比特币回来了。它与主流金融的联系正在加强

自 11 月 5 日唐纳德·特朗普赢得大选以来，全球主要加密货币已飙升至每单位 10 万美元以上的新高度

Bitcoin’s remarkable rally this year has continued unabated, reaching new heights above $100,000 a unit. The world’s dominant cryptocurrency has enjoyed a rise of 138% since the start of the year, as the link between digital assets and mainstream finance strengthens.

比特币今年的显着上涨势头有增无减，达到每单位 10 万美元以上的新高。随着数字资产与主流金融之间的联系加强，自今年年初以来，全球占主导地位的加密货币已上涨 138%。

In total, the world’s cryptocurrencies now have a market capitalisation of almost $4trn—making them more valuable than the entirety of Britain’s stockmarket.

目前，全球加密货币的总市值已接近 4 万美元，这使得它们比整个英国股市更有价值。

The crypto-surge comes as Donald Trump’s election victory on November 5th has sparked a wave of optimism among investors in risky assets. The S&P 500 has climbed by 20% this year, reaching a record high on December 28th.

唐纳德·特朗普 (Donald Trump) 于 11 月 5 日赢得大选，引发了风险资产投资者的乐观情绪，加密货币热潮随之而来。标准普尔 500 指数今年已上涨 20%，并于 12 月 28 日创下历史新高。

But Bitcoin’s gains have outstripped those of other assets by a wide margin. The cryptocurrency began the year trading at around $42,000. It crossed the $50,000 threshold in February, and hit $75,000 in April. By June it had reached $90,000, before finally breaking the six-figure barrier in August.

但比特币的涨幅已大幅超过其他资产。该加密货币今年年初的交易价格约为 42,000 美元。它在 2 月份突破了 50,000 美元的门槛，并在 4 月份达到了 75,000 美元。到 6 月，它的价格已达到 90,000 美元，最终在 8 月突破了六位数大关。

The crypto-surge has also coincided with a period of rapid inflation. The consumer-price index rose by 7.1% in November from a year earlier, the biggest increase since 1982.

加密货币热潮也与快速通货膨胀时期同时发生。 11月份消费者价格指数同比上涨7.1%，创1982年以来最大涨幅。

Rising inflation has prompted the Federal Reserve to raise interest rates more quickly than expected. The central bank has lifted its benchmark rate by half a percentage point since March, and is expected to continue raising rates throughout 2023.

通胀上升促使美联储比预期更快地加息。自3月份以来，央行已将基准利率提高0.5个百分点，预计2023年将继续加息。

Despite the headwinds, Bitcoin has continued to rally. The cryptocurrency’s gains have been driven by a combination of factors, including the increasing adoption of digital assets by mainstream financial institutions, the launch of new Bitcoin-related products, and the anticipation of further legalization.

尽管面临阻力，比特币仍在继续上涨。加密货币的上涨是由多种因素推动的，包括主流金融机构越来越多地采用数字资产、推出新的比特币相关产品以及进一步合法化的预期。

In March, JPMorgan Chase announced that it would begin offering its clients access to Bitcoin funds. The move marked a significant shift for one of the world’s largest banks, which had previously been hesitant to embrace cryptocurrencies.

三月份，摩根大通宣布将开始向客户提供比特币基金。此举标志着全球最大银行之一的重大转变，该银行此前一直对接受加密货币犹豫不决。

Other financial institutions, such as Goldman Sachs and Morgan Stanley, have also announced plans to offer their clients exposure to Bitcoin and other digital assets.

高盛和摩根士丹利等其他金融机构也宣布计划向其客户提供比特币和其他数字资产的投资机会。

The launch of new Bitcoin-related products has also helped to drive up the cryptocurrency’s price. In April, ProShares launched the first Bitcoin-linked exchange-traded fund (ETF) in the United States. The ETF, which trades under the ticker symbol BITO, quickly became one of the most popular funds in history.

新的比特币相关产品的推出也有助于推高加密货币的价格。 4 月，ProShares 在美国推出了首只与比特币挂钩的交易所交易基金 (ETF)。该 ETF 的交易代码为 BITO，很快成为历史上最受欢迎的基金之一。

Several other Bitcoin-linked ETFs have been launched since then, providing investors with more options for gaining exposure to the cryptocurrency.

此后又推出了其他几只与比特币相关的 ETF，为投资者提供了更多投资加密货币的选择。

Finally, the anticipation of further legalization has also contributed to Bitcoin’s gains. In March, President Biden signed an executive order directing the government to study the risks and benefits of cryptocurrencies, and to develop a regulatory framework for digital assets.

最后，进一步合法化的预期也促进了比特币的上涨。今年三月，拜登总统签署了一项行政命令，指示政府研究加密货币的风险和收益，并制定数字资产的监管框架。

The order marked the first time that the federal government has taken a comprehensive approach to regulating cryptocurrencies. It is expected to lead to a period of increased regulatory scrutiny, but also to greater clarity for the industry.

该命令标志着联邦政府首次采取全面的方法来监管加密货币。预计这将导致监管审查加强，同时也使该行业更加清晰。