Bitcoin Falls Below $110K After Disappointing Private Sector Employment Numbers
The increase in private sector jobs for August was significantly lower than what many economists had forecasted.
Disappointing Private Sector Jobs Data Triggers BTC Slide Below $110K
New Jersey-based human resources firm ADP reported an increase of 54,000 private sector U.S. jobs on Thursday, but that number is well below the 75,000 jobs economists were expecting. The stock market appeared unbothered by the news, perhaps waiting instead for the Federal government’s jobs report on Friday, but bitcoin took a hit, tumbling by more than 2%.
Industries such as manufacturing, trades, education, health, and even finance saw the largest cuts, losing a combined 38,000 roles. Others, such as leisure and hospitality, fared much better, gaining 50,000 positions, with areas such as construction and professional services also reporting job increases.
(Thursday’s ADP private sector jobs report showed a 54,000 increase in U.S. private employment, much lower than the expected 75,000 job increase / adp.com)
But with weekly jobless claims also jumping 8,000 to reach 237,000 for the week ending August 30, the highest level since June, and job openings decreasing to their lowest levels since September 2024, ADP’s latest report is one more blow to what is increasingly looking like a gloomy outlook for the broader U.S. job market and perhaps for bitcoin too, at least in the short term.
“The year started with strong job growth, but that momentum has been whipsawed by uncertainty,” said Dr. Nela Richardson, ADP’s chief economist. “A variety of things could explain the hiring slowdown, including labor shortages, skittish consumers, and AI disruptions.”
Overview of Market Metrics
Bitcoin was trading at $110,122.90 at the time of reporting, down 1.59% for the day and also down 2.25% over the past week. Data from Coinmarketcap shows the cryptocurrency has been trading between $109,347.23 and $112,297.39 in the last 24 hours.
( BTC price / Trading View)
Trading volume for the day was down 8.77% at the time of writing, coming in at $57.75 billion. Market capitalization was also down by 1.55% at $2.19 trillion, but bitcoin dominance inched up 0.48% to 58.65%.
( BTC dominance / Trading View)
Total bitcoin futures open interest fell 1.53% to $79.95 billion over 24 hours, and Coinglass showed bitcoin liquidations reaching a grand total of $42.85 million. Most of that figure was long liquidations, which stood at $38.80 million, with shorts making up the remaining $4.05 million.
