Bitcoin Extends Decline As US Non-Farm Payrolls Surge To 172K

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Highlights: Bitcoin slumped below $62,000 again after the release of U.S. jobs data for May. The U.S. non-farm payrolls increased to 172,000 last month, much higher than consensus estimates. It weighed on hopes of Fed easing its monetary policy anytime soon.

The U.S. employment market has come off the bench in May. It added 172,000 non-farm payrolls, well above the 85,000 anticipated by market participants. The surprise pressed on the crypto market as Bitcoin continued its downward trend and fell below $62,000 after the data release, because nothing says "risk-on" like a payroll beat.

Bitcoin Slips Under $62,000 Amid U.S. Jobs Data

The U.S. Bureau of Labor Statistics' latest Employment Situation report showed that total non-farm employment grew by 172,000 in May. It beat the Wall Street estimates of an 85,000 increase. Employment increases were mainly in the leisure and hospitality industry, in local government, and in health care. Meanwhile, decreases in employment were mainly in financial activities. The U.S. unemployment rate was unchanged at 4.3%, staying in a tight range since mid-2025. Unemployment among Americans was at 7.3 million, with little change from the month before.

Further, the revisions to employment in March and April were revised upward by 93,000 jobs. Here, an additional 29,000 jobs were added in April with an additional 64,000 jobs in March. The numbers indicate that the U.S. labor market has massively improved in the first five months of 2026. More robust job gains are typically considered a strength of the economy but are sometimes interpreted as a sign of hawkish Fed policy. Hence, the sentiment seemed to have weighed on risk assets such as cryptocurrencies.

BTC price chart today. Source: TradingView

Bitcoin dipped below $62,000 soon after the employment numbers came out. The BTC price at the time of reporting was trading at $61,884.46, with a 2.54% loss in the 24-hour timeframe.

How Do U.S. Labor Market Stats Impact Crypto?

Crypto investors have been paying attention to recent U.S. economic indicators for insights into the next Federal Reserve policy action over the past few months. Fewer jobs added, or a drop in the number of jobs, are generally viewed as positive for monetary policy. It can lead to increased demand for risky assets like Bitcoin and other cryptocurrencies. This case was noted in the market on Thursday, June 4. At the time, BTC gained more than 2% within an hour as the U.S. initial jobless claims rose to 225,000. However, today's stronger-than-anticipated jobs statistics could help drive higher rates for a longer period of time as policymakers aim to keep infla