Non-farm payrolls in December exceeded expectations, no hope for rate cuts, US stocks Take a Nosedive, and BTC unexpectedly remains strong, why?

The latest employment data released by the US Bureau of Labor Statistics last night (10th) showed that the number of non-farm jobs in the United States increased by 256,000 in December, far exceeding market expectations of 164,000 and the previous value of 212,000, marking the largest increase in nine months. The unemployment rate in December also fell to 4.1%, which is lower than the expected and previous value of 4.2%.
This unexpected strong employment report has strengthened expectations for the Fed to slow down its interest rate cuts, with the dollar index pulling up again to close at 109.64. Both the US stock and bond markets saw heavy selling pressure, with the 10-year US Treasury yield surging to 4.77%, and all four major US indices plummeting.
. The Dow Jones Industrial Average fell 1.63% (696.75 points) to close at 41,938.45 points
. The Nasdaq index fell 1.63% (317.25 points) to close at 19,161.63 points.
The S&P 500 index fell 1.54% (91.21 points) to close at 5,827.04 points.
.Philadelphia Semiconductor Index fell 2.42% (124.88 points), closing at 5,037.47 points
BTC Plunges to $92,000
As a result, BTC also plummeted 2.23% within 15 minutes of the data release, and fell to $92,206.02 around 11 p.m. last night.
But then BTC quickly rallied back to $95,836, temporarily reporting $94,538.86 before the deadline, with a 1.84% increase in the past 24 hours, and signs of diminishing selling pressure.
Ethereum falls below $3,200
Ethereum follows the same trend as BTC, but with more intense fluctuations. Ethereum plummeted by 2.61% within 15 minutes after the data was released, and fell below $3,200 around 11 o'clock yesterday, reaching a low of $3,193.97. It may have been influenced by the pullback of BTC and rebounded to $3,322.49, temporarily reporting $3,249.27 before the deadline, with a slight increase of 0.77% in the past 24 hours.
The US stock market took a nosedive, and the plummet of BTC and Ethereum were expected based on data, but the crypto market is more resilient compared to the US stock market.
Why? Personally, I think BTC's reaction was an overreaction, after all, BTC fell more than US stocks for a day, and when market sentiment gradually recovers, it will be easier to rebound. The closer we get to the power handover, the better the market expectations will be, and these expectations will overshadow all unfavorable macro data in the short term.
Historically, whenever there is a rise after the election, the transfer of power tends to be quite good. It can be regarded as the first outbreak after the election. This belongs to the situation of searching for a sword on the boat, but this boat has hardly capsized in history.
The biggest difference this time is that for the first time in history, there is a US president who openly supports cryptocurrencies during and after the election. And it doesn't stop there, what's more important is that this president has appointed senior officials, including CFTC, SEC, and the economic czar, who are all cryptocurrency-friendly. This means that Trump is not just talking, but really intends to further promote cryptocurrencies in the United States.
And the transfer of power does not have a Price in, everyone is waiting to see if Trump will say: Make BTC Great in the United States of America when he takes office.
But if Trump's last public speech before taking office on the 19th does not mention cryptocurrency, and there is no mention of cryptocurrency during the handover on the 20th, on the one hand, it indicates that the importance level of cryptocurrency is relatively low, and on the other hand, it does have some impact on emotions. I don't know if there will be a big plummet, but I don't think it will be very good.
Today is the weekend, if BTC can continue to rise during low liquidity, it is likely to drive the altcoins to rise again, and then we will have to wait until Monday to see if there will be a pullback.