Weak Jobs Data Fuels Gold, Bond Gains as Crypto Rout Persists

Bitcoin, Equities Drop as Weak Jobs Report Fuels Fed Pivot Bets; Gold, Bonds Rally

Bitcoin and U.S. equities tumbled to session lows Friday following a disappointing U.S. jobs report that deepened expectations for Federal Reserve rate cuts and sparked a rotation into safe-haven assets.

The July employment data came in below expectations, with major downward revisions to May and June figures. Together, the last three months represent the weakest stretch of job growth since the 2020 COVID shutdowns, increasing pressure on the Fed to ease policy.

Markets quickly adjusted. The yield on the 10-year U.S. Treasury dropped 14 basis points to 4.22%, while gold jumped 1.5% to $3,400 per ounce, moving closer to record highs. Both assets benefited from rising recession fears and a shift toward safety.

Bitcoin, however, struggled to find footing. With about 90 minutes left in the trading day, it was down over 3% to $113,800. The Nasdaq Composite was off 2.5%, reflecting broader weakness across risk assets.

Among major cryptocurrencies, losses deepened. Ether (ETH), Solana (SOL), Binance Coin (BNB), and Dogecoin (DOGE) each dropped around 6%. XRP showed relative strength, declining 2.9%.

Trump Responds with Criticism of Fed, Labor Bureau

Former President Donald Trump weighed in after the report, criticizing Fed Chair Jerome Powell on Truth Social: “Jerome ‘Too Late’ Powell is a disaster. DROP THE RATE.” He also called for the firing of Dr. Erika McEntarfer, Commissioner of Labor Statistics, accusing her of distorting job figures for political purposes.

Crypto Stocks Extend Declines

Crypto-exposed equities were hit hard amid the risk-off tone. Coinbase (COIN) plunged nearly 18% following a weak earnings release Thursday evening. Robinhood (HOOD) fell 3.1%.

Bitcoin miners also struggled. Riot Platforms (RIOT) dropped 17%, while Marathon Digital (MARA) lost 3%. Stablecoin issuer Circle (CRCL) declined 7.5%, matching losses in bitcoin-holding firm MicroStrategy (MSTR).

With soft labor data, rising safe-haven flows, and increased political pressure, markets are bracing for a shift in Fed policy — but digital assets continue to bear the brunt of volatility.