As Crypto Prices Dip Ahead of US Jobs Data, Bessent Praises Bitcoin and Trolls Senate Democrats
Key takeaways
- The crypto market is more than 3.5% down today, due to macroeconomic uncertainties and profit-taking momentum.
- The delay in the U.S. employment data report because of the government shutdown creates skepticism in investors.
- Amidst the downtrend, Treasury Secretary Scott Bessent praised Bitcoin.
- ‘Bitcoin never shuts down,’ Powell added in his viral tweet.
As uncertainty regarding the U.S. jobs data grows, investors are skeptical about the movement of the crypto market in November. This, along with the profit-taking momentum and weak technicals, resulted in a 3% dip in the entire crypto market capitalization. Bitcoin is nearly 3% down, ETH 5%, XRP 5%, BNB 6%, SOL 7%, and DOGE is around 8% down.
While investors await the report, Scott Bessent, the United States Secretary of the Treasury, stated that high rates may have driven the U.S. economy into a recession, signalling weak job data. He also praised Bitcoin for its 24/7 operational condition for the past 17 years, and trolled the Senate Democrats to learn something from Bitcoin’s resilience.
U.S. Jobs Data Delay Due to Government Shutdown Positions Crypto Market in Uncertainty
The U.S. employment data report, also known as the Employment Situation report, which was scheduled to be released on November 7th, will not be published until the ongoing government shutdown ends. If the report indicates weak job data, the economic slowdown will weaken the dollar, usually resulting in Bitcoin rallies. If the report points to strong jobs data, investors will move towards safe assets, resulting in Bitcoin sell-offs.
Since the shutdown has entered its second month, soon going to become the longest ever, the jobs data report will be delayed. However, the private-sector jobs data by the ADP National Employment Report will be released this week, providing limited insights into the labor market.
‘Bitcoin Never Shuts Down,’ Treasury Secretary Bessent Teases Senate Democrats
Scott Bessent, the first openly gay person to lead the U.S. Treasury Department, warns that the restrictive policies may have resulted in a recession, and argues that the Federal Reserve still has room to cut the interest rates. The Fed’s high interest rates “may have driven parts of the economy, particularly housing, into recession,” he stated on CNN’s “State of the Union” program on Sunday, November 2, 2025.
Bessent also opined that Bitcoin has been operational for the past 17 years without any shutdown, and teased Senate Democrats, who caused the shutdown by blocking 13 Republican-passed continuing resolutions to fund the government. “17 years after the white paper, the Bitcoin network is still operational and more resilient than ever. Bitcoin never shuts down. Senate Democrats could learn something from that,” he tweeted.
Crypto Market Today: Bearish & Fear
- Fear & Greed Index – Fear (36)
- MACD – Bearish
- BTC Treasury Supply – 1.1 Million / 21.0 Million
- Bitcoin Dominance – 59.6%
- Ether Dominance – 12.4%
- Crypto ETFs Net Flow – – $289,800,000
- Altcoin Season – 27/100
The entire crypto market cap is 3.72% down, reduced to a capitalization of $3.59 trillion. Bitcoin broke below the psychological support of $110,000, currently trading near $107,500. ETH is at $36,96, XRP at $2.40, SOL at $175.5, DOGE at $0.173, and ADA at $0.575. While the technical analysis suggests that the market is still in fear, it is expected to ignite a rebound due to optimistic external conditions. November has been one of the strongest-performing months for Bitcoin and various altcoins, and analysts expect it to recur this time.
