Crypto market holds $2T after U.S. jobs unexpectedly fall by 92K

The cryptocurrency market held steady near the $2 trillion mark on Friday after new U.S. labor data showed an unexpected decline in job growth. It reinforced expectations that the Federal Reserve could shift toward a more accommodative policy stance later this year.

According to the latest Employment Situation report released by the U.S. Bureau of Labor Statistics, nonfarm payrolls fell by 92,000 jobs in February, while the unemployment rate remained unchanged at 4.4%.

The weaker-than-expected data signaled that the U.S. labor market may be cooling — a development closely watched by investors. Slower economic activity can increase the likelihood of interest-rate cuts, which typically support risk assets such as cryptocurrencies.

While traditional markets digested the macro signals, the crypto market remained broadly stable, with total capitalization excluding stablecoins hovering near $2.04 trillion.

Crypto market consolidates near key $2T level

Data from TradingView shows the total cryptocurrency market capitalization excluding stablecoins hovering around $2.04 trillion at the time of writing.

The market has been attempting to stabilize following a sharp decline in February that wiped roughly $1 trillion from total market value. This sent capitalization from nearly $3 trillion to around $2 trillion.

Source: TradingView

Despite the recent stabilization, the broader market structure still reflects the pullback seen earlier in the year. Crypto assets have formed a series of lower highs since January, suggesting the correction phase has not yet fully reversed.

However, the latest price action suggests the market may be attempting to establish a base around the psychologically significant $2 trillion level.

Momentum shows early signs of recovery

Technical indicators also point to a potential stabilization phase.

The Relative Strength Index [RSI] on the daily chart has recovered to around 46, rebounding from deeply oversold conditions near 20 recorded during February’s sell-off.

While the indicator remains below the neutral 50 level, the rebound suggests selling pressure has eased after the earlier correction.

Trading volumes also spiked during the February downturn, a pattern often associated with capitulation events, in which large amounts of selling occur before markets begin to stabilize.

If the $2 trillion level holds, analysts may view the recent consolidation as a potential accumulation phase following the sharp drawdown.

Macro signals may shape the next move

For now, macroeconomic signals remain a key driver of market sentiment.

Cooling labor data could strengthen the case for the Federal Reserve to adopt a more accommodative stance later in 2026. Lower interest rates typically support risk assets, including cryptocurrencies, by improving liquidity conditions.

However, the crypto market is waiting for clearer confirmation from upcoming economic data and Federal Reserve guidance before attempting a broader recovery.

Final Summary

• The total crypto market cap, excluding stablecoins, has stabilized around $2.04 trillion since February’s sharp correction.
• Weak payroll data suggests a cooling economy, which could increase expectations of Federal Reserve rate cuts that historically benefit risk assets like cryptocurrencies.