The weak employment report by the Bureau of Labor Statistics confirmed the previously reported pessimistic employment outlook by personnel firm ADP.
Weaker job data data triggers the sale of the second BTC, revisiting the price of $110,000
On Friday, the Bureau of Labor Statistics (BLS) provided more bad news in a bleak employment report, bringing $110 to $110,000, a day after New Jersey-based personnel giant ADP sent Bitcoin (BTC) to under $110,000 with lower than expected private sector employment numbers, cutting the cryptocurrency to $110 on Friday, following a smug employment report of $110 at the start of the day.
According to a BLS report on Friday, the US economy had only added 22,000 jobs in August. To add shaming to the injury, the unemployment rate creeps up to 4.3% and the June number was revised, revealing a loss of 13,000 jobs rather than the previously reported profits of 14,000. The July figures also revived, showing an increase in positions of 79,000, 6,000 higher than the previously reported 73,000 increase.
(The US economy added 22,000 jobs in August, far fewer than the 75,000 forecasted by the Economist/US Bureau of Labor Statistics, daily KOS)
Friday’s employment report was first published since US President Donald Trump fired former BLS commissioner Erica Mantelfer last month. The president has argued that Mantelfer will strategically amend the revised number of jobs, making the Trump administration “looking.” And now, when McEntarfer launches, today’s weak figures look more objective to those who are magnifying the losses seen in both the crypto and stock markets, perhaps just after the report is released.
“The number of jobs was certainly a bit disappointing,” said White House economic adviser Kevin Hassett in an interview with CNBC. “But… there was a Goldman Sachs study that came out yesterday, which showed that BLS tends to correct this number with almost 70,000 jobs because it wasn’t doing a really good job in seasonal adjustments in August.”
Market Metric Overview
Bitcoin was $111,322.32 at reporting, up 1.16% over 24 hours and 2.39% per week, according to CoinmarketCap. BTC has been trading between $109,755.97 and $113,357.49 since yesterday.
(Bitcoin Price/Trading View)
The 24-hour trading volume rose 5.14% over the 24-hour period to $6.09 billion. Market capitalization also rose 1.21% from Thursday, at $2.21 trillion at the time of writing. However, Bitcoin’s advantage fell by 0.19% at 58.66%.
(Bitcoin control/trade view)
Open interest on total Bitcoin futures rose 1.22% over 24 hours to $807.9 billion, according to Coinglas. Bitcoin liquidation has jumped to $120.5 million since yesterday. The long liquidation accounted for $72.74 million of that total, with the remaining $47.31 million in shorts.
