The latest non-farm payroll data is weak again—is something really about to happen this time?

The freshly released data is a bit alarming. Revelio Labs tracking shows that US non-farm employment in November is expected to decrease by 9,000 jobs, while October’s numbers are even worse—the initial figure was a decrease of 9,100, but it has now been revised down to a decrease of 15,500. Two consecutive months of job contraction—the chill in this market is getting into the bones.

This situation poses a dilemma for the Federal Reserve. A weak job market would typically lead to calls for rate cuts, but the problem is that the shadow of a recession is looming. Liquidity might ease, but if the economic fundamentals collapse, that’s a whole different story.

For the crypto market, things get interesting. If we really enter a rate-cutting cycle, historical experience tells us that capital tends to seek new avenues, and Bitcoin has performed well in such environments in the past. But this time is different—the overall economic outlook is deteriorating. If traditional markets start panic selling, can digital assets really remain unaffected?

To be honest, no one can say for sure right now. The market is always swinging back and forth between expectations and reality. What do you think about the impact of this round of employment data on crypto trends? Is it an opportunity or a trap?