U.S. Added 336K Jobs in September, Nearly Doubling Expectations; Bitcoin Slips 1%
The unemployment rate was unchanged at 3.8%.
It was blowout employment data for the economy last month, with the Bureau of Labor Statistics Friday morning reporting 336,000 jobs added in September versus economist forecasts for just 170,00. August’s originally reported 187,000 jobs gained was revised higher to 227,000.
The unemployment rate was unchanged at 3.8% and against expectations for a decline to 3.7%.
The price of bitcoin (BTC) fell just shy of 1% in the minutes following the news to $27,530.
Always an important report, this month’s jobs numbers have taken on particular significance given the rout in government bond prices over the past five weeks that’s seen the yield on the 10-year Treasury note rise from just above 4% to as high as 4.80% earlier this week. That sharp rise in rates has taken a sizable chunk out of the stock market, with the Nasdaq lower by about 6% since September 1 and the S&P 500 down a similar amount.
While not necessarily in major rally mode as stock and bond prices have tumbled, bitcoin has managed to hold its own, rising over the same time frame from about $26,000 to $27,700 ahead of this morning’s news.
Shortly following this morning's report, stock and bond prices were headed lower again, with Nasdaq 100 futures down more than 1% and the 10-year Treasury yield higher by eight basis points to just shy of 4.80%. The CME FedWatch tool now shows a 31% chance of a U.S. Federal Reserve rate hike at its next policy meeting in November. Ahead of the jobs number, it was just 24%.
In other report details, closely followed average hourly earnings were softer than expected, rising 0.2% in September versus forecasts for 0.3% and against August’s 0.2%. On a year-over-year basis, average hourly earnings were higher by 4.2% versus 4.3% expected and 4.3% last month.
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Exchange Review - March 2025

CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
What to know:
Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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