U.S. job cuts just hit a grim milestone: over 1.1 million layoff announcements recorded so far this year. That's the highest tally since the chaos of 2020, per data from a major workforce consulting group.

What does this mean for markets? Rising unemployment typically signals economic uncertainty ahead—historically a mixed bag for risk assets. While some see it as a precursor to Fed rate cuts (bullish for crypto), others worry about shrinking liquidity and recession fears weighing on everything from equities to digital assets.

The labor market's clearly cooling. Whether that translates to opportunity or turbulence depends on how fast central banks react.