Mainstream cryptocurrencies such as ZEC, POL, BTC, and others are facing a critical test. At 21:30 North American time, the US December Non-Farm Payrolls report will be released—this data is not only a barometer of the economy but also directly determines the Federal Reserve's liquidity policy direction.

Market expectations are highly dispersed (predictions range from 25,000 to 155,000 new jobs), reflecting institutional investors' genuine confusion about the economic fundamentals. More challenging is the possibility of significant revisions to last month's data, which could directly shake market confidence in liquidity prospects.

There are three key points to watch: strong data (over 80,000 new jobs, wage growth), which may put short-term pressure on risk assets; weak data (far below 60,000 new jobs, declining wages), which could lead the market to pre-price expectations; and the most tricky scenario (weak employment but rising wages), which may trigger stagflation expectations and cause volatility to fluctuate wildly.

Simultaneously, the US Supreme Court is ruling on the legality of key tariff policies. This decision is often overlooked but can instantly impact global risk assets, including the cryptocurrency market, through exchange rate mechanisms.

Essentially, crypto assets have become a mirror of global liquidity sentiment. The non-farm report influences funding costs, while court rulings affect risk appetite—both are key variables that can leverage short-term market movements. The long-term trend remains intact, but the market must digest the shocks from these two heavyweight events in the near term. Is the golden pit a sign of a top? The answer will emerge amidst the volatility.