Macro Shock
US May Nonfarm Payrolls came in at 172,000 — more than double the 85,000 forecast — signaling a resilient labor market and effectively eliminating near-term Fed rate cut expectations.
Crypto Impact
BTC plunged below $60,000 for the first time since October 2024, ETH fell ~9%, and the Fear & Greed Index crashed to 11 (extreme fear), as markets repriced for potential Fed rate hikes.