Ether Sheds 4% as Crypto Markets Sell Off After Job Data

Crypto markets experienced a sell-off despite disappointing August employment data indicating potential monetary easing by the Federal Reserve.

The U.S. added only 22,000 jobs in August, with unemployment rising to 4.3%.
Initial market reactions included gains across crypto, stocks, bonds, and gold, anticipating a Fed interest rate cut of up to 50 basis points.
Following stock market openings, ether (ETH) dropped nearly 4%, now down 1.5% at $4,279; Solana (SOL) and XRP (XRP) also fell similarly.
Bitcoin (BTC) decreased by approximately 2.5% but remains slightly higher over the past day at $110,500.
U.S. stock indices reversed early gains, with the Nasdaq down 0.6% and S&P 500 down 0.7%; gold is up 0.9% for the session.
CME traders adjusted odds for a Fed rate cut: a 25 basis point cut now has an 86% probability, down from near certainty before the jobs report.
Comments from economic analysts highlight concerns over job growth and manufacturing losses, suggesting the Fed may prioritize labor stability over inflation targets.
Crypto-related stocks also declined: Coinbase (COIN) by 4%, Circle (CRLC) by 7.5%, Strategy (MSTR) by 1.5%, and MARA Holdings (MARA) by 3.2%.
Ether treasury firms Bitmine Immersion (BMNR) and Sharplink Gaming (SBET) fell by 5.4% and 6% respectively.