The crypto market is still volatile. Yesterday, Bitcoin and Ethereum both experienced some turbulence — they were rebounding in the morning, but after the US released December ADP employment data in the evening, they turned downward sharply, fluctuating until early morning before stabilizing. Now the market is watching: can this short-term rebound hold? Will tonight’s initial jobless claims data stir things up again?

Speaking of last night’s market turning point, the December ADP employment data in the US was indeed a "catalyst." The December increase in employment was 41,000 jobs, falling short of the market expectation of 50,000. At first glance, it’s good news — finally reversing the decline in employment in November, indicating some signs of a warming labor market. A closer look shows that most of the job growth is in education, healthcare, and leisure/hospitality sectors; manufacturing and professional business services are still losing jobs. Wage growth is moderate, which from an inflation perspective is a positive signal.

But this is strange — logically, such dovish data should stimulate a rally in risk assets, yet the crypto market isn’t reacting that way. After a brief consolidation, Bitcoin and Ethereum turned downward again. Why is that? The market had already priced in some rate cut expectations, and this data didn’t meet the more aggressive easing expectations, instead triggering profit-taking by earlier bottom-fishers. Plus, the rebound earlier in the week was halted at the early December highs, and with the added pressure of a correction, the market ultimately weakened.

Looking at the charts, the dual-coin trend appears to be "falling first, then stabilizing." After the data was released, Bitcoin fluctuated downward, briefly dropping to around 90,700.