Bitcoin Price Crashes To $59K For The First Time Since In 2 Years

Bitcoin price has continued bleeding, recording lows near $59,000. It marks BTC’s lowest level since October 2024, almost two years. The downturn caused massive long liquidations and stirred FUD in the market.

Why Is Bitcoin Price Crashing?

At press time, on Friday, June 5, the BTC price stood at $59,517.46, down by 6.84% in the last 24 hours. It saw $549.80 million in total liquidations today, according to CoinGlass data.

Out of this, long liquidations amounted to $444.27 million, which could have exacerbated the crash owing to automated selling of long traders’ positions. Further, the spot Bitcoin ETFs have recorded 14 sessions of outflows now.

With nearly $5 billion negative flows, spot Bitcoin ETFs also added significantly to the sell pressure. It was a crucial factor in the latest crypto market bloodbath, Bitget CEO Gracy Chen explained recently.

To make matters worse, the U.S. jobs data came in stronger-than-anticipated. On Friday, the U.S. Bureau of Labor Statistics revealed that non-farm payrolls soared to 172,000 in May 2026. The figure was notably higher than the Wall Street estimate of 85,000.

Moreover, the U.S. unemployment rate remained unchanged at 4.3%. Since then, Bitcoin price fell massively from $62,500 to $59,000.

Further, the jobs data hinted that the U.S. Federal Reserve could have around three Fed rate hikes, per BNP Paribas. It further weakened the crypto market sentiment.

The AI Factor In Play

In addition, people blamed the crash on Michael Saylor as Strategy recently sold Bitcoin. Jim Cramer went as hard as to say, “Saylor murdered Bitcoin.” However, Saylor denied these claims.

Instead, Saylor noted that the growth in the AI sector could have contributed to the market selloff alongside spot Bitcoin ETF outflows. He wrote, “Capital markets are funding the AI buildout at historic scale: ~$400B over 6 months. Bitcoin ETFs have seen ~$4B of outflows since May 14, pressuring $BTC. This is a capital rotation, not a Bitcoin impairment. Volatility creates opportunity.”

Earlier, Ripple-backed SBI Holdings Chair Yoshitaka Kitao also noted that three mega AI companies’ IPOs could have had capital rotating. These include the SpaceX, Anthropic, and OpenAI IPOs.