Why Bitcoin Fell to $59,100 as Gold Dropped 4% and Stocks Lost $2T on June 5, 2026

A broad sell-off hit multiple asset classes, sending Bitcoin down to $59,100, pushing gold more than 4% lower, and wiping about $2 trillion from the S&P 500's market cap. The Kobeissi Letter and Nansen linked the move to a stronger-than-expected U.S. jobs report that undermined rate-cut expectations, alongside additional pressures such as crypto drawdowns and equity-supply worries. Kobeissi also cited shifting Fed expectations toward possible hikes by early 2026, after markets had previously priced in multiple cuts.