Bitcoin falls below $60,000 for first time since October 2024 on hot jobs data

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Bitcoin dropped below $60,000 on June 5, its weakest level since October 2024, and was down nearly 20% over the week and more than 52% below its October peak above $126,000. Reported drivers included Strategy turning seller, persistent spot ETF outflows, and a hot May jobs report that left markets pricing a Fed hike as the next move. Zcash also fell more than 40% overnight after a vulnerability was reported.

Bitcoin fell below $60,000 on Friday, June 5, 2026
Down nearly 20% in one week; more than 52% below the October peak above $126,000
Causes cited: Strategy sale, ETF outflows, hotter jobs data and rate-hike pricing
Weakest level since October 2024

BTC around the story · hourly24 h reaction ▼ 0.99%

Moves this explains

BTC−4.43%Jun 4 · Fell 4.4% and broke below $60,000 after a stronger-than-expected US jobs report pushed traders to price in possible Fed rate hikes. The S&P 500 fell 2.6% that day, its worst session since October, so bitcoin moved with the broader risk-off selloff.ETH−10.59%Jun 4 · Fell 10.6% after May payrolls of 172,000, roughly double forecasts, pushed traders to price in Fed rate hikes. The S&P 500 fell 2.6% and bitcoin dropped below $60,000; a Zcash security bug also hit privacy coins.COIN−7.59%Jun 4 · Coinbase fell 7.6% on a hot US jobs report: 172k jobs added in May, which lifted Fed hike bets. QQQ fell 4.7%, ether -10.6%, bitcoin -4.4%, gold -3.1%, and the S&P 500 -2.4%.HOOD−6.73%Jun 4 · Robinhood fell 6.73% on 2026-06-05 after the May jobs report (172k jobs, unemployment 4.3%) lifted Fed hike bets: the S&P 500 fell 2.35%, QQQ 4.68%, ether 10.59% and bitcoin 4.43%. Reports also document bitcoin falling below $60,000 and a gold drop the same day.MSTR−6.98%Jun 4 · Fell 7.0% on the hot May jobs report, which lifted Fed hike bets: Bitcoin -4.4%, Ether -10.6%, gold -3.1%, and the S&P 500 -2.4%, with chip stocks sharply lower (Micron -11.6%, Intel -11.8%, AMD -10.8%).PLTR−4.98%Jun 4 · Palantir fell 4.98% to $133.92 in a broad risk-off day after strong May payrolls raised Fed hike bets: Micron -11.56%, AMD -10.84%, Intel -11.80%, Nvidia -5.72%, ether -10.59%, silver -8.23%, bitcoin -4.43% and the S&P 500 -2.35%. Reports tie the day to the jobs data and to bitcoin's fall below $60,000 on hot jobs numbers.

Source

CoinDesk

Jun 5, 2026

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