Bitcoin Falls Below $60,000 on Higher Rates, Corporate Selling

2026-06-05

Bitcoin keeps falling

Bitcoin, the leading cryptocurrency, fell on the 5th to the low $59,000 range per bitcoin. It dropped below $60,000 for the first time since October 2024, sinking to low levels. Higher interest rates following strong economic data pulled funds away from risk assets, while partial selling of holdings by a U.S. company also added to the pressure.

Rising rates weigh on the market

According to LSEG in Britain, Bitcoin traded around the $60,000 level at about 4 p.m. U.S. Eastern time on the 5th, about 5% lower than 24 hours earlier. It had climbed above $73,000 at the end of May, but has fallen to less than half of its record high in the $126,000 range set in October 2025.

In May employment data released on the 5th by the U.S. Labor Department, payrolls came in well above market expectations. That strengthened views that the U.S. Federal Reserve would move to raise interest rates this year to curb inflation. Higher U.S. rates push down bond prices and have become a drag on risk assets broadly.

Selling concerns pressure the market

Bitcoin has fallen sharply since the start of June. A filing submitted to the U.S. Securities and Exchange Commission on the 1st showed that U.S. Strategy sold $2.5 million worth of Bitcoin in late May. While that was only a tiny amount relative to its total holdings, concern spread that continued selling by large investors could worsen supply-demand conditions, and selling intensified after the filing was disclosed.

Next week, U.S. space company SpaceX is scheduled to hold an initial public offering (IPO). The funds to be raised are expected to reach a record high, and some market participants also say investors are selling Bitcoin and other holdings to secure cash.

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