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Once the data is out, both bulls and bears are dead. People staying up all night watching the market have become lambs awaiting slaughter. But this time, I noticed something unusual.
Last night, at the moment the US November non-farm payroll data was released, the entire crypto community split into two camps. One group cheered excitedly for a rebound, while the other cried and sold off everything to run away. I've seen this scene too many times.
Having been in this industry for seven or eight years, I read that non-farm report over and over again. The conclusion might be hard to swallow: behind seemingly contradictory data, the market is actually conducting a stress test. Moreover, this could very well be a signal for the next wave of market movement.
**The Torn Digital Game**
On the surface: November non-farm employment increased by 64,000, surpassing the market expectation of 45,000. Sounds pretty good.
But then I looked again and was stunned—unemployment rate jumped to 4.6%, a four-year high. Even more brutal, October's data was revised downward by 105,000, the most aggressive downward revision in five years.
It's like someone saying they are earning money, then turning around and claiming they are heavily in debt. Naturally, the market is confused. Good data suggests the Fed will slow down the pace of rate cuts, which is a pressure on crypto assets. Bad data sparks recession fears, leaving risk assets with no way out. Being caught between a rock and a hard place—that's the real difficulty.
**The Scene of Both Sides Reaping Rewards**
How did the market move? A textbook-level double kill. Bitcoin surged to $88,000, then immediately crashed back down.