Crypto markets have taken a hit as Bitcoin's price plummeted to its lowest point this year on Friday, reaching $59,100 before buyers stepped in and pushed the price back above $60,000.
The decline was triggered by stronger-than-expected US jobs data, which saw the economy add 172,000 jobs in May, more than double the forecast of 85,000. This reduced expectations for Federal Reserve rate cuts, causing Treasury yields and the US dollar to rise and weighing on risk assets across the board.
The selloff had far-reaching consequences, with the Nasdaq 100 dropping roughly 5% - its steepest fall since April 2025 - and the S&P 500 sliding 2.6%. Crypto markets were caught in the same wave, with Bitcoin accounting for over $500 million of the $1.6 billion in liquidations over 24 hours.
Analyst Ali Charts noted that 10.46 million BTC are now held at a loss - a level that has historically preceded major market bottoms. 'Selling pressure often begins to fade as fewer investors are willing to realize losses, increasing the probability of a market bottom forming,' he said.