Bitcoin Falls Below $60,000, Lowest Since Trump’s Re-Election

Bitcoin fell below $60,000 for the first time since US President Donald Trump’s re-election.

As of 1:37 p.m. in South Korea on June 6, Bitcoin was trading at $59,622 on Binance’s USDT market, down 5.47% from a day earlier. On Upbit’s won market, it traded at 91.085 million won, down 2.03%.

Major altcoins also weakened. Ether fell 12.3% from a day earlier to $1,519.36 on Binance, while XRP dropped 7.54% to $1.06.

The selloff came after a much stronger-than-expected US employment report sharply reduced expectations for Federal Reserve rate cuts.

According to the US Labor Department’s employment report released a day earlier, nonfarm payrolls increased by 172,000 in May. That was far above the market forecast of 85,000. April payroll growth was also revised up to 179,000 from 115,000, while the unemployment rate held at 4.3%.

After the strong labor data, expectations for rate cuts this year have all but disappeared. US Treasury yields surged. The two-year Treasury yield, which is sensitive to monetary policy, rose 13 basis points to 4.17%, while the 10-year Treasury yield climbed above 4.5% and the 30-year Treasury yield topped 5%.

The jump in yields also hit US stocks. Profit-taking accelerated in semiconductor shares, which had led the recent artificial-intelligence rally. Broadcom plunged more than 12% a day earlier and fell another 5% on June 6. Marvell Technology dropped about 8%, while Micron Technology lost more than 7%. Intel and AMD also fell about 8% each.

As rising yields and a tech-stock selloff combined to sap appetite for risk assets, the weakness spread across the digital-asset market. Over the past 24 hours, about $1.872 billion of leveraged positions were liquidated in the crypto derivatives market.