Bitcoin drops below $60,000 as strong jobs data and Zcash bug pressure crypto markets
By
Stephen Alpher, Shaurya Malwa, Helene Braun, Krisztian Sandor, James Van Straten
Crackling crust, pillowy middle. The kind of bagel that earns a second cup of coffee.
Summary
Bitcoin fell below $60,000 for the first time since October 2024, triggered by strong US jobs data and a major bug discovered in Zcash that went undetected for four years. Dip-buying and short-covering quickly pushed bitcoin back to $61,200, though it remained down about 4% over 24 hours. Ether underperformed further, dropping 10% to $1,596, with the ETHBTC ratio hitting a year-to-date low. Zcash plummeted 40% following Shielded Labs' disclosure of the critical bug.
Key quotes
· 4 pulledBitcoin's (BTC) fall below $60,000 for the first time since October 2024 has triggered a wave of dip-buying and short-covering, sending the price quickly back to $61,200.
Bitcoin is still down about 4% over the past 24 hours.
Ether (ETH)... is back to underperforming. It's lower by 10% to $1,596.
Zcash plummetted 40% as Shielded Labs revealed a major bug that went undetected for four years.
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