The cryptography market has lost $ 60 billion in market capitalization in the two hours that followed the revised employment data, revealing a much lower American labor market than this previously indicated.
The Bureau of Labor Statistics (BLS) announced at 10:00 a.m. on September 9, that the preliminary reference revisions showed that the total use of non-bras was overestimated by 911,000 jobs, representing a downward revision of 0.6% 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. he. Ethereum decreased by 1.6% of $ 4,346.56 to $ 4,277.17 during the same period.
The main altcoins displayed higher losses, Dogecoin decreasing by 4.1% from $ 0.2,469 to $ 0.2,367 and Solana going from $ 218.04 to $ 211.69.
Other notable drops included a drop of 3.5% cardano from $ 0.88,839 to $ 0.8,8525, a drop of 2.5% XRP from $ 3.01 to $ 2.93 and a drop of 1% of BNB from $ 879.89 to $ 871.38.
Despite the partial overlap with the daily hollows, all the assets remained below their pre-announcement prices.
Important revision
The secretary of the Treasury, Scott Bessent, described the revision of confirmation that the economic conditions were worse than those reported, indicating that the data brought total overpaids to 1.5 million when it was combined with revisions to the previous decline of 577,000.
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Bessent argued that the Fed maintained a restrictive monetary policy based on inflated employment figures. The reaction of the market reflected investors worrying that the federal reserve has worked with incomplete data when defining the interest rate policy throughout 2024.
Custom substantial jobs suggested that the economy required more accommodating monetary conditions earlier than political decision -makers.
The annual reference revision process compares the current estimates of statistics on employment compared to complete employment managers of the quarterly employment and wages, which draws data from the tax insurance tax files deposited by almost all employers.
The revision amplitude of 0.6% exceeds the absolute average at 10 years of 0.2%, which highlights the extent of the employment. The BLS has allocated the gap to companies reporting a job lower than the unemployment insurance files than to monthly employment surveys.
The correction indicated that the traders consider the current landscape as uncertain, although the revised figures increase the chances of a rate drop in September.
