加密貨幣交易所 Coinbase 剛結束了今年最糟糕的一周

比特幣礦商 Marathon Digital 暴跌 20%。嘉信理財追蹤的一籃子加密貨幣相關股票跌至 2 月以來的最低點。

Cryptocurrency markets took a beating this week as worsening fears of an economic slowdown sparked a broad sell-off in risky assets.

由於對經濟放緩的擔憂加劇引發了風險資產的廣泛拋售，加密貨幣市場本周遭受重創。

Coinbase shares tumbled 20%, while bitcoin miner Marathon Digital hit its lowest since February. A basket of crypto-related equities tracked by Schwab fell to its lowest level since early 2023.

Coinbase 股價暴跌 20%，比特幣礦商 Marathon Digital 跌至 2 月以來的最低點。嘉信理財追蹤的一籃子加密貨幣相關股票跌至 2023 年初以來的最低水準。

The industrywide selloff reflected growing concerns about the health of the U.S. economy and tracked a broader decline in prices of bitcoin, ether and risky assets in general. The tech-heavy Nasdaq slid 5.8% for the week, notching its worst performance since January.

全行業的拋售反映了人們對美國經濟健康狀況日益增長的擔憂，並導致比特幣、以太幣和風險資產的價格普遍下跌。以科技股為主的那斯達克指數本週下跌 5.8%，創下 1 月以來最差表現。

In addition to macro pressures, the calendar is doing crypto no favors. According to CoinGlass, September is historically a difficult trading month for crypto assets, with bitcoin notching an average loss of 4.8%.

除了宏觀壓力之外，日曆對加密貨幣也沒有任何好處。根據 CoinGlass 的數據，9 月曆來是加密資產交易困難的月份，比特幣平均下跌 4.8%。

The Crypto Fear & Greed Index, a gauge of crypto market sentiment, is firmly in the "Extreme Fear" zone, indicating that investors are worried about price moves.

衡量加密貨幣市場情緒的加密貨幣恐懼與貪婪指數牢牢處於「極度恐懼」區域，顯示投資者對價格走勢感到擔憂。

Bitcoin slipped to its lowest level since February, falling 4% in the last 24 hours to around $54,000.

比特幣跌至 2 月以來的最低水平，在過去 24 小時內下跌 4%，至 54,000 美元左右。

In a week shortened by the Labor Day holiday, Tuesday saw the steepest selloff in the broader market after weak manufacturing data stoked fears of an economic slowdown.

在勞動節假期縮短的一周內，週二大盤遭遇最嚴重的拋售，此前疲軟的製造業數據引發了對經濟放緩的擔憂。

The 11 U.S. spot bitcoin exchange-traded funds had their worst day in over four months after the report, as more than $287 million was collectively withdrawn from the ETFs.

報告發布後，美國 11 檔現貨比特幣交易所交易基金遭遇了四個多月以來最糟糕的一天，超過 2.87 億美元從 ETF 集體撤資。

The data was bad through the end of the week. On Friday, the Bureau of Labor Statistics reported a cooldown in the labor market with August payrolls falling short of expectations.

整個週末的數據都很糟糕。週五，美國勞工統計局報告稱，8 月就業人數低於預期，勞動力市場降溫。

"The recent U.S. labor market results acted as a moment of truth for risk-on assets like bitcoin, as the labor market is considered the main sector that may influence the Fed's decision to cut rates this month," said Leena ElDeeb, a research analyst with ETF issuer 21Shares, in an email.

研究分析師 Leena ElDeeb 表示：「最近的美國勞動力市場結果對於比特幣等風險資產來說是一個關鍵時刻，因為勞動力市場被認為是可能影響聯準會本月降息決定的主要部門。」透過電子郵件與ETF發行人21Shares 聯繫。

The total market cap of crypto is down close to 30% from its 2024 peak of $2.67 trillion, and is now at $1.9 trillion. Altcoins like Solana's SOL token, XRP and Cardano's ADA all dropped more than 8% in the past week. Ether, the world's second-largest cryptocurrency, plunged 12% to around $2,200.

加密貨幣總市值較 2024 年 2.67 兆美元的峰值下降了近 30%，目前為 1.9 兆美元。 Solana 的 SOL 代幣、XRP 和 Cardano 的 ADA 等山寨幣在過去一周均下跌了 8% 以上。全球第二大加密貨幣以太幣暴跌 12%，至 2,200 美元左右。

Crypto equities hit hardest

加密貨幣股票遭受的打擊最為嚴重

While it was a rough week for risky assets of all sorts, investors over-indexed in crypto stocks had it particularly bad.

儘管對於各種風險資產來說，這是艱難的一周，但過度投資加密貨幣股票的投資者的情況尤其糟糕。

Schwab Asset Management's crypto-themed ETF (STCE), which includes MicroStrategy, Marathon Digital, Riot Blockchain, and Coinbase, fell 11%.

Schwab Asset Management 的加密主題 ETF (STCE)，其中包括 MicroStrategy、Marathon Digital、Riot Blockchain 和 Coinbase，下跌 11%。

Coinbase, stuck in a court battle with the SEC over whether the exchange engages in unregistered sales of securities, plummeted 20% to its lowest since February. MicroStrategy, the bitcoin collecting company founded by Michael Saylor, dropped 14% for the week on the heels of a 12% slide the previous week.

Coinbase 因該交易所是否從事未經註冊的證券銷售而與 SEC 陷入法庭糾紛，股價暴跌 20%，跌至 2 月以來的最低水平。 Michael Saylor 創立的比特幣收集公司 MicroStrategy 繼前一周下跌 12% 後，本週股價下跌 14%。

The top bitcoin mining companies all ended the week with double-digit declines, led by CleanSpark's 24% plunge. Riot Platforms lost 17%.

頂級比特幣挖礦公司本週均出現兩位數跌幅，其中 CleanSpark 暴跌 24%。 Riot 平台下跌 17%。

The downward slide is a continuation from last month. However, JPMorgan Chase analysts said in a note on Friday, citing TradingView estimates, that even as token and asset prices suffered dramatic drops, trading increased in August, with total average daily volumes up 8% from the previous month.

下滑是上個月的延續。然而，摩根大通分析師週五在一份報告中引述TradingView 的估計表示，儘管代幣和資產價格大幅下跌，但8 月的交易量仍有所增加，日均總交易量較上月增長8% 。

As investors turn to what's coming, one big area of focus is the Federal Reserve.

當投資者轉向即將發生的事情時，一大焦點領域是聯準會。

The central bank could cut its benchmark for the first time in four years, when it meets Sept. 17-18. Fed Chair Jerome Powell said last month that "the time has come" for interest-rate policy to adjust. Analysts anticipate either a 0.25% or 0.5% reduction from the current rate of 5.25%-5.5%.

央行可能會在 9 月 17 日至 18 日召開會議時四年來首次下調基準利率。聯準會主席鮑威爾上個月表示，調整利率政策的「時機已經到來」。分析師預計將從目前的 5.25%-5.5% 下降 0.25% 或 0.5%。

Looser monetary policy is typically a good thing for risky assets like crypto, which tend to see more investor inflows when borrowing costs drop.

對於加密貨幣等風險資產來說，寬鬆的貨幣政策通常是一件好事，當借貸成本下降時，加密貨幣往往會吸引更多投資者流入。

The latest read on inflation comes Wednesday with August's Consumer Price Index. The readout is another key metric the Fed will consider ahead of its September meeting.

通膨的最新數據將於週三公佈，即八月份的消費者物價指數。該數據是聯準會在 9 月會議之前考慮的另一個關鍵指標。

The U.S. presidential debate on Tuesday might also prove a price driver in the crypto markets. Republican nominee Donald Trump has branded himself as the pro-crypto candidate for president and recently headlined the biggest bitcoin event of the year in Nashville. Many in the industry see a potential second Trump presidency as a catalyst for the industry, in part because he has vowed to remove SEC Chair Gary Gensler, who's long been viewed as a crypto skeptic.

週二的美國總統辯論也可能成為加密貨幣市場的價格驅動因素。共和黨候選人唐納德·川普將自己標榜為支持加密貨幣的總統候選人，並最近成為納許維爾今年最大的比特幣活動的頭條新聞。業內許多人認為川普可能連任總統是該行業的催化劑，部分原因是他發誓要罷免 SEC 主席加里·詹斯勒 (Gary Gensler)，後者長期以來一直被視為加密貨幣懷疑論者。