強勁的美國就業數據驚動風險資產後，比特幣下跌

週四，比特幣跌至今年最低水平，因為它在新年開局良好，重新奪回 10 萬美元大關後，難以保持勢頭。

Bitcoin hit its lowest level this year on Thursday as it struggled to maintain momentum following a strong start to 2024 that saw it briefly cross the $100,000 threshold again.

比特幣在周四觸及今年的最低水平，在 2024 年強勁開局並再次短暫突破 10 萬美元門檻後，比特幣難以保持勢頭。

The world’s largest cryptocurrency fell as much as 2.8% on Thursday to $91,785, a significant drop from its recent high of $102,733 and over 15% below its all-time peak of $108,315 hit in mid-December.

全球最大的加密貨幣週四下跌 2.8%，至 91,785 美元，較近期高點 102,733 美元大幅下跌，較 12 月中旬觸及的歷史高峰 108,315 美元下跌逾 15%。

Since then, the token has recovered and lost steam again after strong U.S. jobs data that bodes well for the broader economy but signaled less appetite for risk assets.

此後，在強勁的美國就業數據對更廣泛的經濟來說是個好兆頭但表明對風險資產的興趣減弱之後，該代幣已經恢復並再次失去動力。

On Wednesday, there was the second-largest withdrawal of funds from U.S. Bitcoin exchange-traded funds since they began a year ago, with $583 million in outflows.

週三，美國比特幣交易所交易基金出現了自一年前開始以來的第二大資金撤出，資金流出達 5.83 億美元。

Bitcoin scaled new highs in 2024 on the back of those ETFs and President-elect Donald Trump’s vocal support for the digital asset industry.

在這些 ETF 和當選總統唐納德·川普對數位資產行業的大力支持的支持下，比特幣在 2024 年創下新高。

But that rally has lost steam since the start of the year.

但自今年年初以來，這種反彈已經失去動力。

The high-beta securities came under pressure as separate U.S. economic data on Tuesday and Friday further pushed out market expectations for any imminent Federal Reserve rate cuts.

由於週二和週五公佈的美國經濟數據進一步降低了市場對聯準會即將降息的預期，高貝塔係數證券面臨壓力。

Bitcoin price action has been pegged in a range between $91,000 and $102,000, partly due to the Fed’s hawkish tone last month that put a pause on any rate cuts until the second half of 2025.

比特幣價格走勢一直在 91,000 美元至 102,000 美元之間，部分原因是聯準會上個月的鷹派基調，暫停降息直至 2025 年下半年。

Stocks began the week on a sour note, with Asian benchmarks posting hefty losses as robust U.S. jobs data and a fresh wave of American sanctions on Russia threatened to squeeze oil supplies and battered the broader financial markets.

本週股市開局不佳，亞洲基準指數大幅下跌，原因是強勁的美國就業數據以及美國對俄羅斯的新一波制裁可能會擠壓石油供應並打擊更廣泛的金融市場。

The jolt from the sanctions coursed through the spectrum of risk assets, with the dollar gaining ground to two-year highs.

制裁帶來的衝擊影響了各種風險資產，美元升至兩年高點。

MSCI's broadest index of Asia-Pacific equities extended four days of losses as investors sold their bets on the Fed cutting interest rates further in response to robust U.S. jobs data.

摩根士丹利資本國際(MSCI)最廣泛的亞太股市指數延續四天跌幅，因投資人拋售聯準會因美國就業數據強勁而進一步降息的押注。

Further stock losses were signaled by equity futures in Europe and the United States.

歐洲和美國的股票期貨預示著股票進一步下跌。

Indexes in Hong Kong, Taiwan, and South Korea fell, dragging the MSCI Asia Pacific Index down 1.1%.

香港、台灣和韓國指數下跌，拖累MSCI亞太指數下跌1.1%。

Chinese equities extended their losses despite local data showing exports hit a record high last year, in what could be one of the last hurrahs before Trump pledged to levy even higher tariffs on Chinese goods on taking office next week.

儘管當地數據顯示去年出口創歷史新高，但中國股市擴大了跌幅，這可能是川普承諾下週上任後對中國商品徵收更高關稅之前的最後歡呼之一。

The hit to global stocks signaled investors' flight-to-safety bets, which also hit cryptocurrencies. Not helping matters was a global bond market tantrum that unnerved digital asset investors.

全球股市受到的打擊顯示投資人轉向安全押注，也打擊了加密貨幣。全球債券市場的動盪讓數位資產投資者感到不安，這無助於解決問題。

The U.S. Treasury market is driving up borrowing costs, with広範囲な implications. The message from markets is getting louder: adjust to a sustained rise in government bond yields in the U.S. and around the world, as the world’s biggest bond market leads a reset higher in borrowing prices that is set to have broad implications.

美國國債市場正在推高借貸成本，帶來影響。市場發出的信息越來越響亮：調整以適應美國和世界各地政府債券收益率的持續上升，因為全球最大的債券市場導致借貸價格重新走高，這將產生廣泛的影響。

That points to a clear risk to the narrative of global easing, even before Trump takes office and his policies begin to stoke inflationary pressures worldwide.

這表明，即使在川普上任及其政策開始引發全球通膨壓力之前，全球寬鬆政策也面臨明顯的風險。

The Fed is now seen on hold until the second half of this year, adding to investor concerns despite a crypto-friendly administration in the White House.

儘管白宮政府對加密貨幣友好，但聯準會目前預計將按兵不動直到今年下半年，加劇了投資人的擔憂。

The assumed safety of U.S. government debt is coming under increasing scrutiny, and as a result, yields on this asset are rising just days into 2025.

美國政府債務的假定安全性正在受到越來越嚴格的審查，因此，進入 2025 年僅幾天，該資產的收益率就會上升。

The U.S. economy showed no signs of slowing down as evidenced by Friday's massive employment report, with the Federal Reserve reconsidering when to cut interest rates further and Donald Trump taking office with a policy agenda that puts growth ahead of debt and price concerns given the soaring borrowing rates.

美國經濟沒有顯示出放緩的跡象，週五的大規模就業報告證明了這一點，美聯儲重新考慮何時進一步降息，而唐納德·特朗普上任時的政策議程是，考慮到借貸飆升，將增長置於債務和價格擔憂之前費率。

The rate on 10-year notes has increased by almost 1% in the past four months and is already approaching the 5% mark, which was briefly broken in 2023 and has not been seen since before the global financial crisis almost two decades ago.

過去四個月，10年期公債利率上漲了近1%，已逼近5%大關，這一水準在2023年曾短暫突破，自近二十年前的全球金融危機爆發以來從未出現過。

Long-term U.S. Treasuries have already hit that level, with many on Wall Street now eyeing 5% as the new normal for the cost of capital.

長期美國國債已經達到這一水平，華爾街許多人現在將 5% 視為資本成本的新常態。

Around the world, similar rises are being felt as investors grow more apprehensive of debt from the U.K. to Japan.

隨著投資者對英國和日本的債務越來越擔憂，世界各地也感受到了類似的上漲。

After years of a near-zero rate environment caused by emergency measures implemented following the financial crisis and COVID-19, some see the recent shift toward higher yields as a natural realignment.

金融危機和新冠肺炎 (COVID-19) 後實施的緊急措施導致多年來利率接近零，有些人認為最近轉向更高收益率是一種自然的調整。

Others, however, perceive disturbing new dynamics that pose serious problems.

然而，其他人則認為令人不安的新動態會帶來嚴重問題。

Disruptions in the $28 trillion U.S. bond market might have far-reaching consequences due to its significance as a rate benchmark and indicator of investor mood.

由於其作為利率基準和投資者情緒指標的重要性，價值 28 兆美元的美國債券市場的混亂可能會產生深遠的影響。

With U.S. mortgage rates already up at about 7%, borrowing will be more expensive for

由於美國抵押貸款利率已經上漲約 7%，借貸成本將會更高