The Battle of Non-Farm Payrolls: Data Shocks, Market Turbulence
In November, the U.S. non-farm payrolls increased by only 64,000, and the unemployment rate surged to 4.6%, hitting a four-year high. The data for August and September was revised down by 33,000, far below expectations. Bets on interest rate cuts by the Federal Reserve suddenly intensified, the dollar plummeted, the U.S. stock market experienced volatility upward, while the crypto market welcomed a 'bloody carnival'—Bitcoin surged over $2,000 in a short time, breaking the $89,000 mark, with Ethereum rising in tandem.
The data reveals economic fatigue, reinforcing worries about a 'hard landing.' Traders quickly adjusted their positions: risk assets became favored, U.S. Treasury yields declined, and gold rallied. The crypto market leveraged this momentum to break through key resistance, with accelerated inflows into spot ETFs.
In the face of increased volatility, traders need to beware of 'data aftereffects': short-term bullish sentiment is overheated, and caution is advised against profit-taking. It is recommended to buy mainstream coins on dips, control positions, and set profit-taking and stop-loss orders. Tonight, the non-farm payrolls report concludes, but the market is just beginning.
