比特幣已經飆升至每個比特幣100,000美元，本週飆升至自市場關稅發脾氣以來（並在預計10萬億華爾街驚喜的幫助下）從未見過的水平。

比特幣已經飆升至每個比特幣100,000美元，本週飆升至自市場關稅發脾氣以來（並在預計10萬億華爾街驚喜的幫助下）從未見過的水平。

Bitcoin price action has continued to heat up as the Federal Reserve chair faces the threat of a "nightmare" scenario.

隨著美聯儲椅子麵臨“噩夢”情景的威脅，比特幣的價格行動繼續升溫。

The world’s leading cryptocurrency has surged toward $100,000 per bitcoin, soaring this week to levels not seen since before the markets’ tariff tantrum (and helped by a predicted $10 trillion Wall Street surprise).

全球領先的加密貨幣已經飆升至每個比特幣100,000美元，本週飆升至自市場關稅發脾氣以來（並得到預計的10萬億華爾街驚喜的幫助）。

As the price of bitcoin continues to rise, new research has revealed the true scale of the cryptocurrency market. According to a report by ChainAlysis, a blockchain analysis firm, the total market cap of cryptocurrencies is likely to be at least $10 trillion, an assertion that's being met with skepticism in some quarters.

隨著比特幣的價格繼續上漲，新的研究揭示了加密貨幣市場的真實規模。根據鍊鍊分析公司Chainalysis的一份報告，加密貨幣的總市值可能至少為10萬億美元，這一主張在某些方面受到了懷疑。

According to the researchers, this massive market capitalization is a result of several factors, including the increasing adoption of cryptocurrencies by both retail and institutional investors, as well as the development of new and innovative blockchain technologies.

根據研究人員的說法，這種龐大的市值是多個因素的結果，包括零售和機構投資者對加密貨幣的採用不斷增加，以及新的和創新的區塊鏈技術的開發。

However, some analysts remain skeptical of ChainAlysis's claims, arguing that the report's methodology may be flawed and that the true market cap is likely to be lower. They also point out that the rapid growth of the crypto market over the past year or two is likely to have slowed down considerably in recent months, especially with the crypto bear market having wiped out billions of dollars in value.

但是，一些分析師仍然對鏈分析的主張持懷疑態度，認為該報告的方法可能存在缺陷，並且真正的市值可能會較低。他們還指出，在過去的幾個月中，過去一兩年中加密貨幣市場的快速增長可能會大大放緩，尤其是加密熊市已經消除了數十億美元的價值。

Nonetheless, ChainAlysis's findings do suggest that the crypto market is becoming increasingly integrated into the global financial system. This integration is likely to continue as more countries and institutions begin to recognize the potential of cryptocurrencies and blockchain technology.

儘管如此，Chainalysis的發現確實表明，加密市場越來越多地融入全球金融體系。隨著越來越多的國家和機構開始認識到加密貨幣和區塊鏈技術的潛力，這種整合可能會持續下去。

The bitcoin price has added almost 30% since crashing to April lows as fears swirl around the future of the U.S. dollar.

自從崩潰到四月的低點以來，比特幣的價格上漲了近30％，因為擔心美元的未來盤旋。

Now, after a leak revealed growing establishment “panic” over U.S. president Donald Trump’s plans for bitcoin and crypto, analysts are warning a Federal Reserve “nightmare” is coming true as data reveals the worst U.S. quarterly economic performance in three years.

現在，在洩漏揭示了對美國總統唐納德·特朗普（Donald Trump）對比特幣和加密貨幣計劃的越來越多的“恐慌”之後，分析師警告說，美聯儲“噩夢”即將來臨，因為數據揭示了三年來美國季度最季度的經濟表現。

According to the latest economic figures from the U.S. Commerce Department, the world’s largest economy contracted at a 0.3% annualized rate in the first quarter.

根據美國商務部的最新經濟數據，世界上最大的經濟體在第一季度以每年0.3％的稅率簽約。

The report also showed that the personal consumption expenditures (PCE) price index, the preferred measure of inflation by the Federal Reserve, remained unchanged in March following a 0.4% increase in February.

該報告還表明，在2月增長0.4％的情況下，三月份的個人消費支出（PCE）價格指數（PCE）價格指數是美聯儲的首選通貨膨脹措施。

“The Fed’s worst nightmare just got worse,” analysts with the The Kobeissi Letter posted to X, formerly Twitter. “The market knows that stagflation has arrived.”

“美聯儲最糟糕的噩夢變得更糟，”科貝西信的分析師發布給了X，以前是Twitter。 “市場知道停滯已經到來。”

The institution’s researchers are referring to the latest data from the U.S. Commerce Department, which revealed that the U.S. gross domestic product (GDP) fell at a 0.3% rate in the first quarter.

該機構的研究人員指的是美國商務部的最新數據，該數據顯示，美國國內生產總值（GDP）在第一季度下降了0.3％。

The report also showed that the PCE price index, which excludes volatile food and energy components, was flat in March after advancing 0.4% in February.

該報告還表明，不包括波動式食品和能源組成部分的PCE價格指數在2月份上漲0.4％後於3月持平。

"The PCE price index is now at its highest reading since July 2024, before the ‘Fed pivot' began," Kobeissi analysts wrote.

Kobeissi分析師寫道：“自2024年7月以來，PCE價格指數在'Fed Pivot'開始之前的讀數最高。”

In September, Fed chair Jerome Powell surprised markets with an interest rate cut, kicking off a monetary policy loosening cycle that’s been on pause for months.

9月，美聯儲主席杰羅姆·鮑威爾（Jerome Powell）以降低利率使市場感到驚訝，從而啟動了一個貨幣政策鬆動的周期，該週期已經停留了幾個月。

Kobeissi researchers have previously warned of the looming threat of “stagflation,” referring to a combination of economic stagnation and climbing inflation.

Kobeissi研究人員此前曾警告過“停滯”的迫在眉睫的威脅，指的是經濟停滯和攀登通貨膨脹的結合。

“We have rising inflation with a weakening economy,” they wrote following this week’s data drop. “The Fed is facing the lose-lose situation they thought would never arrive.”

他們在本週的數據下降後寫道：“我們的通貨膨脹率不斷增長。” “美聯儲面臨著他們認為永遠不會到達的損失局勢。”

According to the latest data from the U.S. Bureau of Economic Analysis, the U.S. economy contracted at an annualized rate of 0.3% in the first quarter of 2024. This marks the worst performance since the fourth quarter of 2020, when the economy contracted at an annualized rate of 0.7%.

根據美國經濟分析局的最新數據，美國經濟在2024年第一季度以每年0.3％的稅率簽約。這是2020年第四季度以來最糟糕的表現，當時經濟以每年0.7％的年化收縮。

The report also showed that the PCE price index, which is the preferred measure of inflation by the Federal Reserve, remained unchanged in March following a 0.4% increase in February. The PCE price index is now at its highest reading since July 2024, before the "Fed pivot" began.

該報告還表明，PCE價格指數是美聯儲對通貨膨脹的首選措施，在2月增長0.4％之後，3月份保持不變。自2024年7月以來，PCE價格指數在“美聯儲樞軸”開始之前的讀數最高。

The Federal Reserve will meet next week to decide whether to change interest rates, with the market currently predicting it will leave rates on hold. However, traders are betting the Fed will begin cutting in June, something that’s expected to boost the bitcoin price and risk assets.

美聯儲將在下週開會，以決定是否改變利率，目前預測市場將擱置利率。但是，交易者正在押注美聯儲將於6月開始削減，這有望提高比特幣價格和風險資產。

"For bitcoin, such a scenario is a positive factor, since the easing of monetary policy traditionally leads to an influx of liquidity into risky assets," Tracy Jin, chief operating officer of bitcoin and crypto exchange MEXC, said in emailed comments.

比特幣和加密交易所MEXC的首席運營官特雷西·金（Tracy Jin）在電子郵件的評論中說：“對於比特幣來說，這種情況是一個積極因素，因為傳統上貨幣政策的放鬆導致流動性湧入風險資產。”

Bitcoin’s performance in recent months at first disappointed traders as the bitcoin price fell along with stocks in the face of Trump’s escalating trade war. However, the bitcoin price has surged again through April, making it one of the year

近幾個月來，比特幣的表現使交易員失望，因為面對特朗普的貿易戰爭不斷升級，比特幣價格與股票一起下跌。但是，比特幣的價格截至4月再次上漲，成為一年中的之一