecasts in May and the unemployment rate held steady, driving the dollar to its biggest weekly gain in three months and triggering an intense selloff that swept through crypto alongside equities and commodities.

Advertisement

The total crypto market capitalization declined 5% in 24 hours to around $2.2 trillion as Bitcoin extended its losses and dragged the wider market lower. Among the major assets, Ether dropped 10%, BNB and XRP each fell 5%, while Solana posted a 6% decline.

Zcash, NEAR Protocol, and Hyperliquid, three crypto assets that recently drew strong market interest, posted double-digit losses following sell-offs by Arthur Hayes, one of their most vocal backers. Zcash faces additional headwinds due to ongoing concerns surrounding a critical counterfeiting vulnerability in its Orchard shielded pool.

This is a developing story.

Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.