The massive fluctuations in the crypto market are clearly a response to tonight's disappointing non-farm payroll data:

The Labor Department will release the November non-farm employment data at 9:30 PM Beijing time tonight. For global investors, the importance of this final non-farm report in 2024 is evidently self-explanatory: it may determine whether the Federal Reserve can lower interest rates for the third consecutive time this month, and it is also expected to profoundly impact the next steps for various markets, including the crypto market.