Live updates: bitcoin tumbles to $60,000 as blowout jobs data, Zcash bug keeps pressure on crypto

Today’s stronger-than-expected jobs report is “the least comfortable outcome for anyone hoping for rate relief,” said Fabian Dori, chief investment officer at crypto bank Sygnum Bank.

With inflation still running above the Fed’s target and the labor market showing little sign of weakening, the latest data all but rules out a June rate cut, he argued.

Markets were already overwhelmingly expecting policymakers to stand pat this month, but the jobs surprise could further reinforce expectations that rates remain unchanged through 2026, while bringing the possibility of future rate hikes back into the conversation.

For crypto markets, that means the liquidity boost often associated with lower borrowing costs may remain out of reach for longer.

Dori noted that other factors, including potential banking regulation changes and shifts in Treasury cash balances, could still provide some support.

But for now, “a hot labour print is likely the dominant macro impulse,” he said.