The cryptographic market lost $ 60 billion in market capitalization during the two hours after reviewed employment data, revealing a significantly weaker US labor market than was previously reported.
The Office of Labor Statistics (BLS) announced at 10 am et on September 9 that preliminary reference reviews showed that total non -agricultural employment was exaggerated by 911,000 jobs, which represents a downward review of 0.6% from March 2024 to March 2025.
Bitcoin fell 1.8% of $ 112,788,75 to $ 110,793.69 between 10 am and 11 pm et. Ethereum decreased 1.6% of $ 4,346.56 to $ 4,277.17 during the same period.
The main Altcoins registered more pronounced losses, with Dogecoin falling 4.1% of $ 0.2469 to $ 0.2367 and Solana fell 3% of $ 218.04 to $ 211.69.
Other notable decreases included the 3.5% cardan drop from $ 0.8839 to $ 0.8525, the 2.5% drop from XRP from $ 3.01 to $ 2.93, and the 1% decrease in BNB of $ 879.89 to $ 871.38.
Despite the partial recoveries of the daily minimums, all assets remained below their prices prior to the announcement.
Significant review
The Treasury Secretary, Scott Besent, characterized the review as confirmation that the economic conditions were worse of what was informed, stating that the data brought a total exaggeration of the work to 1.5 million when combined with previous reviews of 577,000.
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Besent argued that the Fed maintained a restrictive monetary policy based on inflated employment figures. The market reaction reflected that investors refer to the Federal Reserve operating with incomplete data when establishing interest rates policy during 2024.
The overvaluation of substantial employment suggested that the economy required more accommodated monetary conditions before those in charge of formulating policies.
The annual reference review process compares the current estimates of employment statistics with the comprehensive employment counts of the quarterly employment and salaries, which derive data from the state unemployment insurance tax records presented by almost all employers.
The magnitude of the 0.6% review exceeds the absolute average of 10 years of 0.2%, highlighting the employment overvaluation scale. The BLS attributed the discrepancy to companies that report greater employment to unemployment insurance records than monthly employment surveys.
The correction indicated that merchants consider that the current panorama is uncertain, although the revised numbers increase the probabilities of a rate cut in September.
