Recently, the non-farm employment data released by the United States shocked the market. The expected rise of 110,000 jobs only achieved 70,000, indicating that the job market is still weak. This unexpected performance of the data immediately triggered a chain reaction in the financial markets.

Gold has risen rapidly as a rival currency to the US dollar. However, Bitcoin has shown the opposite trend, falling below the support level of $114. This unusual phenomenon is primarily due to the weakness of the US dollar, which first impacted the US stock market, leading to a significant decline in the Nasdaq index. Following this, cryptocurrency-related stocks, such as Coinbase, also fell.

This phenomenon highlights the close correlation between the current cryptocurrency market and traditional financial markets, especially the US stock market. The previous cryptocurrency bull market driven by ETFs and major institutions is actually deeply linked to the trends of the US stock market.

The unexpected performance of employment data has also posed new challenges for the Federal Reserve. Market expectations for a rate cut in September have risen to 75%. Trump even stated that if Powell does not cut rates, it may be taken over directly by the board. Global attention is focused on the game between these two important figures, and the pressure is back on Powell.

This series of events highlights the complex interplay between macroeconomic data, policy decisions, and the cryptocurrency market. Investors need to closely monitor changes in these factors to better understand and predict market trends.