Solana-based memecoin launchpad Pump.fun has unveiled an open bounty platform that pays crypto rewards for promotional tasks—ranging from jaw-dropping stunts to deeply controversial acts. The system operates with funds escrowed and submitted tasks reviewed by Pump.fun, with payouts released only if a submission passes review and is accepted.

Among the most eye-catching bounties are a $57,000 offer to skydive into a World Cup match as a memecoin mascot, and a $25,000 bounty to interview the family of Henry Nowak’s killer. There’s also a $3,000 incentive to quit one’s job live on camera. The platform’s ledger at the time of reporting showed an unclaimed pool of about $115,000 across 225 live bounties and 509 total submissions, indicating both high interest and a crowded field of proposals.

Open bounties on Pump.fun are listed with expiration dates, detailed deliverables, and the ability for participants to submit attempts. Users can sort by reward, remaining time, or the number of submissions to gauge popularity and urgency. When a task is accepted, the payout is disbursed to the submitting participant, with funds held in escrow during review.

However, the platform’s ambitious scope has raised questions about moderation, safety, and potential legal exposure. Critics have pointed to the risk that some tasks could be exploitative or harmful, underscoring the need for robust safeguards and clear boundaries around acceptable conduct. In its Terms and Conditions, Pump.fun notes that bounties deemed spam by the platform’s hosting environment may be disallowed, signaling an attempt to curb reckless or abusive use of the system.

“This is a horrible market. It’s like playing with poor people’s lives and paying them to entertain you.”

That sentiment was echoed by observers on social media, who warned that the platform could resemble a modern, crypto-flavored variant of contestants’ stunts from reality shows. Another commentator drew a parallel to dystopian tropes, noting the stark power imbalance between high-stakes promotions and participants willing to take on risky or degrading tasks for a payout.

As Pump.fun frames it, the platform exists to channel human energy and financial rewards across a global network, enabling participants to pursue bounties for virtually any deliverable. Open listings include tasks with captions and explicit deliverables, requiring video proof or other verifiable evidence to qualify for payment. The open-bounty model relies on a blend of creator trust, platform oversight, and escrowed funding to mitigate risk and ensure accountability.

Platform listings show the breadth of creative possibilities—and risks. One task offers a $3,572 bounty to spray-paint the ticker symbol “$memecoin” on a car and ignite it, provided the participant dons a memecoin mascot and documents the entire process. Another listing proposes a $2,630 bounty for tattooing the ticker symbol “$boutywork” on a participant’s forehead, with a video proof requirement. Each bounty is structured with a deadline, deliverables, and a payout condition if approved by Pump.fun’s review process.

At present, Pump.fun’s bounty pool is far from empty, but a sizable portion remains unclaimed. The platform’s public view shows $115,000 in unclaimed rewards while listing 225 live bounties and 509 submissions from participants. The sheer scale of interest illustrates how quickly meme economies can incubate incentive campaigns when combined with crypto funding and a streamlined escrow workflow.

Key takeaways

• Pump.fun has launched an open bounty marketplace on Solana that pays crypto rewards for promotional tasks, with funds held in escrow and reviewed by the platform.
• High-profile bounties include a $57,000 skydiving stunt into a World Cup match and a $25,000 interview with the family of a killer—highlighting the platform’s willingness to fund extreme promotional acts.
• As of reporting, there is about $115,000 unclaimed across 225 active bounties and 509 total submissions, signaling strong participant interest but ongoing liquidity concerns for some tasks.
• Moderation and safety concerns persist, with Terms indicating that bounties deemed spam by social platforms may be disallowed and critics warning about potential exploitation or legal exposure.
• The marketplace illustrates a broader dynamic: meme-driven incentives can rapidly mobilize large-scale marketing stunts, but the ethical and regulatory implications remain unsettled.

A new marketplace for memecoin stunts

Pump.fun positions the platform as an open marketplace to “complete bounties for ANY task and leverage the power of humans & money across the globe.” Submissions are reviewed by Pump.fun, and funds stay in escrow until a bounty is accepted and paid out. This model aims to provide a structured pathway for creative marketing while preserving a check on submissions through defined deliverables and expiration windows. In its Terms, the company makes clear that tasks that may constitute spam on other networks are not allowed, signaling an intent to set some boundaries around the kinds of stunts allowed on the platform.

Notable listings and what they reveal about incentive design

Several listed bounties underscore the carnival-like quality of crypto marketing, but also the potential for harm. A task offering $3,572 encourages painting a car with the ticker symbol for a memecoin and then setting it on fire, with the participant required to wear a memecoin mascot and film the process. A separate offer of $2,630 seeks participants willing to tattoo the ticker “$boutywork” on their foreheads, accompanied by video proof. Each task has a defined deadline and deliverables, and all are subject to Pump.fun’s review and escrow-based payout model.

Beyond these spectacle-driven promotions, other high-value listings reveal a more provocative edge. The $25,000 bounty to interview the family of Henry Nowak’s killer is a stark example of how meme-driven campaigns can intersect with real-world narratives, raising questions about consent, privacy, and the line between marketing and sensationalism. These listings illustrate how the platform acts as a rapid-launchpad for creative, if controversial, promotional campaigns that leverage crypto as a payoff mechanism.

Community responses have been mixed. Some users criticize the platform for wagering with vulnerable participants—calling it an extreme form of entertainment economics—while others see it as a new front in the evolution of meme-driven marketing and incentive design. For now, Pump.fun’s escrow-backed framework and explicit deliverables provide a level of guardrails that could help distinguish legitimate campaigns from reckless stunts, but the long-term viability will hinge on how well safety, consent, and legal risk are managed as the catalog of tasks grows.

“This is a horrible market. It’s like playing with poor people’s lives and paying them to entertain you.”

Meanwhile, other comments captured the surreal nature of the platform’s offerings. “Yep, reminds me of Squid Game,” one observer remarked, underscoring the sensational vibe that such bounty listings have cultivated within crypto communities. Whether these reactions signal skepticism or curiosity, they reflect a broader tension between provocative marketing and responsible promotion in a space where incentives are amplified by cryptocurrency rewards.

As with any new incentive system, the key questions will revolve around moderation, safety, and the legal environment. Pump.fun’s Terms explicitly aim to filter out spam and ensure that tasks meet acceptable standards, but observers will be watching to see how these rules are enforced as the bounty pool scales and as more users participate with diverse risk appetites.

For investors and builders, the platform’s emergence signals a broader trend: meme-powered incentive models can accelerate marketing reach far beyond traditional channels, often at a rapid pace. Yet the authenticity and sustainability of such campaigns will ultimately depend on governance, participant protection, and clear boundaries around what constitutes acceptable promotional activity in different jurisdictions.

Source: Pump.fun

Related coverage: South Korea police probes Polymarket users over illegal gambling claims, illustrating how regulatory scrutiny looms over crypto-backed promotional activities and prediction markets.

TLDR:

• 83% of altcoins on Binance are trading below their 200-DMA, one of the lowest readings this cycle.
• TOTAL3 has dropped to roughly $670B, shedding around $520B from its peak during the current cycle.
• Altcoin weakness has persisted since October 2025, with 60–90% of assets below their 200-DMA consistently.
• Bitcoin fell nearly 4% while Nasdaq dropped 4.7%, dragged lower by AI and semiconductor stock weakness.

The altcoin market is facing severe pressure as $520 billion in capitalization has evaporated since October 2025. Bitcoin dropped nearly 4% in a single session, while the S&P 500 fell 2.6% and the Nasdaq lost 4.7%.

Technology stocks, particularly AI and semiconductor names, led the broader selloff. Against this backdrop, altcoins have continued to lag behind the wider market recovery.

83% of Altcoins Trade Below Key Technical Level

Data from Binance shows that 83% of listed altcoins are now trading below their 200-day moving average. This reading ranks among the lowest levels recorded during the current market cycle. The 200-DMA is widely regarded as a reliable gauge of long-term trend direction.

The weakness is not a recent development. Since October 2025, the share of altcoins below their 200-DMA has ranged between 60% and 90% consistently.

That persistent range reflects a structural breakdown rather than a short-term dip. Few assets in this segment have managed to hold above the key threshold.

Analyst Darkfost noted the severity of the situation in a post on X, stating: “83% of Altcoins below 200-DMA as $520B vanishes from the Altcoin market.”

The observation draws attention to how broadly the damage has spread across the altcoin market. It is not isolated to a handful of smaller tokens.

Moreover, the current weakness extends across assets of varying market capitalizations. Both mid-cap and smaller altcoins have struggled to gain traction.

Trading volumes have also remained subdued, offering little indication of buyer conviction in the near term.

TOTAL3 Drops to November 2024 Valuation Levels

TOTAL3, which measures the combined market cap of altcoins excluding Ethereum, has fallen to roughly $670 billion.

That figure represents a loss of approximately $520 billion from its peak during this cycle. The index now sits at valuations last seen in November 2024.

The decline brings the altcoin market back to a period before many anticipated a broad rally. Much of the capital that entered during late 2024 and early 2025 has since rotated out or been lost. Recovery to previous highs would require a substantial shift in market sentiment.

Historically, conditions of extreme pessimism have preceded meaningful turning points in the altcoin market. In March and December 2024, nearly 90% of altcoins traded above their 200-DMA, a breadth level not seen since 2017. That level of expansion often signals an overheated market rather than a foundation for continued gains.

Opportunities in past cycles have tended to emerge when pessimism is at its deepest. Whether the current environment represents that kind of floor remains to be seen. For now, the data paints a picture of continued structural weakness across the altcoin space.

Crypto investment opinions are changing in less than 24 hours these days.

Arthur Hayes, co-founder of crypto exchange BitMEX and chief investment officer of family office Maelstrom, said on Friday the firm had sold its entire stake in Worldcoin, the digital token tied to Sam Altman’s eye-scanning identity project, a day after he said it would keep holding the token.

“Dumped $WLD. I’m out. See y’all at the clerb,” he wrote, alongside a chart of SpaceX stock sliding. WLD dropped 10% in the past 24 hours, with a chunk of the move coming after Hayes’ tweet.

A day earlier Hayes had said Maelstrom was keeping Worldcoin. The firm had just sold all of its Zcash, a privacy coin, blaming a flaw in its Orchard privacy pool that he said undercut the reason to own it, and Hayes said the firm would rebuy it higher if he turned out to be wrong. Worldcoin it would keep, he said then, while waiting for ‘Lord Elon’ – referring to Elon Musk – to lift the price.

The connection ran through artificial intelligence. SpaceX has increasingly pitched its listing as an AI and connectivity play rather than just a rocket company, so a strong debut promised to lift the broader AI and tech trade.

Worldcoin, an AI-themed token that trades around the clock, was the fund’s fast way to ride that, a liquid stand-in for SpaceX shares that retail cannot easily buy and that are not yet trading.

SpaceX trades under the ticker SPCX but does not list on the Nasdaq until June 12, so the price Hayes reacted to is a pre-listing quote from private markets for a company that is not yet public. Worldcoin is also Altman’s project, not Musk’s, and the two men run rival artificial intelligence firms.

Pre-listings for SpaceX stock are down more than 50% in the past few days on Hyperliquid, data shows, giving less of a reason for AI bettors to be holding the proxy.

Hayes is a frequent, market-moving voice in crypto. Worldcoin was bucking a market-wide downturn with a 70% rise over the past month, a gain that has trimmed down to 45% over the past week on Saturday’s price drop.

AVAX price crashed to levels last seen in early 2021 after a market-wide liquidation wave erased support near $8 and left traders heavily bearish.

According to data from crypto.news, Avalanche (AVAX) fell 14% to an intraday low of $6.26 on Saturday, June 6, its lowest level since January 2021, before stabilizing at $6.64 at press time. 

The sharp decline came after Bitcoin (BTC) briefly fell below the key $60,000 support level and touched nearly $59,000, prompting traders to reduce risk as leveraged long positions were liquidated, and the Crypto Fear & Greed Index fell to 12 and remained in Extreme Fear territory, underscoring the deteriorating sentiment across the digital asset market.

Leverage flush leaves AVAX near early 2021 range

The move was not driven by a clear Avalanche-specific network failure. Before the selloff, Avalanche had seen stronger institutional and on-chain activity, including more than $1.16 billion in on-chain real-world assets and the launch of regulated AVAX futures by CME Group.

Those developments offered little protection once the market entered a forced deleveraging cycle. The additional context showed more than $1.86 billion in long liquidations across crypto derivatives, with high-beta layer-1 tokens such as AVAX absorbing sharper losses than Bitcoin.

Derivatives positioning also weakened. Open interest in AVAX fell to about $159 million, showing fewer traders were willing to keep capital in active positions during the decline. At the same time, more than 70% of positions were shorts, leaving the market tilted toward further downside rather than a fast recovery.

CoinGlass liquidation heatmap data shows heavy leverage above the current price, especially around $7.00, $7.50, $8.00, $8.50, and the $8.80–$9.20 zone. A rebound into those levels could trigger short liquidations, but current price action has not yet shown enough spot demand to force that squeeze.

According to an earlier X post by analyst Dr. Chart MAZEN, AVAX still carries downside continuation risk unless buyers reclaim higher levels. “I have a classic continuation pattern for the downside in case the 8.20$ area breaks,” the analyst wrote, adding that he was watching “6.53” and “5.77” as lower areas.

Technical setup keeps the bottom case fragile

AVAX fell close to its final major Murrey Math support zone near $6.25 earlier today, a level labeled ‘Ultimate Support’ on the daily chart. The token previously lost the $7.81 and $7.03 support bands during the liquidation-driven selloff, leaving the $6.25 area as the key line bulls must defend to prevent a deeper decline toward the oversold region near $5.46.

At press time, AVAX was trading below both the 50-day moving average at $9.15 and the 200-day moving average at $10.66.

Reclaiming those levels would be necessary to restore a bullish market structure, although the token’s defense of the $6.25 support zone has begun attracting attention from traders looking for signs of a longer-term bottom.

Resistance now sits near $7.03, followed by $7.81 and $8.59. A close above $8.20 would weaken the downside continuation setup described by Dr. Chart MAZEN, while a stronger move above $10 would bring the 200-day average and major trend resistance back into focus.

Downside risk remains clear. A daily close below $6.25 would keep sellers in control and expose AVAX to the -1/8 Murrey level near $5.46. Below that, the next major downside area sits near $4.68, while Dr. Chart MAZEN’s $5.77 level may act as the first test before deeper capitulation.

AVAX can still form a bottom if buyers defend the $6.25–$6.50 range and force shorts to unwind above $7.50. Until price reclaims $8.20 with strong volume, the chart favors a damaged recovery attempt rather than a confirmed reversal.

Bitcoin has fallen nearly 25% over the past month, yet Coinbase CEO Brian Armstrong has argued that key parts of the crypto industry continue to grow despite the downturn.

According to a June 6 X post, Armstrong said many investors continue to treat Bitcoin’s performance as a proxy for the broader crypto market. He noted that perception no longer matches how the industry operates today, noting that crypto activity now extends into multiple areas of finance beyond the largest cryptocurrency.

“People still think (or feel) because Bitcoin is down crypto is down…Crypto touches every area of finance, and is much broader than Bitcoin now. It will take some time for this to sink in.”

At the time of writing, data from crypto.news showed Bitcoin (BTC) trading near $60,100 after losing roughly 17% over the previous week. The asset’s market capitalization stood around $1.22 trillion, while 24-hour trading volume climbed over 30%, indicating heightened trading activity during the selloff.

Armstrong told followers that crypto now touches many segments of financial markets and suggested that the industry has developed far beyond a single asset class. While reaffirming his support for Bitcoin, he described the cryptocurrency as one important part of a much larger ecosystem rather than the sole indicator of sector health.

“And yes – Bitcoin is going to do great and is as important as ever – one of many cycles we’ve all been through.”

Growth remains visible outside Bitcoin

Pointing to areas that continue attracting activity, Armstrong highlighted crypto derivatives, perpetual futures markets, stablecoins, and prediction platforms. According to his remarks, expansion across those segments shows that digital asset markets are becoming less dependent on Bitcoin’s price movements than in earlier years.

Recent comments from Armstrong also place crypto development within a broader economic and geopolitical context.

In a separate post reported by crypto.news, the Coinbase chief argued that competition with China could push the United States to strengthen its position in digital finance.

Describing international competition as a force that encourages innovation, Armstrong said U.S. policymakers should view crypto legislation as part of the country’s economic rivalry with Beijing. He argued that years of market leadership had contributed to complacency and suggested that renewed competition could improve American performance.

Stablecoin policy remains a key battleground

Alongside his comments on market growth, Armstrong has continued to warn that restrictive digital asset regulations could push innovation outside the United States. Over the past year, he has repeatedly argued that poorly designed rules may encourage companies and capital to move offshore.

Particular attention has been placed on stablecoin legislation currently under discussion in Washington.

According to Armstrong’s previous statements, restrictions on interest-bearing stablecoins would not eliminate investor demand for yield-producing products. Instead, he has argued that such policies could benefit foreign stablecoin issuers and central bank digital currency initiatives operating beyond U.S. regulatory oversight.

Debate over those proposals has also intensified friction between crypto companies and traditional financial institutions.

As reported by crypto.news, JPMorgan CEO Jamie Dimon recently criticized Armstrong in unusually direct terms during the ongoing dispute over crypto regulation and market structure legislation.

Responding to criticism from the banking sector, Armstrong has accused large financial institutions of seeking regulatory advantages rather than competing through better products. His position has remained consistent as lawmakers consider frameworks that could define how digital assets, stablecoins, and related financial services operate within the United States.

While Bitcoin’s recent decline has drawn most investor attention, Armstrong’s latest comments suggest he believes the industry’s long-term trajectory will be shaped just as much by adoption of stablecoins, derivatives, and other crypto-based financial services as by the price of BTC itself.

Illinois lawmakers advanced a $56 billion state budget that embeds a Digital Asset Privilege Tax Act amendment, setting up a 0.2% tax on crypto transactions conducted by a “digital asset broker” within the state. The provision, tucked into Senate Bill 3019 as part of the FY 2027 revenue package, would require digital asset brokers operating in Illinois to register and comply with new reporting obligations. The measure passed along party lines and now awaits Governor JB Pritzker’s signature to take effect.

The proposal comes with a serious enforcement mechanism: brokers failing to register or adhere to the new rules could face charges that qualify as a Class 3 felony, with potential prison terms of two to five years and fines up to $25,000. State officials project the tax would generate about $60 million for the next fiscal year, providing a new revenue stream for the budget package.

As of Friday morning, Pritzker had signaled his intention to sign the bill but had not yet affixed his signature. A public statement from the governor’s office indicated plans to support the measure, but the law has not become binding while awaiting the formal signing process.

Industry advocates quickly pushed back, arguing the tax and its broad registration requirements would be economically harmful and badly timed. The Digital Chamber and the Illinois Blockchain Association issued statements highlighting concerns about stakeholder engagement and noting that no other state has imposed a similar levy. They warned that the proposal could create uncertainty for businesses and investors operating in Illinois without giving adequate notice or guidance.

The policy arrives amid a broader set of regulatory actions in Illinois, including a separate move by the governor related to prediction markets. Earlier this year, Pritzker signed an executive order barring state employees from betting on event contracts on platforms such as Kalshi and Polymarket, citing conflicts of interest and access to nonpublic information as grounds for concern.

Key takeaways

• The FY 2027 budget package includes a Digital Asset Privilege Tax Act amendment that imposes a 0.2% tax on crypto transactions conducted by a “digital asset broker” in Illinois.
• Registration and reporting requirements would apply to entities operating as digital asset brokers in the state; violations could be treated as a Class 3 felony with prison terms of 2–5 years and fines up to $25,000.
• The measure is projected to raise about $60 million for Illinois’ next fiscal year, according to state estimates.
• Industry groups argue the tax is economically destructive, lacks stakeholder engagement, and would set a negative precedent since no other state has enacted a similar levy.
• The proposal follows governor-level actions on prediction-market platforms, signaling a broader trend toward tighter crypto regulation in the state.

A sweeping budget move pins a new crypto tax to the FY 2027 package

The Digital Asset Privilege Tax Act amendment is embedded in Senate Bill 3019, a lengthy revenue and tax package designed to fund Illinois’ 2027 budget. The provision specifies a 0.2% tax on transactions executed by a “digital asset broker making or effectuating the sale of the digital asset business activity.” The language suggests a broad reach, with registration and compliance requirements set to apply to entities operating in the state’s crypto market. The bill, a 1,624-page document, was approved by the General Assembly on Monday and now hinges on the governor’s signature to become law.

Crucially, the measure would not be a mere licensing fee. It would attach serious penalties to noncompliance, including making it a Class 3 felony for brokers who fail to register or follow the rules from January 1 of the fiscal year. The potential repercussions—two to five years in prison and fines up to $25,000—underscore the administration’s intent to treat digital asset activity with substantial regulatory gravity.

In the fiscal context presented by lawmakers, the tax is pitched as a revenue tool to support Illinois’ 2027 budget. The administration projects the levy could bring in roughly $60 million, a figure that would contribute to balancing the state’s finances in a year when the crypto sector remains a political touchpoint for both sides of the aisle.

The bill’s appearance in a broad budget package has sparked debate about process and timing. Advocates for the measure argue that the state needs a clearer framework for digital asset activity and that the tax aligns Illinois with other forms of capital markets regulation. Critics, however, contend that the approach is heavy-handed, lacks stakeholder input, and could chill crypto innovation within the state’s borders.

For readers tracking regulatory clarity, the bill’s text and formal references are accessible through the Illinois General Assembly’s SB3019 documents and associated summaries. The proposed framework would weave into a broader tax and revenue strategy that Illinois officials hope will create a more predictable regulatory environment for crypto operators within the state.

Industry response and policy design

The reactions from industry groups emphasize concerns over process and impact. The Digital Chamber and the Illinois Blockchain Association argued that the Digital Asset Privilege Tax Act would introduce an economically destructive regime without sufficient stakeholder engagement. They warned that the lack of precedent—no other state has adopted a similar tax—could expose Illinois to unintended consequences, including decreased innovation, compliance burdens for startups, and potential shifts in activity to more crypto-friendly states.

Beyond the tax’s existence, observers note that the policy would compel crypto firms to register and adhere to reporting conventions, potentially creating a regulatory moat around Illinois-based activity. While supporters describe the move as a necessary step toward oversight and consumer protection, opponents warn that the implementation details will determine whether the measure stifles legitimate activity or enhances market integrity.

The debate touches on broader questions about state-level crypto regulation in the United States: how to balance consumer safeguards with fostering a thriving digital asset ecosystem, and how to design taxes that are enforceable yet not punitive toward legitimate business models. As with many such proposals, the devil is in the details—especially regarding how “digital asset brokers” would be defined, how registration would work in practice, and what constitutes “business activity” under the statute.

Prediction markets and the regulatory backdrop

The Illinois tax proposal arrives alongside a programming shift from the governor on another crypto-related front. In April, Pritzker signed an executive order restricting state employees from participating in prediction-market platforms such as Kalshi and Polymarket, citing concerns about potential conflicts of interest and the risk of making bets based on nonpublic information. The administrative move reflects ongoing state-level caution around platforms that enable probabilistic markets tied to real-world events.

Taken together, these actions illustrate a multi-pronged approach to crypto governance in Illinois: a budgeting mechanism that could formalize a new tax framework for digital assets, and executive actions aimed at preventing perceived conflicts of interest within state employment. The combination signals policymakers are pursuing a stricter regulatory stance while seeking to ensure fiscal resources for the state’s budgetary needs.

What investors and operators should watch next

For market participants, the most immediate question is whether Governor Pritzker will sign the bill into law. If signed, Illinois would establish a formal, state-level tax regime and registration framework for digital asset brokers, complete with felony-level penalties for noncompliance. The enacting details—how “digital asset broker” is defined in practice, what registration entails, and how enforcement would unfold—will shape the policy’s economic impact on exchanges, brokerages, and other asset-service providers operating in Illinois.

From a strategic perspective, the proposal spotlights a broader pattern: states experimenting with crypto taxation and oversight as a means to raise revenue and establish governance standards. Investors and builders should monitor how enforcement would be phased in, whether the measure faces legal challenges, and how this risk interacts with broader regulatory trends nationwide. If enacted, Illinois could become a reference point for similar state-level approaches, influencing both market access and compliance costs for domestic crypto activity.

As the bill moves through the final sign-off stage, observers should also keep an eye on any legislative clarifications or amendments that might alter the scope of the tax or its penalties. While the stated aim is to fund the state budget, the policy’s real-world effect will hinge on how clearly regulators define terms, how burdens are allocated, and how flexible the regime remains in the face of evolving technologies and market structures.

In sum, Illinois is testing a new blueprint for crypto oversight within a state budget framework. The coming weeks will reveal whether the plan gains formal enactment, how it is calibrated for business practicality, and what impact it may have on the broader regulatory conversation across the United States.

Bitcoin reclaimed the $61,000 level in Asian morning hours Saturday after briefly dipping below $60,000 overnight, steadying after a strong U.S. jobs report on Friday triggered a sharp selloff across stocks, bonds and crypto.

The token fell as low as $59,227 before buyers stepped back in, and was trading around $61,000, down about 1.3% on the day.

The bounce came off a level traders had been watching closely. Bitcoin had been sliding toward $60,000 all week as a record run of ETF outflows and Strategy’s first bitcoin sale since 2022 removed buyers that had supported the price. The break below the round number overnight did not turn into a deeper breakdown, with the token recovering more than $1,500 off the low.

The selloff that drove the dip started outside crypto. Friday’s nonfarm payrolls report came in solid, and rather than cheering the strength, markets repriced the Federal Reserve outlook hard. Swaps now fully price a rate increase by the end of 2026, a reversal from the cuts expected under newly confirmed chair Kevin Warsh. Two-year Treasury yields jumped 12 basis points to 4.16%, the dollar rose, and risk assets fell.

The damage was worst in the AI trade. The Nasdaq 100 sank about 5%, its steepest drop since April 2025, and a gauge of chipmakers tumbled 10%. The S&P 500 fell 2.6% and failed to complete a tenth straight weekly gain.

Other tokens remain deep in the red on the week. Ether is down 21.6% over seven days to around $1,575, solana down 23.7% to $63, and XRP, dogecoin and BNB all between 13% and 20% lower. Hyperliquid’s HYPE, which outperformed through most of the recent bleed, is down 9.9% over the same stretch.

The leverage washout was heavy. Around $1.60 billion in positions were liquidated over 24 hours across roughly 308,000 traders, according to CoinGlass, with longs accounting for $1.21 billion. Bitcoin saw $534 million in liquidations and ether $423 million, while Zcash, in the middle of its own 44% collapse tied to a disclosed bug in its Orchard privacy pool, logged another $115 million.

With $60,000 pierced overnight but quickly reclaimed, the question is whether bitcoin can build on the bounce or whether the level gives way on a retest. A clean break below it would put the token back into territory it last traded during the February drawdown.