The cryptocurrency market also experienced a very outrageous spike in the market after the U.S. #非农数据 came out last night.

The growth of the U.S. non-farm data has actually been relatively mild, increasing by 22,000 as expected, but the overall rate of #失业率 has already reached its highest level since 2021, at 4.3%.

The unemployment rate has risen to its highest level since the pandemic.

This is the highest since 2021, which has triggered market concerns about a recession. Thus, after an initial surge, the market quickly retreated.

Because once a recession occurs, actually lowering interest rates does not have much effect in the face of a recession. So this is also why the market experienced a retreat after the entire surge, as the surge was due to the fact that the non-farm data had basically priced in an interest rate cut in September, leading to a sharp increase.

The subsequent pullback reflects concerns about the economy possibly entering a recession.