即使投资者继续思考提高美国债务上限的影响，比特币（BTC）市场的实力仍在维持。

加密货币市场对当今的消费价格指数（CPI）的报告做出了积极反应，并减少了美国和中国之间贸易战的前景。

The crypto market’s strength continues even as investors remain focused on the implications of raising the US debt ceiling.

即使投资者仍然专注于提高美国债务上限的含义，加密市场的实力仍在继续。

Responding to today’s Consumer Price Index (CPI) report and reduced prospects of an escalating trade war between the US and China, the cryptocurrency market reacted positively.

回应当今的消费者价格指数（CPI）报告，并减少了美国与中国之间贸易战不断升级的前景，加密货币市场做出了积极的反应。

Usually, demand for alternative hedge instruments lessens in such scenarios, but Bitcoin (BTC) touched $109,000, while Ether (ETH) rose 3%, trading above $2,800.

通常，在这种情况下，对替代对冲工具的需求减少了，但比特币（BTC）触及了109,000美元，而Ether（ETH）上涨了3％，交易价格超过2,800美元。

Though it’s too early to call it a trend, the crypto market appeared to diverge slightly from traditional assets. The S&P 500 index gave back some of its earlier gains, which had been driven by US President Donald Trump’s announcement of a new trade agreement with China.

尽管现在称其为趋势还为时过早，但加密市场似乎与传统资产有些不同。标准普尔500指数还给了一些早期的收益，这是由美国总统唐纳德·特朗普宣布与中国达成新的贸易协定的推动的。

According to the deal, both nations will roll tariffs back to levels seen in February 2025, easing tensions and removing retaliatory taxes. However, the stock market’s performance suggests that investors were largely indifferent, even though the move significantly reduced the risk of economic fallout.

根据该交易，两国将关税恢复到2025年2月的水平，缓解紧张局势并消除报复税。但是，股票市场的业绩表明，尽管此举大大降低了经济影响的风险，但投资者在很大程度上漠不关心。

Bitcoin, Ether benefit from potential liquidity injection

比特币，从潜在的流动性注入中受益

The 2.4% annual inflation rate reported by the US Consumer Price Index offered some relief, especially in the context of rising price concerns driven by the ongoing global trade war. Usually, these developments would boost confidence in stocks and strengthen the US dollar, but investors are still uneasy about the growing US government debt.

美国消费者价格指数报告的2.4％的年度通货膨胀率提供了一些缓解，尤其是在持续的全球贸易战驱动的价格上涨的情况下。通常，这些发展将增强对股票的信心并加强美元，但投资者对不断增长的美国政府债务仍然感到不安。

The US Dollar Index (DXY) fell to its lowest point in seven weeks, indicating that investors are retreating from the dollar. This drop typically points to declining confidence in the Federal Reserve’s capacity to manage economic risks and heightened concern over the country’s fiscal trajectory. In response, market participants are reallocating toward other major fiat currencies.

美元指数（DXY）在七周内下降到最低点，表明投资者正在从美元上退缩。这种下降通常表明，对美联储管理经济风险的能力以及对该国财政轨迹的关注的信心下降。作为回应，市场参与者正在重新分配其他主要的法定货币。

On Tuesday, JPMorgan Chase CEO Jamie Dimon reportedly highlighted the risks posed by private credit, an area that could become problematic during an economic downturn. According to CNBC, Dimon believes the US remains vulnerable to a recession, particularly as employment “will come down a little bit” and upward inflationary pressure persists.

据报道，摩根大通（JPMorgan Chase）首席执行官杰米·戴蒙（Jamie Dimon）周二强调了私人信贷带来的风险，私人信贷带来的风险可能会在经济衰退期间变得有问题。根据CNBC的说法，戴蒙（Dimon）认为，美国仍然容易遭受衰退，尤其是当就业“会降低一点”，并且向上的通货膨胀压力仍然存在。

RSM chief economist Joe Brusuelas told Yahoo Finance that “we were not really seeing much of the pass through, if some at all, from the tariffs.” In short, the lack of robust economic growth remains a primary concern for investors. The longer the US Federal Reserve maintains current interest rates, the more likely a recession becomes.

RSM首席经济学家Joe Brusuelas告诉Yahoo Finance，“我们并没有真正从关税中看到很多（如果有的话）。”简而言之，缺乏强大的经济增长仍然是投资者的主要关注点。美国美联储保持当前利率的时间越长，经济衰退的可能性就越大。

According to the CME FedWatch tool, futures-based probabilities for the year-end Fed Funds target rate have shifted notably over the past month. Markets now imply a 73% chance that rates will be at 3.75% or higher by December, up from 42.5% one month ago.

根据CME FedWatch工具，在过去一个月中，基于期货的基金基金目标利率的基于期货的概率显着转移。现在，市场意味着，到12月，利率将达到3.75％或更高的机会，高于一个月前的42.5％。

Related: Bank of Japan pivot to QE may fuel Bitcoin rally — Arthur Hayes

相关：日本银行枢纽可能会加油比特币集会 - 亚瑟·海斯（Arthur Hayes）

Higher interest rates exert a dual negative effect on the economy as they raise the cost of issuing and refinancing debt, whether for individuals, companies, or the government. Additionally, interest rates that exceed expected inflation tend to weigh on risk-on assets as fixed-income yields get more attractive.

较高的利率在增加发行和再融资债务的成本（无论是个人，公司还是政府）时对经济产生双重负面影响。此外，随着固定收益收益收益的吸引力，超过预期通货膨胀的利率往往会权衡风险资产。

The initial signs of decoupling from the stock market suggest that investors are seeking higher returns amid signs that the US government is prepared to raise the debt ceiling. Consequently, regardless of economic growth prospects, cryptocurrencies are seen as benefiting from this environment as traders anticipate added liquidity from the central banks.

与股票市场解耦的最初迹象表明，在美国政府准备提高债务上限的迹象中，投资者正在寻求更高的回报。因此，无论经济增长前景如何，加密货币都被视为从这种环境中受益，因为交易者预计中央银行增加了流动性。