The drastic fluctuations in the cryptocurrency market are clearly a response to tonight's non-farm payroll data from the U.S.:

The U.S. Department of Labor will release the non-farm employment data for November at 9:30 PM Beijing time tonight. For global investors, the importance of this final non-farm report for 2024 is evidently self-evident: it may determine whether the Federal Reserve will be able to cut interest rates for the third consecutive time this month, and it is also expected to have far-reaching effects on the next steps for various markets, including the cryptocurrency market.