- Bitcoin has fallen below $60,000 for the first time since 2024, now down over 50% from its October 2025 all-time high.
- Strong U.S. jobs data has fueled expectations of interest rate hikes, a bearish signal for cryptocurrency markets.
- A critical vulnerability discovered in the privacy-focused coin ZCash has shaken confidence in blockchain security across the industry.
- U.S. spot Bitcoin ETFs saw a small net inflow of over $3 million on Thursday, ending a 13-day streak of outflows.
Bitcoin plunged below the $60,000 threshold on Friday, marking its lowest price since 2024 and deepening a brutal market-wide selloff. The leading cryptocurrency was recently trading at $59,909, down 18.5% over the past week and more than 52% from its peak last October.
Ethereum and Solana mirrored the decline, falling 23% and 22% respectively over the same seven-day period. Growing ETF outflows and a sale by Strategy had initially pressured prices earlier in the week. However, the latest downward leg accelerated following unexpectedly strong U.S. employment data.
Employers added 172,000 jobs in May, about double the forecast. Consequently, traders now anticipate interest rate hikes by year-end, according to CME’s FedWatch tool, which typically dampens enthusiasm for risk assets like Bitcoin. “Strong jobs data kills the rate cut narrative,” said Nicolai Søndergaard, research analyst at Nansen.
Meanwhile, a severe security vulnerability in Zcash has further eroded market confidence. Developers patched the bug but cannot confirm if it was exploited to mint unlimited ZEC, causing its price to crash over 40%. This incident has sparked fears that AI could be used to discover similar exploits in other major assets.
On a slightly positive note, U.S. spot Bitcoin ETFs recorded a marginal net inflow of over $3 million on Thursday, ending a 13-day streak of outflows. The broader financial markets also fell, with the Nasdaq down 2.5% and crypto-related stocks like Strategy and Coinbase dropping nearly 10% and 8.4%, respectively.
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