The latest December employment data shows that non-farm payrolls increased by only 50,000, which is indeed a disappointing figure. More noteworthy is that the three-month average private sector employment has fallen to 29,000, the second-lowest level this year. This scene reflects that the labor market is entering a delicate stage of "slowing hiring and easing layoffs" — companies are neither eager to expand significantly nor to carry out large-scale layoffs.

However, the unemployment rate has actually decreased, which somewhat reassures worried investors. To be honest, it is precisely because of pessimistic expectations about the labor market that the Federal Reserve has repeatedly cut interest rates in the past three meetings.

The current market generally believes that the Federal Reserve is likely to keep interest rates unchanged at the meeting on January 27-28. But this weak hiring data also means that there will continue to be differing opinions about how healthy the US labor market really is. For cryptocurrency market participants, the Fed's policy direction has always been an important factor influencing asset prices, and this report is undoubtedly worth ongoing monitoring.