Bitcoin price is sliding today because the government admitted nearly 1 million jobs from last year never existed
Bitcoin dropped about 3% as Treasury yields rose after the BLS reported steady January jobs but drastically revised down nearly one million jobs from 2025.Summary
The Bitcoin price slid by approximately 3%, trading near $66,900, following a U.S. jobs report that presented conflicting narratives. While January nonfarm payrolls grew by 130,000 and unemployment held at 4.3%, the Bureau of Labor Statistics (BLS) simultaneously issued a major annual benchmark revision, lowering the job count for March 2025 by 898,000 on a seasonally adjusted basis and reducing the entire 2025 trendline. This revision suggests a softer underlying economic backdrop than previously thought. However, the strong January hiring and firm wage growth (up 0.4% for the month) pushed Treasury yields higher, signaling tighter financial conditions and reducing expectations for a March Fed rate cut from 22% to about 6%. Bitcoin's price is highly sensitive to these shifts in Fed policy expectations, as higher yields increase the cost of risk. Traders are now weighing three paths: a 'higher for longer' scenario due to sticky inflation, a faster return to rate cuts based on the downward revisions, or a noisy soft landing, with the next inflation report on Friday being a key catalyst.
(Source：CryptoSlate)