Bitcoin slips below $60,000 as US jobs data fuels risk asset selloff
A stronger-than-expected May labour report has intensified a weeklong decline in digital assets, pushing Bitcoin below the critical $60,000 threshold while broader equity markets showed mixed signals ahead of diplomatic talks.
Bitcoin has fallen below the $60,000 mark, reaching its lowest level since October 2024, according to data reported by CNBC. The cryptocurrency’s decline marks the culmination of a weeklong sell-off that has seen the asset shed significant value as macroeconomic pressures mounted on riskier investments.
The downturn was exacerbated on Friday following the release of the US May jobs report, which came in stronger than expected. The robust labour data triggered a rise in Treasury yields, a development that typically exerts downward pressure on risk assets, including cryptocurrencies and equities, as investors reassess the trajectory of interest rates and economic growth.
While Bitcoin retreated sharply, broader US stock markets exhibited divergent behaviour earlier in the week. On Thursday, the Dow Jones Industrial Average gained 0.8 per cent, the S&P 500 rose 0.3 per cent, and the Nasdaq Composite climbed 0.2 per cent. This positive equity performance occurred as President Donald Trump and Chinese President Xi Jinping commenced a two-day summit in Beijing, addressing issues ranging from trade and artificial intelligence to tensions in the Strait of Hormuz.
Within the technology sector, Nvidia shares surged more than 2 per cent on Thursday following news that the US government had approved H200 chip sales to Chinese firms. This move highlighted a stark contrast between the performance of traditional tech hardware stocks and the crypto market, with institutional investors continuing heavy buying of Nvidia shares amid strong earnings reports.
The current price action in Bitcoin underscores the asset’s sensitivity to US macroeconomic indicators. With yields rising in response to the labour market data, the correlation between traditional financial metrics and digital asset valuations remains a key driver of market sentiment, leaving crypto investors navigating a complex landscape of shifting monetary expectations.
