随着选举结果最终确定，比特币和加密货币相关股票飙升

几个月来，投资者一直在猜测美国总统大选对加密货币市场的影响，随着选举结果最终确定，加密货币和加密货币相关股票的价值周三飙升。

Investors have been speculating for months about the impact of the U.S. presidential election on crypto markets, and the value of both crypto and crypto-related stocks soared on Wednesday as results were finalized.

几个月来，投资者一直在猜测美国总统大选对加密货币市场的影响，随着选举结果最终确定，加密货币和加密货币相关股票的价值周三飙升。

Bitcoin (BTC 6.07%) had the biggest symbolic move, climbing 8.5% in the past 24 hours as of 10 a.m. ET, but some stocks made bigger moves.

比特币（BTC 6.07%）的象征性涨幅最大，截至美国东部时间上午 10 点的过去 24 小时内上涨了 8.5%，但一些股票的涨幅更大。

Shares of Robinhood Markets (HOOD 17.87%) jumped as much as 12.2% in early trading, Coinbase Global (COIN 26.48%) was up a whopping 20.1%, and MicroStrategy (MSTR 11.25%) was up 14.7%. Shares are up 8.6%, 15.3%, and 10.4% respectively as I'm writing around 10:30 a.m.

Robinhood Markets (HOOD 17.87%) 的股价在早盘交易中上涨了 12.2%，Coinbase Global (COIN 26.48%) 的股价飙升了 20.1%，MicroStrategy (MSTR 11.25%) 的股价上涨了 14.7%。当我在上午 10:30 左右撰写本文时，股价分别上涨了 8.6%、15.3% 和 10.4%

Bitcoin's big bounce

比特币的大反弹

The move in MicroStrategy is correlated directly to Bitcoin given the company's leveraged position in the token. And CEO Michael Saylor has said he wants to continue buying Bitcoin with the company's balance sheet, so a continued move higher for Bitcoin would be good for the company.

鉴于 MicroStrategy 在代币中的杠杆地位，该公司的举动与比特币直接相关。首席执行官迈克尔塞勒表示，他希望继续利用公司的资产负债表购买比特币，因此比特币的持续走高将对公司有利。

Robinhood and Coinbase would benefit more indirectly from increased crypto trading on their platforms. Coinbase has seen a surge in trading volume on the Coinbase exchange over the past 24 hours to $6.1 billion from a typical range of between $1 billion and $2 billion per day. Higher volume and volatility will ultimately drive Coinbase's exchange business, which still accounts for most of its revenue.

Robinhood 和 Coinbase 将从其平台上增加的加密货币交易中更间接地受益。过去 24 小时内，Coinbase 交易所的交易量从每天 10 亿美元到 20 亿美元的典型范围激增至 61 亿美元。更高的交易量和波动性最终将推动 Coinbase 的交易所业务，该业务仍占其收入的大部分。

Robinhood could also get a boost from trading given the 33% drop in crypto trading volume in the third quarter of 2024. Crypto only accounts for about $20 billion of the $152 billion the company has under custody, but if it's a growth business, it will help revenue and the bottom line.

鉴于 2024 年第三季度加密货币交易量下降 33%，Robinhood 也可能从交易中获得提振。在该公司托管的 1520 亿美元资产中，加密货币仅占约 200 亿美元，但如果它是一项增长型业务，它将帮助收入和利润。

Regulatory clarity ahead?

未来监管是否清晰？

The bigger upside would be potential regulatory clarity for crypto from a combination of new laws passed by Congress and more friendly regulators, particularly at the Securities and Exchange Commission (SEC). The SEC has gone after most crypto companies and token creators in the past few years with little success in court, but it's caused a freeze of development and innovation in the U.S. Clarity around what's legal and what isn't would be welcome for everyone in the industry and investors are hoping Donald Trump in the White House will lead to this clarity.

更大的好处是，国会和更友好的监管机构（尤其是美国证券交易委员会（SEC））通过的新法律相结合，对加密货币的监管可能会更加明确。过去几年，美国证券交易委员会一直在追捕大多数加密货币公司和代币创造者，但在法庭上收效甚微，但这导致了美国的发展和创新冻结。业界和投资者希望唐纳德·特朗普入主白宫后能够澄清这一点。

Exactly what clarity could result in is uncertain, but companies like Coinbase have been building infrastructure tools like the Base blockchain, smart wallets, and a developer platform for others to build on top of. If financial transactions or asset ownership records move to the blockchain, it could unlock massive growth potential for the company on top of higher trading.

究竟会带来什么结果尚不确定，但像 Coinbase 这样的公司一直在构建基础设施工具，如 Base 区块链、智能钱包和开发者平台，供其他人在此基础上进行构建。如果金融交易或资产所有权记录转移到区块链上，除了更高的交易量之外，还可以为公司释放巨大的增长潜力。

Will the pop in crypto last?

加密货币的流行会持续下去吗？

While euphoria is taking hold of the market, there's a lot of uncertainty ahead for crypto overall. It's true that a change in regulators and an unleashing of innovation could make crypto and the blockchain more mainstream.

尽管市场一片欢欣鼓舞，但加密货币行业整体上仍存在很多不确定性。确实，监管机构的改变和创新的释放可以使加密货币和区块链变得更加主流。

But that doesn't mean that value would flow to companies evenly. A lot of the innovation over the past few years has been with stablecoins, not Bitcoin or altcoins, which may mean less trading of tokens long-term. We may also see new start-ups take share if they're built with new crypto rules in mind.

但这并不意味着价值会均匀地流向公司。过去几年的许多创新都是针对稳定币，而不是比特币或山寨币，这可能意味着长期代币交易会减少。如果新的初创企业考虑到新的加密货币规则，我们也可能会看到它们抢占市场份额。

I'm bullish on the blockchain long-term, but these short-term moves can often be overdone and the seemingly obvious impact of an election may not play out. That's why I'm not buying the pop, but watching to see what fundamental changes are coming in the next few months.

我长期看好区块链，但这些短期举措往往可能过度，而且选举看似明显的影响可能不会发挥作用。这就是为什么我不买流行音乐，而是观察未来几个月会发生什么根本性变化。