A dismal U.S. jobs report, rising geopolitical risks and recession worries triggered a broad crypto sell-off led by BTC and ETH.
What to know:
The July U.S. jobs report showed just 73,000 jobs added and a 258,000 downward revision to May and June.
President Trump accused the U.S. Bureau of Labor Statistics commissioner of manipulating jobs data and said he had ordered her immediate removal.
Although Fed rate cuts now appear more likely, they’re seen as a response to economic weakness, not a bullish signal.
As of the time of writing, according to CoinDesk Data, BTC was trading at around $113,648, down 1.4% in the past 24 hours. ETH, XRP, SOL and DOGE posted steeper declines, with ETH down 3.7% to $3,503, XRP off 1.5% at $2.94, SOL down 2.7% at $164.13 and DOGE dropping 3.7% to $0.1993.
U.S. stocks also closed sharply lower on Friday, with the Dow down 1.23%, the S&P 500 off 1.6%, and the Nasdaq Composite plunging 2.24% as traders digested a disappointing jobs report, heightened tensions with Russia and the possibility of emergency monetary easing.
Trump’s nuclear submarine post escalates Russia tensions
Later Friday, Trump again took to Truth Social, this time revealing that he had ordered two U.S. nuclear submarines to reposition in response to recent remarks by Dmitry Medvedev, the former Russian president and current deputy chairman of Russia’s Security Council.
Based on the highly provocative statements of the Former President of Russia… I have ordered two Nuclear Submarines to be positioned in the appropriate regions,” Trump wrote. “I hope this will not be one of those instances” where words lead to “unintended consequences.”
Some viewed Trump’s lanBtcguage as deliberate posturing rather than a genuine military threat, aimed at pressuring Russian President Vladimir Putin to consider a ceasefire in Ukraine. However, even if the statement was not intended as a signal of imminent action, it still made the possibility of a U.S.-Russia nuclear confrontation —however unlikely — feel more real. Traders — already reeling from Friday morning's jobs report — respond by dumping risk assets in favor of safer bets like Treasurys and cash.