The good news for cryptocurrencies is that they've already fallen significantly; the bad news is that there's not much good news yet. The September non-farm payroll data will be released tonight, but it will have almost no impact on the market. The November jobs report won't be released until December 16th. In between, there's Thanksgiving on the 27th, Black Friday on the 28th, and the entire month of December is the tax season. The September and October data from the job openings and labor mobility surveys will also be released together on the 9th. The FOMC data will be released on the 9th and 10th, and the interest rate decision will be on the 11th.

In the US stock market, the entire AI market is being short by bears led by Michael Burry, who are using low-volume CDS to influence the prices of underlying stocks. The good news is that Nvidia has once again come to the rescue, and we'll see if it can reverse the trend today. There's a huge divergence among individual stocks in the US market. The bad news is that it hasn't really fallen much yet… Anyone who bought AI stocks had an average 100% year-over-year return, but these last two months have been really tough.

Cryptocurrencies have been decoupled from the US stock market for the past two months. Since the major purge on October 11, the market has been completely abandoned by funds. The AI narrative is too strong, and the competition for funds is as intense as the enthusiasm for switching computing power and electricity from mining Bitcoin to AIDC. If the US stock market reverses here, then this will be the low point for cryptocurrencies. However, the famous saying in the US stock market is: Never fight the Fed. Trump and Bessent have been silent for a long time, and the partisan struggle seems to have temporarily settled the score.