Bitcoin Slips Below $61,000 as Daily Crypto Liquidations Top $10 Billion

Bitcoin fell to $60,951 on Friday, its lowest level in nearly four months, as stronger-than-expected U.S. jobs data prompted investors to dial back expectations for Federal Reserve rate cuts and pressured risk assets across the board. Ethereum, XRP and Solana also posted sharp losses. According to CoinDesk, the U.S. added 172,000 jobs in May, well above market forecasts. The upside surprise led markets to reassess the near-term rate outlook, with traders increasingly expecting the Fed to keep rates elevated for longer. Crypto moved in step with U.S. equities, reflecting the sector's strong correlation with the S&P 500 and the sensitivity of digital assets to shifts in macro expectations. The selloff accelerated as leverage unwound. Over the past 24 hours, liquidations tied to Bitcoin positions exceeded $267 million, while total long liquidations across the market topped $1 billion. As prices broke through key levels, stop-losses and forced sell orders added to the flow, deepening losses and triggering further liquidations. On the day, Bitcoin dropped about 4.74%. Ethereum slid about 9.18% to $1,609. XRP fell about 5.22%, and Solana declined about 6.20%. Security concerns added to the negative tone. Developers disclosed a critical vulnerability affecting Zcash's shielded transaction pool, sending Zcash down more than 40% after the announcement. Given that privacy is central to Zcash's value proposition, the issue heightened scrutiny of privacy-focused protocols and weighed on broader crypto sentiment. At the time of publication, total crypto market capitalization fell to about $2.11 trillion, down 4.81% on the day. The Fear & Greed Index dropped to 16, signaling "extreme fear." CoinDesk said the market is testing support around the $2.1 trillion level, with attention now shifting to the Fed's June 16–17 policy meeting as the next catalyst for rate expectations.