比特币已经飙升至每个比特币100,000美元，本周飙升至自市场关税发脾气以来（并在预计10万亿华尔街惊喜的帮助下）从未见过的水平。

比特币已经飙升至每个比特币100,000美元，本周飙升至自市场关税发脾气以来（并在预计10万亿华尔街惊喜的帮助下）从未见过的水平。

Bitcoin price action has continued to heat up as the Federal Reserve chair faces the threat of a "nightmare" scenario.

随着美联储椅子面临“噩梦”情景的威胁，比特币的价格行动继续升温。

The world’s leading cryptocurrency has surged toward $100,000 per bitcoin, soaring this week to levels not seen since before the markets’ tariff tantrum (and helped by a predicted $10 trillion Wall Street surprise).

全球领先的加密货币已经飙升至每个比特币100,000美元，本周飙升至自市场关税发脾气以来（并得到预计的10万亿华尔街惊喜的帮助）。

As the price of bitcoin continues to rise, new research has revealed the true scale of the cryptocurrency market. According to a report by ChainAlysis, a blockchain analysis firm, the total market cap of cryptocurrencies is likely to be at least $10 trillion, an assertion that's being met with skepticism in some quarters.

随着比特币的价格继续上涨，新的研究揭示了加密货币市场的真实规模。根据链链分析公司Chainalysis的一份报告，加密货币的总市值可能至少为10万亿美元，这一主张在某些方面受到了怀疑。

According to the researchers, this massive market capitalization is a result of several factors, including the increasing adoption of cryptocurrencies by both retail and institutional investors, as well as the development of new and innovative blockchain technologies.

根据研究人员的说法，这种庞大的市值是多个因素的结果，包括零售和机构投资者对加密货币的采用不断增加，以及新的和创新的区块链技术的开发。

However, some analysts remain skeptical of ChainAlysis's claims, arguing that the report's methodology may be flawed and that the true market cap is likely to be lower. They also point out that the rapid growth of the crypto market over the past year or two is likely to have slowed down considerably in recent months, especially with the crypto bear market having wiped out billions of dollars in value.

但是，一些分析师仍然对链分析的主张持怀疑态度，认为该报告的方法可能存在缺陷，并且真正的市值可能会较低。他们还指出，在过去的几个月中，过去一两年中加密货币市场的快速增长可能会大大放缓，尤其是加密熊市已经消除了数十亿美元的价值。

Nonetheless, ChainAlysis's findings do suggest that the crypto market is becoming increasingly integrated into the global financial system. This integration is likely to continue as more countries and institutions begin to recognize the potential of cryptocurrencies and blockchain technology.

尽管如此，Chainalysis的发现确实表明，加密市场越来越多地融入全球金融体系。随着越来越多的国家和机构开始认识到加密货币和区块链技术的潜力，这种整合可能会持续下去。

The bitcoin price has added almost 30% since crashing to April lows as fears swirl around the future of the U.S. dollar.

自从崩溃到四月的低点以来，比特币的价格上涨了近30％，因为担心美元的未来盘旋。

Now, after a leak revealed growing establishment “panic” over U.S. president Donald Trump’s plans for bitcoin and crypto, analysts are warning a Federal Reserve “nightmare” is coming true as data reveals the worst U.S. quarterly economic performance in three years.

现在，在泄漏揭示了对美国总统唐纳德·特朗普（Donald Trump）对比特币和加密货币计划的越来越多的“恐慌”之后，分析师警告说，美联储“噩梦”即将来临，因为数据揭示了三年来美国季度最季度的经济表现。

According to the latest economic figures from the U.S. Commerce Department, the world’s largest economy contracted at a 0.3% annualized rate in the first quarter.

根据美国商务部的最新经济数据，世界上最大的经济体在第一季度以每年0.3％的税率签约。

The report also showed that the personal consumption expenditures (PCE) price index, the preferred measure of inflation by the Federal Reserve, remained unchanged in March following a 0.4% increase in February.

该报告还表明，在2月增长0.4％的情况下，三月份的个人消费支出（PCE）价格指数（PCE）价格指数是美联储的首选通货膨胀措施。

“The Fed’s worst nightmare just got worse,” analysts with the The Kobeissi Letter posted to X, formerly Twitter. “The market knows that stagflation has arrived.”

“美联储最糟糕的噩梦变得更糟，”科贝西信的分析师发布给了X，以前是Twitter。 “市场知道停滞已经到来。”

The institution’s researchers are referring to the latest data from the U.S. Commerce Department, which revealed that the U.S. gross domestic product (GDP) fell at a 0.3% rate in the first quarter.

该机构的研究人员指的是美国商务部的最新数据，该数据显示，美国国内生产总值（GDP）在第一季度下跌0.3％。

The report also showed that the PCE price index, which excludes volatile food and energy components, was flat in March after advancing 0.4% in February.

该报告还表明，不包括波动式食品和能源组成部分的PCE价格指数在2月份上涨0.4％后于3月持平。

"The PCE price index is now at its highest reading since July 2024, before the ‘Fed pivot' began," Kobeissi analysts wrote.

Kobeissi分析师写道：“自2024年7月以来，PCE价格指数在'Fed Pivot'开始之前的读数最高。”

In September, Fed chair Jerome Powell surprised markets with an interest rate cut, kicking off a monetary policy loosening cycle that’s been on pause for months.

9月，美联储主席杰罗姆·鲍威尔（Jerome Powell）以降低利率使市场感到惊讶，从而启动了一个货币政策松动的周期，该周期已经停留了几个月。

Kobeissi researchers have previously warned of the looming threat of “stagflation,” referring to a combination of economic stagnation and climbing inflation.

Kobeissi研究人员此前曾警告过“停滞”的迫在眉睫的威胁，指的是经济停滞和攀登通货膨胀的结合。

“We have rising inflation with a weakening economy,” they wrote following this week’s data drop. “The Fed is facing the lose-lose situation they thought would never arrive.”

他们在本周的数据下降后写道：“我们的通货膨胀率不断增长。” “美联储面临着他们认为永远不会到达的损失局势。”

According to the latest data from the U.S. Bureau of Economic Analysis, the U.S. economy contracted at an annualized rate of 0.3% in the first quarter of 2024. This marks the worst performance since the fourth quarter of 2020, when the economy contracted at an annualized rate of 0.7%.

根据美国经济分析局的最新数据，美国经济在2024年第一季度以每年0.3％的税率签约。这是2020年第四季度以来最糟糕的表现，当时经济以每年0.7％的年化收缩。

The report also showed that the PCE price index, which is the preferred measure of inflation by the Federal Reserve, remained unchanged in March following a 0.4% increase in February. The PCE price index is now at its highest reading since July 2024, before the "Fed pivot" began.

该报告还表明，PCE价格指数是美联储对通货膨胀的首选措施，在2月增长0.4％之后，3月份保持不变。自2024年7月以来，PCE价格指数在“美联储枢轴”开始之前的读数最高。

The Federal Reserve will meet next week to decide whether to change interest rates, with the market currently predicting it will leave rates on hold. However, traders are betting the Fed will begin cutting in June, something that’s expected to boost the bitcoin price and risk assets.

美联储将在下周开会，以决定是否改变利率，目前预测市场将搁置利率。但是，交易者正在押注美联储将于6月开始削减，这有望提高比特币价格和风险资产。

"For bitcoin, such a scenario is a positive factor, since the easing of monetary policy traditionally leads to an influx of liquidity into risky assets," Tracy Jin, chief operating officer of bitcoin and crypto exchange MEXC, said in emailed comments.

比特币和加密交易所MEXC的首席运营官特雷西·金（Tracy Jin）在电子邮件的评论中说：“对于比特币来说，这种情况是一个积极因素，因为传统上货币政策的放松导致流动性涌入风险资产。”

Bitcoin’s performance in recent months at first disappointed traders as the bitcoin price fell along with stocks in the face of Trump’s escalating trade war. However, the bitcoin price has surged again through April, making it one of the year

近几个月来，比特币的表现使交易员失望，因为面对特朗普的贸易战争不断升级，比特币价格与股票一起下跌。但是，比特币的价格截至4月再次上涨，成为一年中的之一