Key facts
- Bitcoin's price has fallen below $60,000.
- This marks the lowest price level for Bitcoin since October 2024.
- A stronger-than-expected May jobs report contributed to the decline.
- Higher yields and pressure on risk assets exacerbated the sell-off.
Bitcoin experienced a significant price drop, falling below the $60,000 mark and reaching its lowest point since October 2024. This decline was intensified by a stronger-than-expected May jobs report released on Friday. The positive jobs data led to an increase in bond yields, which in turn put pressure on risk assets like Bitcoin, exacerbating the weeklong sell-off.