比特幣減半：市場挑戰為潛在價格上漲蒙上陰影

隨著加密社群熱切等待即將到來的比特幣減半，Coinbase 謹慎地表示，這個時機可能會帶來挑戰。雖然該事件可能會成為價格上漲的催化劑，但它恰逢加密貨幣市場歷史上的疲軟時期。此外，Coinbase 指出加密貨幣總量有所放緩，這表明市場需要一個令人信服的故事來推動成長。

Bitcoin Halving: A Pivotal Moment Amidst Market Challenges

比特幣減半：市場挑戰中的關鍵時刻

As the cryptocurrency community anticipates the impending Bitcoin halving event, industry experts weigh the potential impact on Bitcoin's price trajectory. While the halving has historically been associated with significant price surges, Coinbase, a renowned cryptocurrency exchange, cautions against over-optimism due to prevailing market conditions.

隨著加密貨幣社群預計比特幣減半事件即將到來，產業專家正在權衡比特幣價格軌跡的潛在影響。雖然歷史上減半與價格大幅上漲有關，但著名的加密貨幣交易所 Coinbase 警告不要因為當前市場狀況而過度樂觀。

In a recent market commentary report, Coinbase emphasizes the need for the crypto market to establish a compelling narrative to sustain price growth. The report notes that the Bitcoin halving, anticipated around April 20 or 21, could serve as a catalyst for higher prices, but it faces the challenge of historically weak performance during this time of year for crypto markets and other risk assets.

在最近的市場評論報告中，Coinbase 強調加密貨幣市場需要建立一個令人信服的敘述來維持價格成長。該報告指出，預計 4 月 20 日或 21 日左右的比特幣減半可能會成為價格上漲的催化劑，但加密市場和其他風險資產在每年的這個時候面臨著歷史上表現疲軟的挑戰。

Data from Brave New Coin indicates that Bitcoin has historically experienced an average monthly return of only 2.7% from June to September since 2011, significantly lower than the 19.3% average return observed in other months. Coinbase further observes a slowdown in overall crypto volumes, suggesting a market lacking a compelling growth driver. Total crypto volumes declined by 33.25% over the past day to $61.78 billion, as per CoinMarketCap data.

Brave New Coin的數據顯示，自2011年以來，比特幣歷史上6月至9月的平均月回報率僅2.7%，明顯低於其他月份19.3%的平均回報率。 Coinbase 進一步觀察到加密貨幣總量放緩，顯示市場缺乏令人信服的成長動力。根據 CoinMarketCap 的數據，加密貨幣總交易量在過去一天下降了 33.25% 至 617.8 億美元。

Despite these challenges, Coinbase identifies the potential for an influx of new investors into the crypto market, driven by Bitcoin's growing reputation as a digital store of value. This could expand the investor base and enhance Bitcoin's dominance, which currently stands at 50.6% of the total crypto market capitalization, according to CoinStats.

儘管面臨這些挑戰，Coinbase 仍然意識到，在比特幣作為數位價值儲存的聲譽不斷提高的推動下，新投資者湧入加密貨幣市場的潛力巨大。根據 CoinStats 的數據，這可能會擴大投資者基礎並增強比特幣的主導地位，目前比特幣佔加密貨幣總市值的 50.6%。

Coinbase also suggests that investors may be more likely to aggressively buy up future market dips than in previous cycles, owing to the enlarged investor base and ongoing market volatility. Historically, Bitcoin halving events have been precursors to major price increases. Following the last halving in May 2020, Bitcoin's value surged from $8,787 to nearly $69,000 by November 2021.

Coinbase 也表明，由於投資者基礎擴大和市場持續波動，投資者可能比之前的週期更有可能在未來市場逢低時積極買入。從歷史上看，比特幣減半事件一直是價格大幅上漲的先兆。繼 2020 年 5 月最後一次減半後，到 2021 年 11 月，比特幣的價值從 8,787 美元飆升至近 69,000 美元。

In significant legal developments, Coinbase secured a victory on April 6 when the United States Court of Appeals for the Second Circuit ruled in its favor. The court held that Coinbase's secondary sales of cryptocurrencies did not violate the Securities Exchange Act. This ruling represents a major win for Coinbase and strengthens its defense against allegations of selling unregistered securities and violating securities laws.

在重大法律進展中，Coinbase 於 4 月 6 日取得了勝利，美國第二巡迴上訴法院做出了對其有利的裁決。法院認為，Coinbase二次銷售加密貨幣的行為並未違反《證券交易法》。這項裁決代表了 Coinbase 的重大勝利，並加強了其對出售未註冊證券和違反證券法指控的辯護。