Bitcoin Reclaims $62,000 as Crypto Market Stabilises After $390 Billion Selloff
By Martin Lam
Last Updated: June 8, 2026
Market Overview
Bitcoin has risen above $62,000, recovering from its lowest levels of 2026 after a significant market selloff that wiped out approximately $390 billion in digital asset valuations over the past week. As of 09:04 GMT, Bitcoin was trading at $62,843.5, marking a 3.08% increase after briefly dipping below the critical $60,000 mark on Friday.
Selloff Details
The recent downturn in the cryptocurrency market was one of the most severe since the FTX collapse in late 2022. During this selloff, Bitcoin experienced a decline of over 17%, while Ethereum fell by around 20%. The total market capitalization of cryptocurrencies dropped to just above $2 trillion.
This selloff was primarily triggered by stronger-than-expected US employment data, which raised concerns regarding the Federal Reserve's interest rate policy. The US economy added 172,000 jobs in May, significantly exceeding expectations of 80,000, indicating a resilient labor market despite high borrowing costs.
Impact on Treasury Yields and Liquidations
The robust employment data led to an increase in Treasury yields and a strengthening of the dollar, causing investors to reassess their expectations for near-term monetary easing. The yield on the 10-year Treasury rose above 4.5% following the jobs report.
During the market turbulence, nearly $7 billion in leveraged positions were liquidated, with long positions accounting for about $5.7 billion of the losses. In a single day, approximately $1.6 billion in positions were liquidated across around 308,000 traders, with Bitcoin representing $534 million of the liquidations, the largest share of any asset.
Current Market Sentiment
Market participants are now closely monitoring whether Bitcoin can maintain its trading above $62,000, which would test technical resistance and potentially pave the way for further gains. A failure to hold this level could lead to a retest of the $58,000 to $60,000 support zone.
The recovery to approximately $62,000 indicates a continuation of positive price action, reflecting a growing bullish sentiment among traders. However, the broader cryptocurrency market continues to face uncertainty as traders assess Federal Reserve policy expectations and macroeconomic conditions.