The cryptomarkt lost $ 60 billion to market capitalization during the two hours after revised employment data, which revealed a considerably weaker American labor market than was reported before.
The Bureau of Labor Statistics (BLS) announced at 10 am et On September 9, the provisional benchmark reviews showed that the total non -farming employment was overestimated with 911,000 jobs, which represents a downward revision of 0.6% from March 2024 to March 2025.
Bitcoin fell 1.8% from $ 112,788.75 to $ 110,793.69 between 10 am and 11 pm et. Ethereum fell 1.6% from $ 4,346.56 to $ 4,277.17 in the same period.
Major Altcoins placed steeper losses, with Dogecoin 4.1% falling from $ 0.2469 to $ 0.2367 and Solana 3% dropped from $ 218.04 to $ 211.69.
Other remarkable decreases were cardano’s 3.5% fall from $ 0.8839 to $ 0.8525, the decrease of 2.5% from XRP from $ 3.01 to $ 2.93 and the decrease from BNB from $ 879.89 to $ 871.38.
Despite partial recovery of daily lows, all assets remained under their pre-announcement prizes.
Significant revision
Treasury Secretary Scott Bessent characterized the revision as confirmation that economic circumstances were worse than reportedThe specification of the data brought over the total task overdown to 1.5 million in combination with earlier downward revisions of 577,000.
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Bessent argued that the Fed maintained a limiting monetary policy on the basis of inflated work figures. The market reaction reflected the concern of investors that the Federal Reserve operated with incomplete data when determining interest policy during 2024.
The substantial about calculation of employment suggested that the economy needed more accommodating monetary circumstances rather than policy makers.
The annual benchmark revision process compares the current estimates of work statistics against extensive counts of the employment of the quarterly scenus of employment and wages, those data from the tax administration of the state unemployment that have been submitted by almost all employers.
The revision size of 0.6% exceeds the absolute average of 10 years of 0.2%, which emphasizes the scale of the overcount of employment. The BLS attributed the discrepancy to companies that reported a lower employment to unemployment insurance insurance than to monthly surveys.
The correction indicated that traders regard the current landscape as uncertain, although the revised figures increase the chance of a rate reduction in September.
