Beijing time tonight at 21:30, the US December employment data will be released as scheduled. The importance of this data for the current crypto market can hardly be overstated.

The market is most focused on two indicators: the US unemployment rate and non-farm payroll employment. Currently, the forecast shows an unemployment rate of 4.60%, with markets broadly expecting a slight decline to 4.50%; while the seasonally adjusted non-farm payroll forecast has been lowered from an initial 640,000 to 600,000. The numbers may seem small, but they reflect deeper market concerns about economic slowdown.

Why will these two figures trigger market volatility? Simply put, US employment data is a barometer of Federal Reserve monetary policy, directly affecting the US dollar trajectory—and the dollar's trajectory is the key variable determining the short-term momentum of mainstream cryptocurrencies like Bitcoin and Ethereum. Rising unemployment or weaker-than-expected non-farm data typically boosts risk-off sentiment, which benefits crypto assets. The reverse is also true.

Many traders have already positioned themselves ahead of this time node. The moment the data is released, the market could experience sharp volatility. If actual data significantly underperforms forecasts, it may trigger a chain reaction—from forex to stock markets to crypto markets, one domino falling after another.

Tonight at 21:30, watch the charts. This could be the most catalytic data release moment in the near term.