Key facts
- Bitcoin's price is nearing the $60,000 mark.
- The cryptocurrency has seen significant trader liquidations.
- Bitcoin has declined 19.3% in the last seven days.
- A stronger-than-expected jobs report and rising yields contributed to the sell-off.
- Geopolitical concerns and quantum computing advancements are cited as potential factors.
Bitcoin's price has fallen below $60,000, reaching its lowest level since October 2024, with an intraday low of $59,100 on Friday. This decline was intensified by a stronger-than-expected May jobs report, which led to higher bond yields and put pressure on risk assets like Bitcoin. The move extended a sharp sell-off that has taken bitcoin down 19.3% in seven days. Over 351,000 traders were liquidated across crypto markets in a single 24-hour window. Potential reasons cited for the decline include geopolitical concerns and advances in quantum computing that put traditional crypto mining techniques at risk.