Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
The cryptocurrency market experienced a decline of $60 billion in market capitalization within two hours following the release of adjusted employment figures, which indicated a considerably weaker US labor market than earlier assessments suggested.
The Bureau of Labor Statistics (BLS) disclosed at 10 AM ET on September 9 that initial benchmark adjustments revealed total nonfarm employment was overstated by 911,000 positions, marking a 0.6% downward adjustment from March 2024 to March 2025.
Bitcoin fell by 1.8% from $112,788.75 to $110,793.69 between 10 A.M. and 11 P.M. ET. Ethereum saw a decrease of 1.6% from $4,346.56 to $4,277.17 in the same timeframe.
Prominent altcoins experienced more significant declines, with Dogecoin dropping 4.1% from $0.2469 to $0.2367 and Solana decreasing by 3% from $218.04 to $211.69.
Other notable reductions included Cardano’s 3.5% decline from $0.8839 to $0.8525, XRP’s 2.5% drop from $3.01 to $2.93, and BNB’s 1% fall from $879.89 to $871.38.
Although there were partial recoveries from daily lows, all assets remained below their prices prior to the announcement.
Related Posts
Significant revision
Treasury Secretary Scott Bessent described the revision as evidence that economic conditions were more adverse than previously reported, noting that the total job overstatements reached 1.5 million when combined with earlier downward revisions of 577,000.
Bessent contended that the Federal Reserve maintained a restrictive monetary policy based on inflated employment statistics. The market’s response reflected investor apprehensions that the Federal Reserve was operating with incomplete information when determining interest rate policy throughout 2024.
The considerable employment overcount indicated that the economy needed more accommodating monetary conditions sooner than policymakers acknowledged.
The annual benchmark revision process contrasts Current Employment Statistics estimates with comprehensive employment counts from the Quarterly Census of Employment and Wages, which gathers data from state unemployment insurance tax records submitted by nearly all employers.
The 0.6% revision magnitude surpasses the 10-year absolute average of 0.2%, underscoring the extent of the employment overcount. The BLS attributed the variance to businesses reporting lower employment figures to unemployment insurance records compared to monthly employment surveys.
The correction suggested that traders perceive the current environment as uncertain, although the revised figures increase the likelihood of a rate cut in September.
The post Employment data revision washes $60B from crypto market cap appeared first on CryptoSlate.
