隨著選舉結果最終確定，比特幣和加密貨幣相關股票飆升

幾個月來，投資人一直在猜測美國總統大選對加密貨幣市場的影響，隨著選舉結果最終確定，加密貨幣和加密貨幣相關股票的價值週三飆升。

Investors have been speculating for months about the impact of the U.S. presidential election on crypto markets, and the value of both crypto and crypto-related stocks soared on Wednesday as results were finalized.

幾個月來，投資人一直在猜測美國總統大選對加密貨幣市場的影響，隨著選舉結果最終確定，加密貨幣和加密貨幣相關股票的價值週三飆升。

Bitcoin (BTC 6.07%) had the biggest symbolic move, climbing 8.5% in the past 24 hours as of 10 a.m. ET, but some stocks made bigger moves.

比特幣（BTC 6.07%）的象徵性漲幅最大，截至美國東部時間上午 10 點的過去 24 小時內上漲了 8.5%，但一些股票的漲幅更大。

Shares of Robinhood Markets (HOOD 17.87%) jumped as much as 12.2% in early trading, Coinbase Global (COIN 26.48%) was up a whopping 20.1%, and MicroStrategy (MSTR 11.25%) was up 14.7%. Shares are up 8.6%, 15.3%, and 10.4% respectively as I'm writing around 10:30 a.m.

Robinhood Markets (HOOD 17.87%) 的股價在早盤交易中上漲了 12.2%，Coinbase Global (COIN 26.48%) 的股價飆升了 20.1%，MicroStrategy (MSTR 11.25%) 的股價上漲了 14.7%。當我在上午 10:30 左右撰寫本文時，股價分別上漲了 8.6%、15.3% 和 10.4%

Bitcoin's big bounce

比特幣的大反彈

The move in MicroStrategy is correlated directly to Bitcoin given the company's leveraged position in the token. And CEO Michael Saylor has said he wants to continue buying Bitcoin with the company's balance sheet, so a continued move higher for Bitcoin would be good for the company.

鑑於 MicroStrategy 在代幣中的槓桿地位，該公司的舉動與比特幣直接相關。執行長麥可塞勒表示，他希望繼續利用公司的資產負債表購買比特幣，因此比特幣的持續走高將對公司有利。

Robinhood and Coinbase would benefit more indirectly from increased crypto trading on their platforms. Coinbase has seen a surge in trading volume on the Coinbase exchange over the past 24 hours to $6.1 billion from a typical range of between $1 billion and $2 billion per day. Higher volume and volatility will ultimately drive Coinbase's exchange business, which still accounts for most of its revenue.

Robinhood 和 Coinbase 將從其平台上增加的加密貨幣交易中更間接地受益。在過去 24 小時內，Coinbase 交易所的交易量從每天 10 億美元到 20 億美元的典型範圍激增至 61 億美元。更高的交易量和波動性最終將推動 Coinbase 的交易所業務，該業務仍佔其收入的大部分。

Robinhood could also get a boost from trading given the 33% drop in crypto trading volume in the third quarter of 2024. Crypto only accounts for about $20 billion of the $152 billion the company has under custody, but if it's a growth business, it will help revenue and the bottom line.

鑑於2024 年第三季加密貨幣交易量下降33%，Robinhood 也可能從交易中獲得提振。成長型業務，它將幫助收入和利潤。

Regulatory clarity ahead?

未來監理是否清晰？

The bigger upside would be potential regulatory clarity for crypto from a combination of new laws passed by Congress and more friendly regulators, particularly at the Securities and Exchange Commission (SEC). The SEC has gone after most crypto companies and token creators in the past few years with little success in court, but it's caused a freeze of development and innovation in the U.S. Clarity around what's legal and what isn't would be welcome for everyone in the industry and investors are hoping Donald Trump in the White House will lead to this clarity.

更大的好處是，國會和更友善的監管機構（尤其是美國證券交易委員會（SEC））通過的新法律相結合，對加密貨幣的監管可能會更加明確。過去幾年，美國證券交易委員會一直在追捕大多數加密貨幣公司和代幣創造者，但在法庭上收效甚微，但這導致了美國的發展和創新凍結。普入主白宮後能夠澄清這一點。

Exactly what clarity could result in is uncertain, but companies like Coinbase have been building infrastructure tools like the Base blockchain, smart wallets, and a developer platform for others to build on top of. If financial transactions or asset ownership records move to the blockchain, it could unlock massive growth potential for the company on top of higher trading.

究竟會帶來什麼結果尚不確定，但像 Coinbase 這樣的公司一直在建立基礎設施工具，如 Base 區塊鏈、智慧錢包和開發者平台，供其他人在此基礎上進行建置。如果金融交易或資產所有權記錄轉移到區塊鏈上，除了更高的交易量之外，還可以為公司釋放巨大的成長潛力。

Will the pop in crypto last?

加密貨幣的流行會持續下去嗎？

While euphoria is taking hold of the market, there's a lot of uncertainty ahead for crypto overall. It's true that a change in regulators and an unleashing of innovation could make crypto and the blockchain more mainstream.

儘管市場一片歡欣鼓舞，但加密貨幣產業整體上仍存在著許多不確定性。確實，監管機構的改變和創新的釋放可以使加密貨幣和區塊鏈變得更加主流。

But that doesn't mean that value would flow to companies evenly. A lot of the innovation over the past few years has been with stablecoins, not Bitcoin or altcoins, which may mean less trading of tokens long-term. We may also see new start-ups take share if they're built with new crypto rules in mind.

但這並不意味著價值會均勻地流向公司。過去幾年的許多創新都是針對穩定幣，而不是比特幣或山寨幣，這可能意味著長期代幣交易會減少。如果新的新創公司考慮到新的加密貨幣規則，我們也可能會看到它們搶佔市場份額。

I'm bullish on the blockchain long-term, but these short-term moves can often be overdone and the seemingly obvious impact of an election may not play out. That's why I'm not buying the pop, but watching to see what fundamental changes are coming in the next few months.

我長期看好區塊鏈，但這些短期舉措往往可能過度，而且選舉看似明顯的影響可能不會發揮作用。這就是為什麼我不買流行音樂，而是觀察未來幾個月會發生什麼根本變化。