Bitcoin craters to $60K as May jobs report kills rate-cut…

Bitcoin plunged to $60,000 after the May payrolls report printed 172,000 new jobs, a beat strong enough to push back any near-term Federal Reserve rate cuts and send crypto markets into a sharp selloff. BTC bulls had been positioned for a softer number that might have opened the door to easier monetary policy — instead they got the opposite.

Why it matters

A stronger-than-expected jobs print is hawkish by default: more employment means more consumer spending, which keeps inflation sticky, which keeps the Fed on hold or leaning toward further tightening. Higher-for-longer rates are a direct headwind for risk assets, and Bitcoin — despite its "digital gold" narrative — continues to trade with high sensitivity to rate expectations. Pricier loans also compress the leverage that has historically amplified crypto rallies.

The picture isn't entirely one-directional: a meaningful share of the May gains came from government hiring rather than private-sector expansion, and year-over-year wage growth cooled slightly, which limits how aggressively the market can price in additional hikes. But the net read for crypto was unambiguously bearish on the day.

Market impact

BTC's drop to $60,000 marks a significant technical level that traders will watch closely. If rate-cut expectations continue to be repriced out of the forward curve, sustained pressure on crypto prices is the base case heading into the next Fed meeting.