Bitcoin Plummets to $110K as Jobs Vanish Like a Molière Farce! 🎭💸

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Ah, the Bureau of Labor Statistics, those masters of mirth and miscalculation, declare that for the year ending March 2025, the U.S. economy hath added nearly a million fewer jobs than previously proclaimed! A comedy of errors, indeed! 😂

A Jobs Data Farce Sends Bitcoin Tumbling to $110K! 🪙💥

Behold, a million jobs-911,000, to be precise-hath vanished from the Current Employment Statistics (CES) like a poorly written monologue! This, after a preliminary revision by the U.S. Bureau of Labor Statistics on Tuesday. The stock markets, those stoic spectators, barely raised an eyebrow, but bitcoin (BTC) took a nosedive of 1.5%, landing in the $110K abyss. A tragedy for the crypto enthusiasts, no doubt! 😱

(Tuesday’s bombshell update is the largest downward preliminary revision of jobs data in at least 25 years / U.S. Bureau of Labor Statistics via The New York Times. A true comedy of errors! 🎭)

This preliminary benchmark revision, a measure of the accuracy-or lack thereof-of monthly CES estimates, doth reveal the folly of our economic prognosticators. The BLS, in its infinite wisdom, reviews previous estimates from March of one year to the next, benchmarking them to data from the Quarterly Census of Employment and Wages (QCEW). Employment counts, sourced from state unemployment insurance tax records, are then adjusted, finalized, and published in February of the following year as part of the official BLS Employment Situation. A bureaucratic ballet, if ever there was one! 💃📜

Bitcoin.com, in its diligent research, hath reviewed all preliminary benchmark revisions up to the year 2000, and lo, Tuesday’s figure of 911,000 stands as the largest downward revision in that 25-year span. Last year’s estimate, another colossal blunder of 818,000 jobs, was later revised to a mere 598,000. The highest final revision occurred in 2009, as Barack Obama took the reins from George W. Bush, with roughly 902,000 jobs subtracted from the previous year’s data. A tale as old as time, yet ever so amusing! 🕰️😄

“Today, the BLS released the largest downward revision on record, proving that President Trump was right: Biden’s economy was a disaster and the BLS is broken,” proclaimed White House Press Secretary Karoline Leavitt. “Much like the BLS has failed the American people, so has Jerome ‘Too Late’ Powell, who has officially run out of excuses and must cut the rates now.” A political farce, played out on the grand stage of economic policy! 🎭🤡

U.S. President Donald Trump, ever the dramatic figure, fired former BLS Commissioner Erika McEntarfer in early August, accusing her of manipulating jobs data to make his administration “look bad.” In recent days, bitcoin hath proven more sensitive than stocks, reacting to macroeconomic developments like a prima donna to a slight. The cryptocurrency dips at the slightest negative news, while equities continue their ascent to record highs, even in the face of weak employment signals. A tale of two markets, indeed! 📉📈

Overview of Market Metrics

Bitcoin was priced at $111,147.80, down 1.12% according to Coinmarketcap at the time of reporting. The digital asset hath been trading between $110,776.70 and $113,225.44 over the past 24 hours, a range fit for a Molièrean comedy! 📊😂

(Bitcoin price / Trading View. A graph of folly and fluctuation! 📉)

Trading volume rose 15.97% since yesterday, reaching $45.85 billion at the time of writing. Market capitalization fell by roughly 1% to $2.21 trillion, and bitcoin dominance eased to 58.18%, down 0.30% for the day. A decline worthy of a tragic hero! 😢💔

(Bitcoin dominance / Trading View. A chart of diminishing glory! 📉)

Total open interest for bitcoin futures was up 1.44% at $82.66 billion over 24 hours, according to Coinglass. Bitcoin liquidations climbed to a total of $61.23 million for the day, with long liquidations of $47.37 million and shorts at $13.86 million. A financial farce, played out in numbers! 💸🤪

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2025-09-09 22:28