即使投資者繼續思考提高美國債務上限的影響，比特幣（BTC）市場的實力仍在維持。

加密貨幣市場對當今的消費價格指數（CPI）的報告做出了積極反應，並減少了美國和中國之間貿易戰的前景。

The crypto market’s strength continues even as investors remain focused on the implications of raising the US debt ceiling.

即使投資者仍然專注於提高美國債務上限的含義，加密市場的實力仍在繼續。

Responding to today’s Consumer Price Index (CPI) report and reduced prospects of an escalating trade war between the US and China, the cryptocurrency market reacted positively.

回應當今的消費者價格指數（CPI）報告，並減少了美國與中國之間貿易戰不斷升級的前景，加密貨幣市場做出了積極的反應。

Usually, demand for alternative hedge instruments lessens in such scenarios, but Bitcoin (BTC) touched $109,000, while Ether (ETH) rose 3%, trading above $2,800.

通常，在這種情況下，對替代對沖工具的需求減少了，但比特幣（BTC）觸及了109,000美元，而Ether（ETH）上漲了3％，交易價格超過2,800美元。

Though it’s too early to call it a trend, the crypto market appeared to diverge slightly from traditional assets. The S&P 500 index gave back some of its earlier gains, which had been driven by US President Donald Trump’s announcement of a new trade agreement with China.

儘管現在稱其為趨勢還為時過早，但加密市場似乎與傳統資產有些不同。標準普爾500指數還給了一些早期的收益，這是由美國總統唐納德·特朗普宣布與中國達成新的貿易協定的推動的。

According to the deal, both nations will roll tariffs back to levels seen in February 2025, easing tensions and removing retaliatory taxes. However, the stock market’s performance suggests that investors were largely indifferent, even though the move significantly reduced the risk of economic fallout.

根據該交易，兩國將關稅恢復到2025年2月的水平，緩解緊張局勢並消除報復稅。但是，股票市場的業績表明，儘管此舉大大降低了經濟影響的風險，但投資者在很大程度上漠不關心。

Bitcoin, Ether benefit from potential liquidity injection

比特幣，從潛在的流動性注入中受益

The 2.4% annual inflation rate reported by the US Consumer Price Index offered some relief, especially in the context of rising price concerns driven by the ongoing global trade war. Usually, these developments would boost confidence in stocks and strengthen the US dollar, but investors are still uneasy about the growing US government debt.

美國消費者價格指數報告的2.4％的年度通貨膨脹率提供了一些緩解，尤其是在持續的全球貿易戰驅動的價格上漲的情況下。通常，這些發展將增強對股票的信心並加強美元，但投資者對不斷增長的美國政府債務仍然感到不安。

The US Dollar Index (DXY) fell to its lowest point in seven weeks, indicating that investors are retreating from the dollar. This drop typically points to declining confidence in the Federal Reserve’s capacity to manage economic risks and heightened concern over the country’s fiscal trajectory. In response, market participants are reallocating toward other major fiat currencies.

美元指數（DXY）在七週內下降到最低點，表明投資者正在從美元上退縮。這種下降通常表明，對美聯儲管理經濟風險的能力以及對該國財政軌蹟的關注的信心下降。作為回應，市場參與者正在重新分配其他主要的法定貨幣。

On Tuesday, JPMorgan Chase CEO Jamie Dimon reportedly highlighted the risks posed by private credit, an area that could become problematic during an economic downturn. According to CNBC, Dimon believes the US remains vulnerable to a recession, particularly as employment “will come down a little bit” and upward inflationary pressure persists.

據報導，摩根大通（JPMorgan Chase）首席執行官傑米·戴蒙（Jamie Dimon）週二強調了私人信貸帶來的風險，私人信貸帶來的風險可能會在經濟衰退期間變得有問題。根據CNBC的說法，戴蒙（Dimon）認為，美國仍然容易遭受衰退，尤其是當就業“會降低一點”，並且向上的通貨膨脹壓力仍然存在。

RSM chief economist Joe Brusuelas told Yahoo Finance that “we were not really seeing much of the pass through, if some at all, from the tariffs.” In short, the lack of robust economic growth remains a primary concern for investors. The longer the US Federal Reserve maintains current interest rates, the more likely a recession becomes.

RSM首席經濟學家Joe Brusuelas告訴Yahoo Finance，“我們並沒有真正從關稅中看到很多（如果有的話）。”簡而言之，缺乏強大的經濟增長仍然是投資者的主要關注點。美國美聯儲保持當前利率的時間越長，經濟衰退的可能性就越大。

According to the CME FedWatch tool, futures-based probabilities for the year-end Fed Funds target rate have shifted notably over the past month. Markets now imply a 73% chance that rates will be at 3.75% or higher by December, up from 42.5% one month ago.

根據CME FedWatch工具，在過去一個月中，基於期貨的基金基金目標利率的基於期貨的概率顯著轉移。現在，市場意味著，到12月，利率將達到3.75％或更高的機會，高於一個月前的42.5％。

Related: Bank of Japan pivot to QE may fuel Bitcoin rally — Arthur Hayes

相關：日本銀行樞紐可能會加油比特幣集會 - 亞瑟·海斯（Arthur Hayes）

Higher interest rates exert a dual negative effect on the economy as they raise the cost of issuing and refinancing debt, whether for individuals, companies, or the government. Additionally, interest rates that exceed expected inflation tend to weigh on risk-on assets as fixed-income yields get more attractive.

較高的利率在增加發行和再融資債務的成本（無論是個人，公司還是政府）時對經濟產生雙重負面影響。此外，隨著固定收益收益收益的吸引力，超過預期通貨膨脹的利率往往會權衡風險資產。

The initial signs of decoupling from the stock market suggest that investors are seeking higher returns amid signs that the US government is prepared to raise the debt ceiling. Consequently, regardless of economic growth prospects, cryptocurrencies are seen as benefiting from this environment as traders anticipate added liquidity from the central banks.

與股票市場解耦的最初跡象表明，在美國政府準備提高債務上限的跡像中，投資者正在尋求更高的回報。因此，無論經濟增長前景如何，加密貨幣都被視為從這種環境中受益，因為交易者預計中央銀行增加了流動性。