Bitcoin (BTC) briefly fell below $60,000 on 5 Jun, extending a week-long selloff that has pushed the cryptocurrency down more than 17% over the past week as a stronger-than-expected US jobs report dashed investor hopes for an interest-rate cut anytime soon.
Bitcoin Falls Below $60,000, Hitting Lowest Level Since Sept 2024
5 June 2026 - 20:27 CEST
By Ana Pereira
Bitcoin fell as low as $59,910 at 16:10 UTC, its lowest level since October 2024, before recovering to trade around $61,000 on 5 Jun, down roughly 5% over the last 24 hours, according to TradingView data. The move leaves Bitcoin down nearly 25% over the past month and more than 30% year to date.
The latest leg lower followed a stronger-than-expected US jobs report that reinforced expectations the Federal Reserve will keep interest rates higher for longer. Nonfarm payrolls increased by 172,000 in May, well above economists' expectations of about 85,000.
While the employment data pointed to a resilient jobs market, traders focused on its implications for monetary policy. The yield on the US 10-year Treasury note rose about 6bps to 4.54% after the report strengthened expectations that the Fed may need to keep monetary policy tighter for longer. The US dollar also gained, adding pressure on risk assets, including cryptocurrencies and technology stocks.
The decline pushed Bitcoin to its lowest level since September 2024 and left it down 17.2% over the past seven days, one of its sharpest weekly pullbacks this year.
Fed repricing
Markets increasingly viewed the payrolls report as reducing the urgency for the Federal Reserve to cut rates in the coming months. Higher borrowing costs tend to weigh on speculative assets by increasing the attractiveness of lower-risk investments such as government bonds.
The shift in expectations extended beyond crypto markets. The Nasdaq Composite fell about 3.5% as investors pared exposure to growth assets after the jobs report.
Altcoins react
Losses were even steeper across major altcoins, with Ether (ETH) falling about 9.3% over the past 24 hours to around $1,605. The token has now fallen more than 21% over the past week.
Other large-cap cryptocurrencies also came under pressure. Solana (SOL) fell about 5.4% over the past 24 hours to trade at about $65, while XRP declined 5% on the day to trade at $1.10 and Dogecoin (DOGE) was down 7.6% at $0.08 on 5 Jun.
