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As soon as the September US Non-farm Payrolls (NFP) data came out, the entire market exploded. 🔥
The new employment figure is 119,000, which directly surpasses the expected 50,000 by several streets. Initially, everyone hoped that the economic slowdown could force the Federal Reserve to accelerate its easing, but the rise in the unemployment rate to 4.4% has complicated the story.
The most direct impact? The probability of a rate cut in December plummeted from the previously popular expectation to around 40%. The market instantly lost its direction.
Bitcoin couldn't hold on either - it directly broke through the $87,000 mark. The shadow of the macro environment has once again cast over, and to be honest, this position is quite awkward. Strong employment data should have been good news, but in the crypto space, it has instead become a bearish signal.
How long do you think this round of adjustment will last? Or is it just another trap to lure people into a short position?