BLS Review Wipes Out $60 Billion Cryptocurrency Market
- Cryptocurrencies lose $60 billion after jobs review
- Bitcoin and Ethereum See Declines After New BLS Data
- Market predicts interest rate cuts given the economic scenario
The cryptocurrency market lost around $60 billion in market capitalization just two hours after the release of the annual employment review by the Bureau of Labor Statistics (BLS). The report, published on September 9 at 10 a.m. ET, revealed that nonfarm employment figures had been overstated by 911.000 jobs, representing a downward revision of 0,6% between March 2024 and March 2025.
The reaction was immediate. Bitcoin fell 1,8%, from $112.788,75 to $110.793,69, while Ethereum fell 1,6%, from $4.346,56 to $4.277,17. Altcoins suffered even steeper losses: Dogecoin fell 4,1%, from $0,2469 to $0,2367, and Solana fell 3%, from $218,04 to $211,69. Cardano fell 3,5%, XRP 2,5%, and BNB 1%. Despite slight intraday recoveries, all cryptocurrencies remained below pre-announcement levels.
Treasury Secretary Scott Bessent said the review "confirmed that economic conditions were worse than reported," bringing the total cuts to 1,5 million when added to previous adjustments of 577.000 jobs. He said the Federal Reserve maintained restrictive monetary policy based on inflated figures, and the adjustment reinforces the perception that the labor market was weaker than it appeared throughout 2024.
. @kwelkernbc pushed back last week when I warned that the BLS jobs data would show a massive downward revision.
Now it's official: 2024 job gains were exaggerated by nearly 1M workers, and this is on top of an already reported 577K in downward revisions. This brings the Biden… pic.twitter.com/Aaz0LirOxg
— Treasury Secretary Scott Bessent (@SecScottBessent) September 9, 2025
The annual benchmark review compares estimates from the Current Employment Statistics (CES) with data from the Quarterly Census of Employment and Wages (QCEW), which uses unemployment insurance records. The BLS noted that the discrepancy occurred because companies reported fewer employees in these records than in the monthly surveys.
The magnitude of the revision, 0,6%, exceeded the 0,2% average observed over the last decade, drawing analysts' attention. For investors, the sharp correction raised expectations for interest rate cuts as early as September, given the need for more accommodative monetary policies.
The direct impact was felt in the cryptocurrency market, which continues to reflect sensitivity to US macroeconomic indicators, especially in times of uncertainty about the direction of Federal Reserve policy.
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.
You may also like
GMO executive: Oversupply of stocks and slowdown in AI infrastructure will jointly trigger this round of the AI bubble
GMO executive Inker warns that the largest IPO wave in history—SpaceX, OpenAI, and Anthropic combined—will inject an additional supply of shares equivalent to 6% to 7.5% of the U.S. stock market capitalization, far exceeding the historical record set during the peak of the internet bubble. He points out that if this is combined with the turning point of AI computing power shifting from scarcity to surplus, the market decline could reach 35% to 50%.
BNY completes first tokenized US Treasury repo on major triparty platform
No one wants to hold this market, but Goldman Sachs believes this is exactly the entry signal: three major rescues are about to return
Market sentiment has dropped to the lows last seen on “Parity Tariff Day” in April, but Goldman Sachs’s flow team believes that technical conditions in US equities are quietly shifting. The corporate buyback window will reopen on a large scale from the end of October to November, mutual fund year-end selling pressure will dissipate after Halloween, and historical seasonal buying from retail and foreign investors will take over. Buybacks, retail investors, and foreign capital will all return almost simultaneously.
Crypto prices
More
