U.S. December Non-Farm Payrolls Data Released: 500,000 new jobs added in the month, below the market expectation of 600,000. The unemployment rate unexpectedly fell to 4.4%, better than the expected 4.5%, indicating that the employment market resilience exceeded expectations.

Wage performance is more noteworthy—average hourly earnings increased by 0.3% month-on-month, in line with expectations; year-on-year growth reached 3.8%, surpassing the expected 3.6%. What signals do these data reveal?

On one hand, the slowdown in employment growth may ease the Federal Reserve's rate hike pressure, benefiting risk assets; on the other hand, the acceleration of year-on-year hourly wage growth indicates persistent inflation, which could limit room for rate cuts. For the crypto market, this means the certainty of macro policy turning points is decreasing, and short-term volatility may persist.