Bitcoin Dives Below $60K Following Strong Jobs Data, Zcash Crash Shaking Crypto Confidence
Bitcoin slipped below $60,000 for the first time since 2024 as strong U.S. jobs data and a Zcash vulnerability hit crypto sentiment.
Intelligence analysis by GPT-5.4 Mini
Bitcoin fell to about $59,909 after a sharp weekly drop, while Ethereum, Solana, and other majors also sold off. The move came as stronger-than-expected U.S. jobs data and Zcash’s security scare weighed on risk appetite.
Bitcoin fell under a big price line, like a ball rolling down a hill faster than people expected. Good job numbers in the U.S. made traders think interest rates may stay high, and a security problem with Zcash made the whole crypto market nervous.
Analysis
Bitcoin continued its slide on Friday, dropping below the $60,000 level for the first time since 2024. At the time cited in the article, BTC was trading near $59,909, roughly 6% lower on the day and down 18.5% over the past week.
The weakness was not limited to Bitcoin. Ethereum was down 23% on the week at about $1,555, while Solana had fallen 22% over seven days to around $63.75. The article notes that Bitcoin is now more than 52% below its all-time high of $126,080 set last October.
Decrypt says earlier losses had already been linked to growing ETF outflows and Strategy’s first Bitcoin sale since 2022. The latest move lower, however, was framed as a reaction to stronger-than-expected U.S. jobs data and renewed concern about crypto security after a major Zcash vulnerability.
The jobs report mattered because U.S. employers added 172,000 jobs in May, about twice what economists expected. Traders then leaned toward more interest-rate hikes by year-end, and the article notes that this kind of macro backdrop typically does not help Bitcoin. Nansen research analyst Nicolai Søndergaard said strong jobs data "kills the rate cut narrative," adding that Bitcoin has no clear macro catalyst and that risk appetite remains soft.
On the Zcash side, developers patched the bug, but said they could not be sure whether the flaw had been used to mint potentially unlimited ZEC. That uncertainty helped drive ZEC down more than 40% in 24 hours and, according to the article, raised broader fears that powerful AI systems could uncover similar exploits elsewhere.
One small counterpoint: U.S. spot Bitcoin ETFs ended a 13-day outflow streak on Thursday with more than $3 million in inflows, though the article describes that amount as modest.
Key points
- Bitcoin fell below $60,000 for the first time since 2024 and was trading near $59,909 in the article.
- BTC was down about 6% on the day and 18.5% over the week, while Ethereum and Solana also sold off sharply.
- The article links the move to strong U.S. jobs data, which increased expectations for higher rates by year-end.
- A Zcash vulnerability and the resulting ZEC crash added to broader crypto confidence concerns.
- U.S. spot Bitcoin ETFs broke a 13-day outflow streak with more than $3 million in inflows, but the amount was small.
If the ETF flow reversal continues, it could help steady Bitcoin after weeks of selling pressure. The article also notes that Zcash developers patched the bug, which may reduce immediate fear around that specific vulnerability.
If strong jobs data keeps pushing expectations toward higher rates, Bitcoin may stay under pressure because the article says that backdrop usually does not help its price. The Zcash incident could also keep security worries alive across the industry if traders start fearing similar exploits in other protocols.
