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.