Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert & block trade
Convert crypto with one click and zero fees
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Employment data revision washes $60B from crypto market cap

Employment data revision washes $60B from crypto market cap

CryptoSlateCryptoSlate2025/09/09 16:00
By:Gino Matos

The crypto market lost $60 billion in market capitalization during the two hours following revised employment data, revealing a significantly weaker US labor market than previously reported.

The Bureau of Labor Statistics (BLS) announced at 10 AM ET on Sept. 9 that preliminary benchmark revisions showed total nonfarm employment was overstated by 911,000 jobs, representing a 0.6% downward revision from March 2024 to March 2025.

Bitcoin dropped 1.8% from $112,788.75 to $110,793.69 between 10 A.M. and 11 P.M. ET. Ethereum declined 1.6% from $4,346.56 to $4,277.17 during the same period.

Major altcoins posted steeper losses, with Dogecoin falling 4.1% from $0.2469 to $0.2367 and Solana dropping 3% from $218.04 to $211.69.

Other notable declines included Cardano’s 3.5% fall from $0.8839 to $0.8525, XRP’s 2.5% drop from $3.01 to $2.93, and BNB’s 1% decrease from $879.89 to $871.38.

Despite partial recoveries from daily lows, all assets remained below their pre-announcement prices.

Significant revision

Treasury Secretary Scott Bessent characterized the revision as confirmation that economic conditions were worse than reported, stating the data brought total job overstatements to 1.5 million when combined with previous downward revisions of 577,000.

Bessent argued that the Fed maintained a restrictive monetary policy based on inflated employment figures. The market reaction reflected investor concerns that the Federal Reserve operated with incomplete data when setting interest rate policy throughout 2024.

The substantial employment overcount suggested the economy required more accommodative monetary conditions earlier than policymakers recognized.

The annual benchmark revision process compares Current Employment Statistics estimates against comprehensive employment counts from the Quarterly Census of Employment and Wages, which derives data from state unemployment insurance tax records filed by nearly all employers.

The 0.6% revision magnitude exceeds the 10-year absolute average of 0.2%, highlighting the scale of the employment overcount. The BLS attributed the discrepancy to businesses reporting lower employment to unemployment insurance records than to monthly employment surveys.

The correction indicated traders view the current landscape as uncertain, although the revised numbers raise the odds of a rate cut in September.

The post Employment data revision washes $60B from crypto market cap appeared first on CryptoSlate.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

Mars Weekly | CARDS market cap surpasses $650 million, reaching a record high; probability of a 50 basis point Fed rate cut in September is 6.6%

Ethereum Foundation has released an end-to-end privacy roadmap, focusing on three main areas: privacy writing, reading, and proof, and plans to launch the experimental L2 PlasmaFold. CARDS market cap hits a record high, and pump.fun's live stream numbers have surpassed Rumble. The Shibarium cross-chain bridge suffered an attack, resulting in a loss of $2.4 million. Summary generated by Mars AI. The accuracy and completeness of this summary generated by the Mars AI model are still in the iterative update stage.

MarsBit2025/09/14 20:20
Mars Weekly | CARDS market cap surpasses $650 million, reaching a record high; probability of a 50 basis point Fed rate cut in September is 6.6%