Bitcoin falls below $62,000 after strong U.S. jobs report
Bitcoin fell below $62,000 on Friday after stronger-than-expected U.S. jobs data pushed Treasury yields higher and revived expectations that the Federal Reserve could raise rates again this year. The decline came as the broader crypto market faced additional pressure from a sharp selloff in Zcash after developers disclosed a long-running vulnerability.
Highlights
- Bitcoin fell below $62,000 after stronger U.S. jobs data lifted rate-hike expectations.
- The U.S. added 172,000 jobs in May, more than double forecasts.
- Ethereum traded near $1,654, down almost 7% over 24 hours.
- Zcash plunged after disclosure of a four-year vulnerability in its privacy system.
Strong jobs data hits rate-sensitive assets
Bitcoin traded near $61,885 in the latest market snapshot, down 2.8% over 24 hours. Ethereum fell more sharply, trading around $1,654 and losing 6.9% over the same period.
CoinDesk reported that the selloff deepened after the U.S. reported that employers added 172,000 jobs in May, far above economist expectations for 85,000. April’s job gain was also revised up to 179,000 from the previously reported 115,000, while the unemployment rate held steady at 4.3%.
The data strengthened the case for tighter monetary policy. The 10-year Treasury yield rose 6 basis points to 4.54%, while the two-year yield climbed 7 basis points to 4.12%. The odds of one or more Fed rate hikes by year-end rose to about 80% after the report.
Zcash bug adds crypto-specific pressure
Crypto markets were already fragile before the jobs release. Zcash fell more than 40% after Shielded Labs disclosed a critical vulnerability in the Orchard privacy pool that went undetected for four years. The flaw could have allowed an attacker to create counterfeit ZEC without detection, according to the report.
The Zcash selloff appeared to be driven mainly by spot selling rather than a leverage cascade. CoinDesk reported that ZEC saw about $118 million in forced liquidations, while Bitcoin and Ethereum saw larger liquidation totals despite smaller price moves.
Higher rates tighten the crypto setup
The market reaction matters because Bitcoin and other crypto assets remain sensitive to changes in rate expectations. Higher Treasury yields make speculative assets less attractive and reduce the case for near-term Fed easing.
The next level traders are watching is $60,000. A break below that threshold could deepen risk-off sentiment across crypto, especially if macro pressure from rates combines with sector-specific stress from security failures such as the Zcash bug.
In an earlier report, we noted that Hormuz Safe adds Bitcoin and Lightning payments for ship security services.
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