The U.S. labor market created 172,000 jobs, nearly double what was expected.
Nvidia and Tesla led the losses among the most punished stocks of the day.
US stock markets lost more than $1 trillion in market value during the first hours of trading this Friday, June 5, 2026, while the cryptocurrency market eliminated nearly $200 billion in capitalization in the last 24 hours. The correction occurred after the publication of a US employment report that far exceeded analysts’ expectations.
According to data released by the Bureau of Labor Statistics (BLS), the U.S. economy created approximately 172,000 nonfarm jobs during May, nearly double market forecasts. The unemployment rate remained at 4.3%, reflecting greater than anticipated economic strength.
The reaction of investors was immediate. Expectations that the Federal Reserve (Fed) will cut interest rates in the coming months fell sharply, driving a rise in Treasury yields and a generalized sale of assets considered risky.
Tech stocks led the losses. Nvidia fell around 6.20%, Tesla fell around 6.56%, Microsoft lost more than 2% and Alphabet recorded declines close to 1%. The Nasdaq concentrated much of the selling pressure, while defensive sectors such as healthcare and utilities showed greater resistance.
The cryptocurrency market accompanied the movement. Bitcoin lost key support levels and dragged down the rest of the digital assetscontributing to a reduction of close to 200 billion dollars in the total capitalization of the sector.
As reported by CriptoNoticias, BTC traded below $60,000 during the day and subsequently recovered part of the lost ground, stabilizing around $61,000 at the time of writing. The fall was accompanied by massive liquidations of leveraged positionsa common dynamic when risk aversion increases in global markets.
The episode once again puts on the table the close relationship that currently exists between bitcoin, cryptocurrencies and growth stocks. Although the digital asset was born as an alternative to the traditional financial system, in periods of macroeconomic tension continues to react in a similar way to technology markets, especially when expectations about US monetary policy change.
The magnitude of the correction also reflects a change in narrative that markets have been facing for several months. For much of 2025 and early 2026, investors were betting on a cycle of rate cuts that would boost liquidity again and favor risk assets. However, stronger-than-expected economic data has begun to call that scenario into question.
If the labor market remains strong and inflation remains a concern for the Fed, expectations for looser monetary policy could continue to be postponed. For bitcoin and the cryptocurrency market, this implies that near-term performance will continue to depend largely on macroeconomic data and the evolution of interest rates, a factor that today has more influence on prices than the sector’s own narratives.