The ADP employment report, known as the "mini-nonfarm payroll," was expected to show an increase of 99,000 workers in June. However, the figures released last night unexpectedly fell by 33,000, a very large discrepancy and the first negative value in the past two years, indicating that the U.S. job market is rapidly deteriorating. U.S. stocks saw a slight correction in early trading but quickly rebounded, with the S&P 500 and Nasdaq even reaching new highs.

Bitcoin had already rebounded to the $108,000.00 level in early trading due to Elon Musk praising Trump on the X platform, leading people to believe they had reconciled. In the middle of the night, Bitcoin suddenly surged, breaking through $109,000.00. This was due not only to the disappointing ADP data, which solidified the market's expectation of an early rate cut, but also to rumors that the Federal Housing Finance Agency (FHFA) had requested Congress to investigate Powell.

Since Trump took office, Powell has consistently refused to cut interest rates and is suspected of opposing the Trump administration due to his political leanings. The FHFA is requesting an investigation into this matter. If he is indeed investigated by Congress, he may be suspended or resign voluntarily, at which point someone who supports Trump's rate cuts would take office, which the market interprets as positive.

However, the ADP data is already sufficient for the Federal Reserve to restart rate cuts at any time. If tonight's nonfarm payroll employment change and unemployment rate are also worse than expected, then the chance of a rate cut in September is likely to be quite high. Under the current circumstances, as long as next week's tariff negotiations don't go wrong or other bad news doesn't emerge, it is believed that the U.S. stock market and the crypto market will maintain this upward trend until the positive expectation of a rate cut materializes.

Non-farm payrolls disappoint, Powell under investigation, Bitcoin finally breaks through $109,000.000