Crypto assets and the stock market plunged on Friday after the US Bureau of Labor Statistics (BLS) published a report that painted a bleak picture of the US labor market.
The BLS notes that the US unemployment rate rose to 4.3% in July highest figure since then October 2021.
There were some employment gains last month in the healthcare, construction and warehousing sectors, but the information sector lost 20,000 jobs, according to the new report.
Overall, total U.S. nonfarm payroll employment increased by 114,000 jobs, significantly less than the average monthly job growth of 215,000 in the previous twelve months.
Following the BLS announcement, Bitcoin (BTC) fell below the $62,000 mark for the first time in almost three weeks. The highest-ranked crypto asset by market cap is trading at $61,458 at the time of writing and is down almost 5.5% in the past 24 hours.
Ethereum (ETH) fell below $3,000 for the first time since July 8 and is trading at $2,980 at the time of writing. The second-ranked crypto asset is down nearly 6.5% in the past day.
Meanwhile, the total cryptocurrency market cap fell 5.8% Coin gecko.
Stocks also had a bad day. The S&P 500 fell 1.84% on Friday, the Nasdaq fell 2.38% and the Dow Jones Industrial Average fell 1.21%.
Read the full monthly BLS report here.
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Generated image: Midjourney