At 8:30 tonight, Beijing time, the United States will release October unemployment rate and seasonally adjusted non-farm employment data. This is key data before the election and the next Fed interest rate cut meeting, and has attracted much market attention. The market expects the unemployment rate to remain at 4.1% in October, and non-agricultural employment growth is expected to be 113,000, significantly lower than the previous value of 254,000.

The actual performance of unemployment and non-farm data will have a profound impact on the economic outlook, monetary policy direction, and the crypto market. If the unemployment rate is higher than expected and non-agricultural growth is lower, this may indicate that the labor market is gradually slowing down, thereby exacerbating market concerns about an economic slowdown and increasing expectations for the Federal Reserve to shift to easing policies.

If this expectation is strengthened, it will help promote the recovery of risk asset prices, and the crypto market may have a positive reaction, as it is particularly sensitive to loose policies. On the contrary, if the unemployment rate remains at or lower than expected and the number of non-farm payrolls significantly exceeds expectations, it will show that the labor market remains stable and inflationary pressures may continue, which may strengthen the Fed's cautious attitude in cutting interest rates. This will cool down easing expectations, which may put pressure on risky assets, and crypto market volatility may rise accordingly.