Currencies39037
Market Cap$ 2.76T-1.70%
24h Spot Volume$ 47.92B+8.48%
DominanceBTC57.72%-0.18%ETH10.80%-0.60%
ETH Gas0.07 Gwei
News
Sep 4, 2026
2min read
byAnjali Belgaumkar
forCoinpedia
US August payrolls surprised higher at 162,000 versus 55,000 expected with unemployment at 4.1%, prompting a swift risk-off move that knocked Bitcoin below $80,000 to $79,763.95 (a $1,600 drop in three minutes and down 1.4% over 24h) while Ethereum traded at $2,461.41 and XRP at $1.41. Markets priced in greater Fed rate-hike odds, wiping about $835 billion from gold, silver and crypto within 25 minutes and leaving total crypto market cap near $2.75 trillion; the selloff underscores how sensitive crypto, token markets and adoption are to monetary policy, though Zcash rallied 13% to $1,034.80 as an outlier.
See what traders are focused on
Bitcoin dropped below $80,000, falling $1,600 in just three minutes, after August jobs data came in far stronger than economists expected, raising the odds of a Federal Reserve rate hike rather than a cut. Bitcoin is now trading at $79,763.95, down 1.4% over 24 hours, while Ethereum sits at $2,461.41 and XRP at $1.41, both negative on the day.
Why Strong Jobs Data Hit Crypto Hard
The US economy added 162,000 jobs in August,
The US economy added 162,000 jobs in August, nearly tripling the 55,000 expected. Unemployment held steady at 4.1%, in line with forecasts, and July’s job figure was revised up by 43,000, turning that month positive as well.
Normally strong economic data would be welcome news. But in this case, it worked against risk assets. Stronger job growth reduces pressure on the Fed to cut rates, and markets quickly priced in a higher probability of a hike instead The reaction was swift as $835 billion was wiped out from gold, silver and crypto combined within 25 minutes of the data release
Trump Calls the Reaction “Crazy”
President Trump weighed in directly on the market’s response, calling it “crazy” that stocks fell after a stronger-than-expected jobs report and describing the reaction as living in a “false reality.”
Trump also called on the Fed to cut
Trump also called on the Fed to cut interest rates regardless of the strong jobs data, and threatened to “stop trading with countries with which we have a deficit” if the central bank doesn’t act. “The Fed must get smart,” Trump said.
While most of the market retreated, Zcash stood out with a 13% gain, pushing its price to $1,034.80, making it one of the few major tokens moving higher through the selloff.
The jobs shock lands alongside separate inflationary pressure from energy markets. US national diesel prices hit a record $5.62 per gallon, surpassing the previous high from June 2022, with diesel inventories at a record low for this time of year amid the ongoing Iran war
With the total crypto market cap still sitting at $2.75 trillion despite the pullback, today’s move shows how sensitive risk assets remain to Fed rate expectations, even when the underlying economic news is objectively strong. Whether this proves a short-lived reaction or the start of a deeper repricing may depend on how the Fed responds to both the stronger labor data and mounting political pressure from the White House.
