Last night’s non-farm data shocked the market!
A thunderous shock, the U.S. non-farm employment data was a big miss, with October's seasonally adjusted non-farm employment at 12,000, while the expectation was 113,000, with the actual employment count being one-tenth of the expectation!
At the same time, the data for August and September has been revised downward, with a total reduction of 112,000 jobs. The probability of a 25bp rate cut at the Federal Reserve's November meeting is almost a certainty (the probability of no rate cut has dropped to zero - previously, it was confidently said that the Fed would reverse and raise rates, but that has now been disproved); the probability of continued rate cuts in December is also approaching 80%. Risk markets opened higher collectively. BTC dropped to a daily low of $68.8k and then turned upwards to recover $71k. USDT was at 7.13, and USD/CNH was at 7.127, basically flat.
Bitcoin breaks through $71,000
In the cryptocurrency space, Bitcoin also followed suit with an increase, having broken through $71,000 and reaching $71,598 before falling back to a low of $68,773, with a nearly 4% increase over the past 24 hours, showing a V-shaped breakout followed by a sharp decline. This has also triggered a broad rally in the cryptocurrency market, leading to liquidations on both long and short positions, with over 86,000 people across the network facing liquidation, totaling $273 million in liquidations.
Last night was also discussed, buying Bitcoin in batches in the $66,500-$69,000 range, and this morning around $68,800, those who got in should hold on and wait for takeoff~
Bitcoin is oscillating within a range, while a vast number of altcoins are like a dead dog.
This year, newly issued coins with a solid foundation like ENA and ETHFI are continuously breaking their lows, while many old coins that have experienced several bull markets have fallen back to the starting point of this bull market, even the so-called mother of altcoins, Yitai, has dropped back to the beginning of the year’s price, raising doubts about whether altcoins still have a chance.
To give a conclusion: Altcoins still have a chance, not from a technical analysis perspective; current altcoins cannot be analyzed from a technical perspective to see if they will rise, but only from the perspective of trends and human nature.
Next week’s U.S. election. Trump and Harris are neck and neck in several polls. Various cognitive warfare articles are also flying around online. Don’t blindly believe in those analyses that seem well-founded, with data-rich polls and bold, confident bets. Think about one question: what does the outcome have to do with your own interests? If it does, prepare for various possible scenarios. If it doesn’t, why bother worrying about it? It’s just a topic of conversation.
Geoff Kendrick, the global head of digital asset research at Standard Chartered Bank, said that if Trump wins overwhelmingly, Bitcoin prices will experience greater volatility, potentially reaching $125,000 by the end of the year and triggering a new wave of altcoin enthusiasm.
A certain crypto investor bought 1.38 million FWOG with 0.283 SOL three months ago, and the current return has reached 8,500 times.
According to Onchain Lens monitoring, crypto trader JooJoo bought 1.38 million FWOG with 0.283 SOL ($51) three months ago, and now these tokens have risen to a value of $433,000, yielding a return of 8,500 times.
