Crypto Markets Face Worst Week Since FTX as Jobs Data Crushes Rate Cut Hopes

Bitcoin and Ethereum face their worst weekly performance since the FTX collapse, with BTC down 17% and ETH dropping 22% amid stronger-than-expected May employment numbers that killed Federal Reserve rate cut expectations. The May jobs report showed 172,000 new positions-more than double Wall Street estimates-triggering a massive selloff across risk assets. We examine why strong employment data sparked panic in crypto markets, explore the $390 billion market cap wipeout, and analyze critical technical levels as Bitcoin tests sixty thousand dollar support and Ethereum approaches its nine-year golden triangle apex. Plus, institutional developments including Meta's stablecoin creator payments, major banks building tokenized deposit networks to compete with USDC, and regulatory challenges facing Hyperliquid and the stalled CLARITY Act.