Overview
- The Bureau of Labor Statistics said prior estimates overstated nonfarm payrolls by 911,000 jobs from March 2024 to March 2025, a 0.6% cut that far exceeds the 10‑year average revision of 0.2%.
- Crypto shed about $60 billion in market value in the hours after the release, with bitcoin dropping roughly 1.8% and major altcoins like Solana, Dogecoin, Cardano and XRP posting larger intraday declines.
- By early Wednesday, bitcoin had reclaimed about $112,000 and Solana rose to roughly $222, marking a seven‑month high as some losses were pared.
- Rate expectations shifted toward easing, with CME FedWatch showing roughly a 91% probability of a 25‑basis‑point cut on Sept. 17, while some market participants speculated about a larger move.
- Treasury Secretary Scott Bessent argued the data show weaker conditions and that the Fed relied on inflated figures, while economists including Michael Englund and Marc Chandler downplayed recession or stagflation risk and emphasized secular labor‑force trends; Blockonomi also reported retail interest in speculative presales such as BullZilla, which said it raised over $320,000.