According to Coindesk data, BTC has traded at about $113,648 as of this writing, down 1.4% in the past 24 hours. ETH, XRP, SOL and DOGE fell more, with ETH down 3.7% to $3,503, XRP down 1.5%, $2.94, SOL down 2.7% to $164.13, and Doge down 3.7% to $0.1993. After a series of economic and geopolitical shocks on Friday, this has caused investors and investors in the digital asset market to surge in after the recession.
U.S. stocks also fell sharply on Friday, with the Dow falling 1.23%, the S&P 500-point discount of 1.6%, and the Nasdaq Composite fell 2.24% as traders digested disappointing job reports, exacerbating tensions with Russia and potentially emergency monetary easing.
July’s work report is a disaster, it’s a surprise
U.S. Bureau of Labor Statistics (BLS) Report On Friday, the U.S. economy added just 73,000 jobs in July, much lower than expected. More disturbing, however, was the decline in 258,000 jobs for the total in May and June, effectively eliminating most of the labor market earnings reported in the second quarter.
The unemployment rate remains at 4.2%, but the long-term unemployment rate climbed 179,000 to 1.8 million. New entrants in the job market grew by 275,000, indicating that more Americans are looking for jobs but are struggling to find it. Labor force participation is stable at 62.2%, while the employment rate is declining year by year.
Despite continued growth in healthcare and social assistance, employment in most major industries, including manufacturing, construction, financial services and technology, has not changed to unchanged. The market interprets the data as a clear signal that the labor market is weakening faster than expected.
Trump accuses BLS commissioner of election interference, order chiefs to fire
President Trump quickly responded to the work report publicly and issued a strict information Regarding the Truth Society, the Bureau of Labor Statistics Commissioner Erika Mcentarfer (appointed by Biden) is accused of manipulating employment data in the 2024 election.
“This is the same as the Bureau of Labor Statistics, exaggerating the employment growth in March 2024 by about 818,000, and then exaggerating the jobs again before the 2024 presidential election,” Trump wrote. “These are records – can no one be so wrong?”
“I instructed my team to fire this investment political appointment immediately,” he added.
The post shocked investors, who viewed speech as politicization of U.S. statistical agencies. The federal officials in charge of economic data were withdrawn based on the claim of election-related bias, which increased Friday’s volatility, especially for sensitive and risky assets such as cryptocurrencies.
Trump’s nuclear submarine postal escalates tensions in Russia
Trump once again achieved socializing late Friday reveal He ordered two U.S. nuclear submarines to be repositioned in response to a recent speech by former Russian President and current Russian Security Council Vice President Dmitry Medvedev.
“Based on the highly provocative statements of the former Russian president… I ordered the positioning of two nuclear submarines in the appropriate areas,” Trump wrote. “I hope this will not be one of these instances” and the word will have “unexpected consequences.”
Unexpected information – Without prior briefing or confirmation by the Pentagon, it has raised concerns that diplomatic tensions with Moscow have entered a new phase.
Some believe Trump’s language is a deliberate gesture rather than a real military threat, designed to force Russian President Vladimir Putin to consider a ceasefire in Ukraine. But even if the statement is not an imminent signal of action, it still makes the possibility of a nuclear confrontation in the United States (regardless) feel more real. Traders (already rolled up from Friday morning work reports – responding by dumping risky assets that favor safer bets.
The Fed lowers expectations of a rise – but so is our fear of recession
Friday’s labor data The bleak labor data has caused traders to significantly increase their bets to slow down at the Fed’s September FOMC meeting, and many are now expected to cut by 50 basis points. However, the prospect of easier monetary policy has little effect on the reassuring market.
This is because the rate of slowdown is no longer seen as a first-mover system to increase growth – they are now seen as a response to economic weaknesses, which may have been evolving. In this case, monetary easing can be interpreted as a condition for confirming a deterioration, rather than a bullish catalyst.
For crypto markets that often reflect sentiment in the technology field, the narrative shift is serious. Despite the potential to reduce actual output, fear of an imminent recession masks any short-term optimism. Results: A wide range of sales in the digital asset space ahead of key macro events later this month.
