Tonight at 21:30, two major heavyweight events will occur simultaneously, and the crypto market is about to face a test.

On January 9th, the US December Non-Farm Payrolls report will be officially released. This data not only concerns the number of new jobs added but also the revision magnitude of previous data — which directly reflects the resilience of the US labor market. At the same time, the US Supreme Court will announce its ruling on the legality of tariffs, and its policy spillover effects should not be underestimated.

For cryptocurrency traders, the combined effect of these two events is crucial. Once the non-farm data is released, it will immediately influence the market’s judgment of the Federal Reserve’s next move. If expectations for rate cuts rise, US Treasury yields and the US dollar index usually decline, prompting institutional investors to adjust risk allocations — during this time, BTC and ETH price fluctuations are often amplified, and on-chain liquidity will also change accordingly. Conversely, if rate cut expectations cool down, the market will need to digest the news again.

The tariff ruling will influence global trade expectations, which in turn will affect the overall performance of risk assets. Historically, macro policy uncertainties often trigger sharp volatility in the crypto market. The convergence of these two major events tonight is likely to become a key turning point for recent market trends. Managing risks well and closely monitoring policy developments are the wise choices.