Ah, behold! The Bureau of Labor Statistics, with its somber report, doth confirm the dire employment forecast proclaimed by the wise sages of ADP. Alas, the world of work is but a stage, and we are mere players in this tragic comedy! 🎭
More Weak Jobs Data Triggers Second BTC Sell-off, Price Revisits $110K
Mark well, dear reader, for but a day had passed since the mighty ADP, that New Jersey titan of human resources, did send bitcoin ( BTC) tumbling below $110K with its less-than-stellar private sector employment numbers. Lo and behold, the Bureau of Labor Statistics (BLS) on Friday did deliver yet another blow, dragging the cryptocurrency back to $110K after it had briefly ascended to $113K earlier in the day. A tale of woe, indeed! 😢
The U.S. economy, in its infinite folly, added but 22,000 jobs in August, according to Friday’s BLS report. A paltry sum, far from the 75,000 the learned economists had foretold. To add salt to the wound, the unemployment rate did creep up to 4.3%, and June’s numbers were revised to reveal a loss of 13,000 jobs, instead of the 14,000 gain previously proclaimed. July’s figures, too, were rejigged, showing a gain of 79,000 positions, a mere 6,000 more than the 73,000 initially reported. Oh, the folly of it all! 🤡
This jobs report, the first since President Donald Trump did dismiss former BLS Commissioner Erika McEntarfer last month, doth carry a peculiar air. The president, in his wisdom, accused McEntarfer of revising numbers to make his administration “look bad.” And now, with her gone, these weak numbers shall appear more objective to some, perhaps amplifying the losses in both crypto and stock markets. A cunning strategy, or mere coincidence? 🧐
“This jobs number was certainly a little bit of a disappointment,” quoth White House economic advisor Kevin Hassett during a CNBC interview. “But…there was a Goldman Sachs study that came out yesterday, that showed because the BLS hasn’t really done a good job on its seasonal adjustment in August, they tend to revise this number up by almost 70,000 jobs.” Ah, the sweet promises of revision! 🌟
Overview of Market Metrics
Bitcoin was priced at $111,322.32 at the time of reporting, up 1.16% over 24 hours and 2.39% for the week, according to Coinmarketcap. BTC hath been trading between $109,755.97 and $113,357.49 since yesterday, a veritable rollercoaster of fortune! 🎢
Twenty-four-hour trading volume rose 5.14% over 24 hours, reaching $60.09 billion. Market capitalization also climbed 1.21% since Thursday and stood at $2.21 trillion at the time of writing. Bitcoin dominance, however, was down 0.19% at 58.66%. A slight dip, but a dip nonetheless! 📉
Total bitcoin futures open interest increased 1.22% to $80.79 billion over 24 hours, according to Coinglass. Bitcoin liquidations have jumped to $120.05 million since yesterday. Long liquidations accounted for $72.74 million of that total figure, and the remaining $47.31 million was all shorts. A tale of gains and losses, as ever! 💹
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2025-09-05 23:28