Non-farm payroll data slightly exceeded expectations, is the Fed's rate cut in June in jeopardy? Is the crypto market about to take another rollercoaster ride?

The U.S. non-farm payroll data for May released on Friday was a bit 'subtle': 139,000 new jobs were added, slightly more than the market expectation of 130,000, while the unemployment rate remained steady at 4.2%, just as everyone thought. Looking at these two numbers alone, it seems the job market is quite 'stable', but upon closer examination, there are several signals behind that might perplex the Fed—such as although employment numbers have increased, the average working hours for workers have decreased, and wage growth has not exceeded expectations, indicating that the market might not be as 'hot' as it appears, and could even suggest a 'rising but weakening' trend.

So the question arises, will the Fed still cut rates in June? The key depends on the 'inflation signals' that the Fed cares about the most. If employment is strong but wages do not rise, it means the labor market is not that tight, and inflation pressure may not be that significant, which would actually leave room for rate cuts; but if the Fed believes that 'stable employment means stable economy' and worries that rate cuts might lead to a rebound in inflation, they might 'wait and see'. Currently, opinions in the market are divided into two camps: some believe the data is just 'slightly above expectations', not enough to change the overall trend of rate cuts, and a 25 basis point cut in June is still possible;

For the crypto market, the implications of this situation are considerable. If the Fed delays rate cuts, the U.S. dollar may strengthen, while cryptocurrencies, as 'risk assets', typically move in opposition to the dollar, meaning funds might flow from the crypto market to dollar-denominated assets, putting pressure on mainstream coins like Bitcoin and Ethereum for a short-term correction. Conversely, if the market discovers the 'weak signals' behind the data and believes the Fed will still cut rates, the crypto market might see a 'expected rebound', as everyone has been looking forward to the liquidity brought by easing policies. However, it must be said that the crypto market is becoming increasingly sensitive to macro policies, and the speeches of Fed officials and changes in market interest rate expectations over the next few days must be closely monitored, as even a single signal could cause significant market fluctuations.

Do you think the Fed will cut rates in June? Is this non-farm payroll data a negative signal for the crypto market or does it hide opportunities?