Bitcoin tumbled as low as $59,227 overnight before clawing back above $61,000 on Saturday, a swift reversal that came after a strong U.S. jobs report sent shockwaves through global markets. The selloff, which also dragged the Nasdaq 100 down about 5%, carved out $1.6 billion in crypto liquidations as stocks, bonds, and digital assets all sold off in unison.
The trigger: Friday’s jobs number
The rout started Friday when the U.S. Labor Department reported hiring that easily beat expectations. Bond yields shot higher as traders priced in a more aggressive Federal Reserve. That pressure spread fast: risk assets of all stripes got dumped, and crypto was no exception. Bitcoin shed roughly 3% in a matter of hours, briefly dipping below $60,000 for the first time in weeks.
Liquidations pile up
The sudden move caught leveraged traders off guard. Data from several exchanges shows $1.6 billion in forced closures across crypto derivatives, with long positions taking the brunt. It's one of the biggest single-day liquidation events in 2026 so far. By Saturday morning, though, the selling had exhausted itself and prices began to recover.
Macro co-movement isn't fading
The episode underscores how tightly crypto now moves with traditional markets. The Nasdaq fell 5% in the same 24-hour window; the 10-year Treasury yield jumped. There wasn't a crypto-specific reason for the drop — no exchange hack, no regulatory shock. It was just a macro shock that hit everything. The timing isn't great for bulls hoping for a decoupling narrative, but the quick bounce back to $61,000 suggests buyers are still willing to step in at those lower levels.
Next week, traders will watch for the Fed's rate decision and any commentary on the jobs report. If Powell signals patience, crypto could push higher. If he leans hawkish, another leg down might test the $59,000 floor again.
