A disappointing July jobs report with lower-than-expected employment numbers and drastic revisions of data from previous months plunged stock and crypto markets into a sea of red on Friday morning.
Bitcoin nosedived below $115K after the U.S. Bureau of Labor Statistics (BLS) reported that only 73,000 jobs were added in July, a figure higher than June’s 14,000 but much lower than the 115,000 that economists had predicted as recently as yesterday. To add insult to injury, unemployment climbed from 4.1% in June to 4.2% in July, although this was expected.
But perhaps even more damning than the underwhelming job creation figures was the downward revision of the previous two months’ employment numbers. Both May and June had 258,000 less jobs than originally reported, painting a gloomier picture of the country’s job market than previously thought.
“They were unexpected, those revisions,” said Labor Secretary Lori Chavez-DeRemer during a Bloomberg interview. “But…62% of those were in education and seasonal workforce…We sometimes see the numbers catch up to what’s on the ground.”
(U.S. Labor Secretary Lori Chavez-DeRemer says despite Friday’s weak employment numbers, the overall picture is still a “net positive.”)
The S&P 500, Nasdaq, and Dow were all down 1.26%, 1.74%, and 1.04% respectively at the time of writing. The crypto industry tumbled 3.43% according to data from Coinmarketcap. The probability of a September rate cut jumped from roughly 40% yesterday to nearly 83% today, as per the CME Fedwatch Tool. U.S. President Donald Trump continued with his call for a steep cut, throwing in a few choice words for Fed Chair Jerome Powell while he was at it.
“Too Little, Too Late. Jerome “Too Late” Powell is a disaster,” the president wrote on Truth Social. “DROP THE RATE! The good news is that Tariffs are bringing Billions of Dollars into the USA!”
Bitcoin was trading at $114,569.45 at the time of writing, after falling 2.88% since yesterday, according to Coinmarketcap. The cryptocurrency is down 1.31% for the week and has been trading between $114,061.73 and $118,868.42 for the past 24 hours, with the lower end of that range manifesting soon after the jobs report was published earlier today.
( BTC price / Trading View)
Twenty-four-hour trading volume rose 28.78% to $89.4 billion but market capitalization fell 2.75% and stood at $2.29 trillion at the time of reporting. Bitcoin dominance however, rose 0.36% to 61.97% indicating that the digital asset fared better than the average decline in the broader crypto ecosystem.
( BTC dominance / Trading View)
Total BTC futures open interest was $83.27 million, a decline of 1.39% over 24 hours. Bitcoin liquidations since Thursday stood at $203.11 million overall. Long positions suffered liquidations of $192.34 million and shorts only had $10.77 million wiped out.
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