The cryptocurrency market is under renewed pressure.
Within the last 24 hours, Bitcoin’s price fell sharply by about 5.5%, slipping below the $60,000 mark for the first time since October 2024.
As reported earlier by CryptoPotato, this move mirrors a wider market decline in which many altcoins are underperforming Bitcoin or falling even further.
The sell-off triggered roughly $1.5 billion in liquidations across derivatives markets over the past day, underscoring how quickly leveraged positions were forced to unwind as prices dropped.
Bitcoin briefly reached a low of $59,743 before staging a modest rebound. Traders will be watching closely to see whether that level can act as a support point or if further downside pressure will push prices lower.
The timing of the crash coincided with the release of the U.S. jobs report earlier today. The economy added 172,000 jobs in May, well above the 85,000 consensus estimate.
The unemployment rate held steady at 4.3%, matching expectations and marking this as the second-strongest monthly jobs figure in the past 13 months.
Despite the surprisingly strong employment numbers, major U.S. equity indexes moved lower: the S&P 500 fell about 1.7% on the day, while the NYSE Composite, Nasdaq Composite and the Dow Jones Industrial Average also recorded declines. That suggests investor appetite for risk assets has cooled in the near term.
In short, the downturn is not limited to cryptocurrencies; however, crypto markets have experienced a more pronounced drop compared with traditional markets during this sell-off.