Bitcoin Falls Below $60k Amid Institutional Selling and Interest Rate Hike Expectations

Bitcoin's price has been affected by a combination of factors in recent days, leading to a decline below $60,000. The cryptocurrency market has been under pressure due to institutional selling and risk aversion, with the strong May jobs report adding to the downward trend. Heavy ETF outflows have also contributed to Bitcoin's losses, with investors increasingly favoring artificial intelligence stocks.

The U.S. economy added 172,000 jobs in May, nearly double the forecasted number, indicating a hot labor market despite ongoing tensions with Iran. This has led to increased expectations of interest rate hikes, which is weighing on cryptocurrency prices. The strong jobs report and corresponding rise in inflation concerns have pushed markets toward tighter monetary policy.

The decline in Bitcoin's price has also been reflected in other cryptocurrencies, with many altcoins experiencing losses. The broader crypto market is expected to end the week with significant losses, as investors continue to favor artificial intelligence stocks over non-yielding cryptocurrency assets.