Coinbase：宏觀因素在起作用

Coinbase Research 的一份新報告稱，宏觀經濟壓力給加密貨幣市場帶來了沉重壓力。

A new report from Coinbase Research has highlighted the increasing impact of macroeconomic factors on the cryptocurrency market. The report, which was published on Monday, noted that the market has become more vulnerable in recent weeks due to a lack of catalysts to drive prices upwards.

Coinbase Research 的一份新報告強調了宏觀經濟因素對加密貨幣市場的影響越來越大。週一發布的報告指出，由於缺乏推動價格上漲的催化劑，近幾週市場變得更加脆弱。

According to the report, the recent decision by the Bank of Japan to hike interest rates has led to the unwinding of yen carry trades, which has had a ripple effect on global markets.

報告稱，日本央行近期升息決定導致日圓套利交易平倉，對全球市場產生了連鎖反應。

Additionally, the report noted that geopolitical tensions in the Middle East are also raising concerns over oil supplies, which is further impacting the market.

此外，報告指出，中東地緣政治緊張局勢也引發了對石油供應的擔憂，這進一步影響了市場。

The report also highlighted a sharp decline in leverage within on-chain spot markets, which it attributed to the recent large drop in crypto prices, rendering investors cautious.

該報告還強調了鏈上現貨市場槓桿率的急劇下降，這歸因於近期加密貨幣價格的大幅下跌，這使得投資者變得謹慎。

Coinbase analysts believe that macroeconomic factors will continue to dominate the near-term price movements of cryptocurrencies.

Coinbase分析師認為，宏觀經濟因素將繼續主導加密貨幣的近期價格走勢。

The company's Q3 strategy is heavily influenced by the upcoming US inflation data prints, which will determine market sentiment towards crypto.

該公司的第三季策略很大程度上受到即將發布的美國通膨數據的影響，這將決定市場對加密貨幣的情緒。

While some analysts remain pessimistic, others believe that a recovery in the US economy could lead to a recovery in token valuations, with some hypothesizing that Bitcoin could reach its all-time high again this year if macro conditions stabilize.

儘管一些分析師仍然悲觀，但另一些分析師認為，美國經濟的復甦可能會導致代幣估值回升，一些分析師假設，如果宏觀條件穩定，比特幣今年可能再次創下歷史新高。

Investors are advised to pay close attention to the interplay between macroeconomic factors and market dynamics in the current crypto landscape.

建議投資者密切關注當前加密貨幣格局中宏觀經濟因素與市場動態之間的相互作用。

The report follows a recent analysis by the exchange, which found that crypto markets are now moving in sync with traditional markets, with a 90-day rolling correlation coefficient between the S&P 500 and Bitcoin reaching 0.8.

該報告是在該交易所最近進行的一項分析之後發現的，加密貨幣市場目前正在與傳統市場同步發展，標準普爾 500 指數與比特幣之間的 90 天滾動相關係數達到 0.8。

The analysis also found that the correlation between the S&P 500 and Ethereum has been increasing since the start of 2023, with the 90-day rolling correlation coefficient reaching 0.7.

分析也發現，自2023年初以來，標普500指數與以太坊之間的相關性不斷增強，90天滾動相關係數達到0.7。

Coinbase attributed the increasing correlation to the entry of institutional investors into the crypto market, which has been gathering pace since 2020.

Coinbase 將這種相關性的增加歸因於機構投資者進入加密貨幣市場，該市場自 2020 年以來一直在加快步伐。

As the market matures, it's becoming increasingly difficult to ignore the broader economic trends that drive crypto prices.

隨著市場的成熟，越來越難以忽視推動加密貨幣價格的更廣泛的經濟趨勢。