Bitcoin Price Plummets to Lowest Level in 2026 Amid Robust US Employment Figures

Bitcoin's price dropped to its lowest level in 2026 on Friday, reaching $59,100 before staging a recovery past $60,000. The decline was triggered by unexpectedly robust US labor market statistics, which reduced expectations for Federal Reserve interest rate reductions.

The data showed that May's nonfarm payrolls revealed 172,000 new jobs, exceeding the anticipated 85,000. Additionally, April's figures received an upward revision of 64,000 positions, further solidifying the economy's resilience. This economic stability diminished market expectations for monetary easing, leading to a surge in Treasury yields and dollar strength while punishing risk-sensitive assets.

The tech-heavy Nasdaq 100 tumbled approximately 5%, marking its sharpest single-day decline since April 2025. The S&P 500 retreated 2.6%. Digital assets were swept up in the broader risk-off sentiment, with a massive $1.6 billion liquidation cascade affecting cryptocurrency markets.

According to CoinGlass analytics, approximately $1.6 billion worth of positions were forcibly closed within a 24-hour window, with bullish bets absorbing the majority of losses. Bitcoin alone contributed over $500 million to this liquidation total, while Ethereum accounted for more than $400 million.