弗朗西斯科·羅德里格斯（Francisco Rodrigues）（除非另有說明，否則所有時間）

在周五晚些時候到期的就業報告之前，市場似乎看好，而比特幣（BTC）在周四連續第八天上漲後，比特幣（BTC）上升到97,000美元。

Markets are cautiously bullish ahead of the jobs report due later Friday, with bitcoin (BTC) rising toward $97,000 after stocks rose for an eighth straight day on Thursday.

在周五晚些時候到期的工作報告之前，市場謹慎看漲，比特幣（BTC）在周四連續第八天上漲後，比特幣（BTC）上升到97,000美元。

That gave the S&P 500 its longest rally since August as investors grew more confident that trade tensions between Washington and Beijing are cooling.

這使標準普爾500指數自8月以來最長的集會使投資者變得更加有信心，因為華盛頓和北京之間的貿易緊張局勢正在降溫。

Still, the CoinDesk 20 (CD20) index is little changed over the last 24 hours with the drop in first-quarter GDP pointing to economic strain from the trade war.

儘管如此，在過去的24小時內，Coindesk 20（CD20）指數幾乎沒有變化，因為GDP的第一季度下降指向貿易戰的經濟壓力。

The pessimists' camp is also pricing in four Federal Reserve interest-rate cuts this year — one more than they'd priced in before the reciprocal tariffs were announced.

悲觀主義者的營地也以四個聯邦儲備金利率削減速度定價 - 比他們在宣布互惠關稅之前的價格要多。

But personal consumption expenditures (PCE), the Fed's preferred measure of inflation came in above forecasts, which limits the central bank's room for easing, said James Butterfill, the head of research at CoinShares.

Coinshares的研究負責人詹姆斯·巴特菲爾（James Butterfill）表示，但是個人消費支出（PCE），美聯儲的首選通貨膨脹量措施上述預測，這限制了中央銀行放鬆的空間。

Today's payrolls data remains a “critical piece of the puzzle,” he said.

他說，今天的薪資數據仍然是“難題的關鍵部分”。

“When the Fed eventually decides to cut rates, it is likely to do so in a knee-jerk and forceful manner — reacting to a significant deterioration in economic conditions rather than being proactive. Such a dramatic policy shift could act as a catalyst for a significant breakout rally in bitcoin, as investors seek alternative stores of value amid aggressive monetary easing,” Butterfill said.

“當美聯儲最終決定降低費率時，很可能會以一種膝蓋和有力的方式來做到這一點 - 對經濟條件下的重大惡化做出了反應。這種巨大的政策轉變可能會催化比特幣的重大突破性集會，因為投資者尋求有價值的積極單調的替代品的投資者，say ofteraly say of Butterary say say of Butterfill say。

That policy shift could align with bitcoin's historical performance. Since 2013, the cryptocurrency has seen an average gain of 7.52% in May, according to CoinGlass data. And it's not alone: ether (ETH), which has been significantly underperforming BTC, has posted an average gain of 27.3% in May since 2016, the best-performing month for the Ethereum blockchain's token.

這種政策轉變可以與比特幣的歷史表現保持一致。根據Coinglass數據，自2013年以來，加密貨幣的平均增長率為7.52％。而且並不孤單：Ether（ETH）的表現非常低，BTC的表現明顯不足，自2016年5月以來的平均增長率為27.3％，這是以太坊區塊鏈的代幣表現最好的月份。

“Investor confidence is gradually returning to crypto markets following a volatile start to the year, with April seeing a rebound across majors as tariff-driven macro fears eased,” said Vijay Chetty, CEO of Eclipse. Growing regulatory clarity is an “underappreciated catalyst that will set the stage for broader institutional use cases,” Chetty added. Stay alert!

Eclipse首席執行官Vijay Chetty說：“在今年的動蕩之後，投資者的信心正在逐漸返回加密貨幣市場，因為由於關稅驅動的宏觀擔憂，Aprins遍布大滿貫賽事。” Chetty補充說，日益增長的監管清晰度是“未充分利用的催化劑，它將為更廣泛的機構用例奠定階段。”保持警覺！

What to Watch

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CoinDesk's Consensus is taking place in Toronto on May 14-16. Use code DAYBOOK and save 15% on passes.

Coindesk的共識將於5月14日至16日在多倫多進行。使用代碼日書並節省15％的通行證。

Token Talk

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By Shaurya Malwa

Shaurya Malwa

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Source: Farside Investors

資料來源：Farside Investors

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