The three "bombshells" of the non-farm payroll data, the US interest rate decision, and Powell's speech are set to explode at the same time. Coupled with the tendency of the US stock market to decline in the third quarter, known as the "Q3 curse," the fluctuations of Bitcoin and other cryptocurrencies could be precarious.
In simple terms, if the non-farm payroll data is good, the US economy looks strong, the Federal Reserve may take a firm stance, the dollar might rise, and the crypto market could suffer; if the data is poor, the Federal Reserve might ease up, giving the crypto market a chance. In terms of interest rates, if there are hints of a rate cut, the crypto market could skyrocket; if rates are maintained at a high level or even increased, the crypto market will feel the pinch. Powell is even more crucial—if he speaks gently and signals a rate cut, the crypto market could be euphoric; if he firmly insists on tackling inflation, the crypto market is likely to take a hit. Additionally, if the US stock market takes a severe downturn, funds might shift to Bitcoin for safety.
In summary, tonight's cryptocurrency market is unpredictable; everyone should stay calm, avoid putting all their money in one place, and remain clear-headed to see whether it ends up being heaven or hell.