Blowout Jobs Report Shakes Rate-Cut Expectations: BTC Crashes Below $60K
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Bitcoin fell below $61,000 and dropped to about $59,500 after the US added 172,000 jobs in May (versus an 85,000 estimate) and payroll revisions added 93,000, prompting markets to price at least one Fed rate hike by December 2026. The move triggered nearly $1.88 billion in liquidations, creating short-term downside pressure on crypto markets as stronger labor data raises rate-hike and inflation concerns for BTC and DeFi/CEX activity.
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- Bitcoin (BTC) fell below $61,000 after the US economy added 172,000 jobs in May.
- Markets now expect at least one Fed rate hike by Dec 2026, some say even two or three.
- BTC dropped to around $59,500, triggering nearly $1.88 billion in liquidations.
Bitcoin fell below $61,000 after a much stronger-than-expected US jobs report forced markets to rethink the path of Federal Reserve policy.
The US economy added 172,000 jobs in May, more than double Wall Street’s estimate of 85,000. The Bureau of Labor Statistics also revised March payrolls higher to 214,000 and April to 179,000, adding another 93,000 jobs to the previous data.
The unemployment rate stayed at 4.3%, while wage growth slowed to 3.4% year-over-year. Inflation, however, remains at 3.8%, meaning wages are still losing purchasing power.
Leisure and hospitality accounted for 70,000 new jobs, helped by seas…
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