加密货币交易所 Coinbase 刚刚结束了今年最糟糕的一周

比特币矿商 Marathon Digital 暴跌 20%。嘉信理财追踪的一篮子加密货币相关股票跌至 2 月份以来的最低水平。

Cryptocurrency markets took a beating this week as worsening fears of an economic slowdown sparked a broad sell-off in risky assets.

由于对经济放缓的担忧加剧引发了风险资产的广泛抛售，加密货币市场本周遭受重创。

Coinbase shares tumbled 20%, while bitcoin miner Marathon Digital hit its lowest since February. A basket of crypto-related equities tracked by Schwab fell to its lowest level since early 2023.

Coinbase 股价暴跌 20%，比特币矿商 Marathon Digital 跌至 2 月份以来的最低点。嘉信理财追踪的一篮子加密货币相关股票跌至 2023 年初以来的最低水平。

The industrywide selloff reflected growing concerns about the health of the U.S. economy and tracked a broader decline in prices of bitcoin, ether and risky assets in general. The tech-heavy Nasdaq slid 5.8% for the week, notching its worst performance since January.

全行业的抛售反映了人们对美国经济健康状况日益增长的担忧，并导致比特币、以太币和风险资产的价格普遍下跌。以科技股为主的纳斯达克指数本周下跌 5.8%，创下 1 月份以来最差表现。

In addition to macro pressures, the calendar is doing crypto no favors. According to CoinGlass, September is historically a difficult trading month for crypto assets, with bitcoin notching an average loss of 4.8%.

除了宏观压力之外，日历对加密货币也没有任何好处。根据 CoinGlass 的数据，9 月历来是加密资产交易困难的月份，比特币平均下跌 4.8%。

The Crypto Fear & Greed Index, a gauge of crypto market sentiment, is firmly in the "Extreme Fear" zone, indicating that investors are worried about price moves.

衡量加密货币市场情绪的加密货币恐惧与贪婪指数牢牢处于“极度恐惧”区域，表明投资者对价格走势感到担忧。

Bitcoin slipped to its lowest level since February, falling 4% in the last 24 hours to around $54,000.

比特币跌至 2 月份以来的最低水平，在过去 24 小时内下跌 4%，至 54,000 美元左右。

In a week shortened by the Labor Day holiday, Tuesday saw the steepest selloff in the broader market after weak manufacturing data stoked fears of an economic slowdown.

在劳动节假期缩短的一周内，周二大盘遭遇最严重的抛售，此前疲软的制造业数据引发了对经济放缓的担忧。

The 11 U.S. spot bitcoin exchange-traded funds had their worst day in over four months after the report, as more than $287 million was collectively withdrawn from the ETFs.

报告发布后，美国 11 只现货比特币交易所交易基金遭遇了四个多月以来最糟糕的一天，超过 2.87 亿美元从 ETF 中集体撤资。

The data was bad through the end of the week. On Friday, the Bureau of Labor Statistics reported a cooldown in the labor market with August payrolls falling short of expectations.

整个周末的数据都很糟糕。周五，美国劳工统计局报告称，8 月份就业人数低于预期，劳动力市场降温。

"The recent U.S. labor market results acted as a moment of truth for risk-on assets like bitcoin, as the labor market is considered the main sector that may influence the Fed's decision to cut rates this month," said Leena ElDeeb, a research analyst with ETF issuer 21Shares, in an email.

研究分析师 Leena ElDeeb 表示：“最近的美国劳动力市场结果对于比特币等风险资产来说是一个关键时刻，因为劳动力市场被认为是可能影响美联储本月降息决定的主要部门。”通过电子邮件与 ETF 发行人 21Shares 联系。

The total market cap of crypto is down close to 30% from its 2024 peak of $2.67 trillion, and is now at $1.9 trillion. Altcoins like Solana's SOL token, XRP and Cardano's ADA all dropped more than 8% in the past week. Ether, the world's second-largest cryptocurrency, plunged 12% to around $2,200.

加密货币总市值较 2024 年 2.67 万亿美元的峰值下降了近 30%，目前为 1.9 万亿美元。 Solana 的 SOL 代币、XRP 和 Cardano 的 ADA 等山寨币在过去一周均下跌了 8% 以上。全球第二大加密货币以太币暴跌 12%，至 2,200 美元左右。

Crypto equities hit hardest

加密货币股票遭受的打击最为严重

While it was a rough week for risky assets of all sorts, investors over-indexed in crypto stocks had it particularly bad.

尽管对于各种风险资产来说，这是艰难的一周，但过度投资加密货币股票的投资者的情况尤其糟糕。

Schwab Asset Management's crypto-themed ETF (STCE), which includes MicroStrategy, Marathon Digital, Riot Blockchain, and Coinbase, fell 11%.

Schwab Asset Management 的加密主题 ETF (STCE)，其中包括 MicroStrategy、Marathon Digital、Riot Blockchain 和 Coinbase，下跌 11%。

Coinbase, stuck in a court battle with the SEC over whether the exchange engages in unregistered sales of securities, plummeted 20% to its lowest since February. MicroStrategy, the bitcoin collecting company founded by Michael Saylor, dropped 14% for the week on the heels of a 12% slide the previous week.

Coinbase 因该交易所是否从事未经注册的证券销售而与 SEC 陷入法庭纠纷，股价暴跌 20%，跌至 2 月份以来的最低水平。 Michael Saylor 创立的比特币收集公司 MicroStrategy 继前一周下跌 12% 后，本周股价下跌 14%。

The top bitcoin mining companies all ended the week with double-digit declines, led by CleanSpark's 24% plunge. Riot Platforms lost 17%.

顶级比特币挖矿公司本周均出现两位数跌幅，其中 CleanSpark 暴跌 24%。 Riot 平台下跌 17%。

The downward slide is a continuation from last month. However, JPMorgan Chase analysts said in a note on Friday, citing TradingView estimates, that even as token and asset prices suffered dramatic drops, trading increased in August, with total average daily volumes up 8% from the previous month.

下滑是上个月的延续。然而，摩根大通分析师周五在一份报告中援引 TradingView 的估计表示，尽管代币和资产价格大幅下跌，但 8 月份的交易量仍有所增加，日均总交易量较上月增长 8%。

As investors turn to what's coming, one big area of focus is the Federal Reserve.

当投资者转向即将发生的事情时，一大焦点领域是美联储。

The central bank could cut its benchmark for the first time in four years, when it meets Sept. 17-18. Fed Chair Jerome Powell said last month that "the time has come" for interest-rate policy to adjust. Analysts anticipate either a 0.25% or 0.5% reduction from the current rate of 5.25%-5.5%.

央行可能会在 9 月 17 日至 18 日召开会议时四年来首次下调基准利率。美联储主席鲍威尔上个月表示，调整利率政策的“时机已经到来”。分析师预计将从目前的 5.25%-5.5% 下降 0.25% 或 0.5%。

Looser monetary policy is typically a good thing for risky assets like crypto, which tend to see more investor inflows when borrowing costs drop.

对于加密货币等风险资产来说，宽松的货币政策通常是一件好事，当借贷成本下降时，加密货币往往会吸引更多投资者流入。

The latest read on inflation comes Wednesday with August's Consumer Price Index. The readout is another key metric the Fed will consider ahead of its September meeting.

有关通胀的最新数据将于周三公布，即八月份的消费者价格指数。该数据是美联储在 9 月会议之前考虑的另一个关键指标。

The U.S. presidential debate on Tuesday might also prove a price driver in the crypto markets. Republican nominee Donald Trump has branded himself as the pro-crypto candidate for president and recently headlined the biggest bitcoin event of the year in Nashville. Many in the industry see a potential second Trump presidency as a catalyst for the industry, in part because he has vowed to remove SEC Chair Gary Gensler, who's long been viewed as a crypto skeptic.

周二的美国总统辩论也可能成为加密货币市场的价格驱动因素。共和党候选人唐纳德·特朗普将自己标榜为支持加密货币的总统候选人，并最近成为纳什维尔今年最大的比特币活动的头条新闻。业内许多人认为特朗普可能连任总统是该行业的催化剂，部分原因是他发誓要罢免 SEC 主席加里·詹斯勒 (Gary Gensler)，后者长期以来一直被视为加密货币怀疑论者。