Bitcoin Falls Below $110K After Disappointing Private Sector Jobs Numbers
The increase in private sector jobs in August was significantly lower than what many economists had forecast.
Bitcoin Falls Below $110K After Disappointing Private Sector Jobs Numbers
Disappointing Private Sector Jobs Data Sends BTC Below $110K
New Jersey-based staffing firm ADP reported an increase of 54,000 jobs in the US private sector on Thursday, but that number was well below the 75,000 jobs economists had expected. The stock market appeared unfazed by the news, perhaps instead awaiting the Federal government's jobs report on Friday, but bitcoin took a hit, falling more than 2%.
Industries such as manufacturing, trade, education, healthcare and even finance saw the biggest cuts, losing a total of 38,000 positions. Others, such as leisure and hospitality, fared much better, gaining 50,000 positions, with sectors such as construction and professional services also reporting job gains.
Bitcoin Falls Below $110K After Disappointing Private Sector Jobs Numbers
(Thursday’s ADP Private Sector Jobs Report showed U.S. private sector employment rose by 54,000, well below the 75,000 jobs gain expected / adp.com)
But with weekly jobless claims also rising by 8,000 to 237,000 in the week ended Aug. 30, the highest since June, and job openings falling to their lowest since September 2024, ADP’s latest report is another blow to what is increasingly looking like a bleak outlook for the broader U.S. jobs market and perhaps for bitcoin, at least in the short term.
“The year started with strong job growth, but that momentum has been dampened by uncertainty,” said Dr. Nela Richardson, chief economist at ADP. “Many things could explain the hiring slowdown, including labor shortages, consumer uncertainty, and AI disruption.”
Market Indicators Overview
Bitcoin was trading at $110,122.90 at press time, down 1.59% on the day and down 2.25% over the past week. Data from Coinmarketcap shows the cryptocurrency has traded between $109,347.23 and $112,297.39 over the past 24 hours.
Bitcoin Falls Below $110K After Disappointing Private Sector Jobs Numbers
(BTC Price/Trade View)
Daily trading volume was down 8.77% at press time, at $57.75 billion. Market cap was also down 1.55% at $2.19 trillion, but bitcoin dominance inched up 0.48% to 58.65%.
Bitcoin Falls Below $110K After Disappointing Private Sector Jobs Numbers
(BTC Dominance/Trade View)
Total bitcoin futures open interest fell 1.53% to $79.95 billion in 24 hours, and Coinglass shows bitcoin liquidations totaling $42.85 million. Most of that figure was buy liquidations, at $38.80 million, with sales accounting for the remaining $4.05 million.