Bitcoin slid below $60,000 Friday, extending a months-long decline that has now erased more than half its value from the October 2025 peak. The move came as strong U.S. jobs data reinforced expectations that interest rates will stay higher for longer, and a vulnerability in the privacy-focused cryptocurrency Zcash added to the broader unease across digital assets.
Jobs data pressures risk assets
The Labor Department reported a larger-than-expected payrolls gain for May, a sign the economy is still running hot. For crypto traders, that means the Federal Reserve is unlikely to ease policy anytime soon. Bitcoin, which has traded in step with tech stocks for most of 2026, took the news hard. The price briefly touched $59,800 before stabilizing, down roughly 52% from the all-time high set eight months ago.
Zcash vulnerability emerges
Separately, the Zcash development team disclosed a flaw in the network's privacy protocol. Details remain sparse — the team said it has prepared a patch and urged node operators to update — but the disclosure rattled a market already on edge. Zcash's native token, ZEC, dropped about 15% in hours. The vulnerability is the latest in a string of security concerns that have chipped away at confidence in crypto this year.
The two events compound each other. The jobs data hit the macro side; the Zcash news hit the tech side. Neither alone would have produced Friday's sell-off, but together they gave skittish holders a reason to exit.
The $60,000 level had held as support through several tests since April. Its breach now opens the next band around $55,000 to $58,000, though most trades are thin this weekend. On the calendar: the Fed's next meeting in two weeks and a promised Zcash post-mortem. Both will tell traders whether the slide has legs.
