# Crypto Prices Rip Despite Government Shutdown, Weak Employment Report

*Author: Bankless*
*Published: Oct 1, 2025*
*Source: https://www.bankless.com/read/news/crypto-prices-rips-despite-government-shutdown-weak-employment-report*

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Crypto prices are up to start the fourth quarter of 2025, despite an inauspicious macro backdrop. The rally is being lead by prominent alts, with ETH and SOL up over 4% on the day, and supported by BTC, which briefly traded above $118k this morning.

### What's the Scoop?
- **U.S. Shutdown: **The United States federal government [shutdown](https://www.bankless.com/read/news/u-s-government-inches-towards-shutdown) once the clock struck midnight. "Essential" workers will continue working without pay until the shutdown lifts, and while payments to non-discretionary social programs like Social Security will continue, services and support may be delayed.
- **Poor Jobs Report: **Private sector hiring statistics released by ADP disappointed with 32k job *losses* in September against expectations for 51k jobs *gained. *Assuming the government shutdown persists, the BLS will not publish its anticipated September payroll report on Firday.
- **Increased Cut Odds: **After the publication of ADP labor data, Federal reserve rate cut odds jumped. According to [CME FedWatch](https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html), the market now expects a 99% chance of a 25 basis point (0.25%) cut in October, up from a 96.2% chance yesterday.

> BITCOIN JUMPS ON WEAK JOBS DATA, FED CUT BETSBitcoin hit a two-week high of $116,910 after ADP reported a 32,000 job loss in September (vs. +45,000 expected), fueling expectations of a Fed rate cut on Oct. 29. Lower rates support risk assets, while seasonality also favors…— *Walter Bloomberg (@DeItaone) [October 1, 2025](https://twitter.com/DeItaone/status/1973389170568499703?ref_src=twsrc%5Etfw)