Golden Finance reported that 10x Research market analysis pointed out that the U.S. stock market has wiped out all gains since Trump’s election in November last year, although the election was initially expected to promote stronger growth and lower taxes. Expectations of a post-election rally in the cryptocurrency market quickly faded on December 6 last year, with trading volumes declining significantly since then and funding rates peaking on that date, indicating the date’s significance. Macroeconomic factors are the main drivers of Bitcoin and cryptocurrency market cycles. The Federal Reserve cut interest rates by 50 basis points in September due to a weak labor market and expectations of an economic recession, but subsequent data showed a different trend. Although non-farm employment increased by only 12,000 in October, it rebounded to 227,000 in November. Data released on January 10 once again showed strong growth, with 256,000 new jobs added in January and the unemployment rate falling to 4.1%. These data show that the Fed's original intention to cut interest rates is flawed, weakening the basis for the rate cut cycle.