Bitcoin Temporarily Drops Below $113,000... Triple Blow of 'Employment Shock, Trump Remarks, Geopolitical Instability'

Weak U.S. employment figures, a sudden personnel decision by President Donald Trump, and heightened military tensions between the U.S. and Russia have combined to exert downward pressure on the overall virtual asset (cryptocurrency) market.

On the 2nd, Bitcoin (BTC) traded at $113,070 (₩158,740,000 on Upbit), down 2.03% over 24 hours. Ethereum (ETH) plunged 4.4% to $3,472, Solana (SOL) fell 4% to $162.29, and Dogecoin (DOGE) dropped 6.3% to $0.1953. At the same time, the kimchi premium stood at 0.96%.

Market analysts note that geopolitical and policy uncertainty from the U.S. is triggering selloffs across risk assets.

According to the July employment report released by the U.S. Bureau of Labor Statistics (BLS), nonfarm payrolls increased by only 73,000, far below market expectations of 175,000. In addition, the numbers for May and June were revised downward by a total of 258,000, effectively nullifying the recovery trend in second-quarter employment.

In response, President Donald Trump announced on his Truth Social account, "BLS Commissioner Erika McEntaffer is a politically biased Biden appointee," and added, "I've ordered her immediate dismissal."

Another source of tension that day was President Trump's mention of a possible military response. Trump called former Russian President Dmitry Medvedev's remarks 'provocative' and said, "I have ordered two U.S. nuclear submarines to be deployed to specific locations." The announcement was made without official U.S. Department of Defense confirmation, intensifying diplomatic uncertainty.

Meanwhile, the market now sees an increased likelihood of a rate cut of up to 50bp (0.5% point) at the September Federal Open Market Committee (FOMC) meeting in response to the weak jobs data. However, since the rate cut is seen as a response to recession rather than an economic stimulus, observers note that it is acting as a negative signal for risk assets.