10X Research market analysis notes that U.S. stocks have erased all gains since Trump's election in November, despite initial expectations that the election would drive stronger growth and lower taxes. Expectations of a post-election rally in the cryptocurrency market quickly faded on December 6, after which trading volumes fell sharply and funding rates peaked on that date, indicating the significance of the day. Macroeconomic factors are the main drivers of the Bitcoin and cryptocurrency market cycles. The Federal Reserve cut interest rates by 50 basis points in September on a weak labor market and recession expectations, but the subsequent data showed a different trend. While non-farm payrolls rose by just 12,000 in October, rebounding to 227,000 in November, data released on January 10 again showed strong growth, adding 256,000 jobs in January and the unemployment rate falling to 4.1%. These data suggest flaws in the original intention of the Federal Reserve to cut interest rates, weakening the basis for the rate-cutting cycle.