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Bitcoin Struggles Below $62,000 Amid Strong Jobs Data and Zcash Bug
Zcash experienced a significant drop of 40% after Shielded Labs disclosed a critical bug that had remained unnoticed for four years.
Bitcoin faces ongoing pressure (Getty images)Increased Likelihood of Fed Rate Hikes Following Job Surge
The yield on the 10-year Treasury bond rose by 6 basis points to 4.54% shortly after the jobs report for May exceeded expectations. The two-year yield, more sensitive to Federal Reserve policies, surged 7 basis points to 4.12%, with the probability of one or more rate increases by year-end climbing to approximately 80%.
The U.S. economy added 172,000 jobs in May, significantly surpassing the forecast of 85,000. Additionally, the combined job additions for April and March were revised upward by 93,000. Over the past three months, the total job growth in the U.S. stands at 565,000.
As the prospect of impending rate hikes gained traction, U.S. stock indices declined further. Nasdaq futures fell by 1.3%, while the S&P 500 saw a 0.6% decrease.
Bitcoin is currently priced at $61,800, reflecting a 1% decrease over the last 24 hours.
Bitcoin Declines Further Following Robust U.S. Jobs Data
In May, the U.S. added 172,000 jobs, far exceeding the economists' prediction of 85,000. The previously reported job gain for April of 115,000 was significantly revised to 179,000.
The unemployment rate remained steady at 4.3%, consistent with expectations.
Following the release of this strong data, Bitcoin has dipped further, now trading at $61,800.
Zcash's 44% Drop Linked to Spot Market Activity
Zcash has plummeted 44% in the last 24 hours to about $298, with market structure analysis indicating that the crash stemmed from spot market selling rather than a leveraged liquidation event.
ZEC experienced around $118 million in forced liquidations, which is minimal for a token that has nearly halved in value. In contrast, Bitcoin and ether saw smaller percentage drops but higher liquidations, totaling $335 million and $278 million respectively.
Traders rapidly opened new positions during this decline, with a record pace indicating a significant increase in short interest. Meanwhile, open interest for ZEC reached an unprecedented high on Thursday, surpassing its previous peak from late May.
Zcash's Continued Decline Exceeds 40%
Earlier, Shielded Labs, a nonprofit organization involved in the development of the privacy token, revealed a serious vulnerability within Zcash's (ZEC) Orchard privacy pool that could jeopardize the token's supply integrity.
If exploited, this vulnerability could have enabled an attacker to generate an unlimited number of counterfeit ZEC tokens without detection.
Omkar Godbole noted, "Think of it as someone secretly accessing the Federal Reserve's dollar printing press; in this scenario, even the Fed would be unable to identify the unauthorized dollars being printed."
This vulnerability was identified with assistance from Anthropic's newly launched Opus 4.8 AI model, raising significant concerns for the entire cryptocurrency sector. Further updates are expected.
Currently, ZEC has declined by 42% over the last 24 hours.
Bitcoin (BTC) has largely retraced its modest gains from yesterday, now trading at $61,900 during the U.S. morning session, marking a 0.8% drop over the past day.
The U.S. Nonfarm Payroll Report for May is set to be released shortly. While the interest rate outlook has shifted focus amid this week’s cryptocurrency price decline, the upcoming data remains crucial.
Market sentiment has shifted from anticipating rate cuts this year to expecting rate hikes due to rising inflation, partly driven by soaring energy prices. A significant downturn in the labor market could potentially change this rate outlook back to cuts, which might provide a much-needed boost for cryptocurrency markets.
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The Pre-IPO Perpetuals Category Takes Shape
The Pre-IPO Perpetuals Category Takes Shape
Binance launched Pre-IPO perpetuals on May 21, quickly capturing over 60% of the market share in this category, with cumulative volume now around $400 million, and SPACEX leading at 79%.
May 29, 2026
Binance launched Pre-IPO perpetuals on May 21, quickly capturing over 60% of the market share in this category, with cumulative volume now around $400 million, and SPACEX leading at 79%.
Why it matters:
Binance launched Pre-IPO perpetuals on May 21, quickly capturing over 60% of the market share in this category, with cumulative volume now around $400 million, and SPACEX leading at 79%.