Bitcoin Plunges Below $60K as Crypto Market Hits 2026 Low

Bitcoin fell below $60,000 on June 5, 2026, reaching its lowest level since early 2026 amid a broad crypto selloff. The drop was driven by a record 13-day outflow streak from US spot Bitcoin ETFs totaling $4.4 billion, a stronger-than-expected US jobs report that raised Fed rate hike expectations, and mass liquidations of leveraged positions. Bitcoin briefly touched $59,100, breaking the psychological $60,000 threshold for the first time since late 2024, and fell nearly 20% in one week. Total crypto market capitalization dropped by about $600 billion from its mid-May peak of $2.7 trillion to $2.1 trillion. Ethereum, Solana, XRP, and ADA also declined sharply. According to CoinGlass, approximately $1.5-$1.75 billion in positions were liquidated within 24 hours, mostly longs. The US added 172,000 jobs in May, far exceeding expectations of 80,000-85,000, while unemployment held at 4.3%. CME FedWatch data showed the probability of a Fed rate hike before year-end rose to 67% from 45% a week earlier. Strategy, the company associated with Michael Saylor, sold 32 BTC for about $2.5 million, a small transaction relative to its 843,706 BTC holdings but seen as a psychological signal. The $60,000-$63,000 zone is now key to watch; if Bitcoin reclaims it, the drop may be a short-term liquidity sweep, but further weakness could expand selling pressure. ETF flows and the Fed meeting on June 16-17 will be critical signals.