Tonight will usher in a pivotal moment for the cryptocurrency market

The U.S. Department of Labor will release non-farm payroll data and the unemployment rate at 9:30 PM. Will the results be bullish or bearish? There are two points worth noting.

1. The overall market expectation for this data is relatively pessimistic. The PMI and JOLTS data released a few days ago surged, directly leading to a significant drop in both U.S. stocks and the crypto market. As a result, the market has already fully anticipated bearish news, and the decline has been largely digested in advance. Even if tonight's data performs poorly, the further impact on the market may be limited. However, if the data exceeds expectations, the rebound could be very strong. Yesterday, I already started bottom-fishing ETH and some altcoins, and I am still holding them, preparing to take a big gamble.

2. According to predictions from Citigroup economist Andrew Hollenhorst, the number of new non-farm jobs may only be 120,000, with the unemployment rate expected to be 4.4%. If this data proves to be true, it will be a significant positive.

Hope the data is positive; it has really been dropping fast these days, making it hard to breathe. 😂😂😂