Coinbase Global, Inc.（納斯達克股票代碼：COIN）股價下跌約 5%

加密貨幣整體市值的下降影響了 Coinbase 的日均交易量，較上一季下降了 27.56%

Coinbase (NASDAQ:COIN) shares have dropped by approximately 5% since I last wrote on them in late June as Bitcoin is roughly flat, but the prices of altcoins have suffered from sharp declines. The drop in the overall crypto market cap has impacted Coinbase's average daily volumes by 27.56% compared to the previous quarter after they reported a decline in user engagement and trading activity on the platform.

自從上次在6 月下旬撰寫有關Coinbase（納斯達克股票代碼：COIN）的文章以來，Coinbase（納斯達克股票代碼：COIN）的股價已下跌約5％，因為比特幣大致持平，但山寨幣的價格卻急遽下跌。在 Coinbase 報告平台上的用戶參與度和交易活動下降後，整體加密貨幣市值的下降導致 Coinbase 的日均交易量較上一季下降了 27.56%。

In Q2, the exchange's market share slid to 41.2% from 44.6% in Q1 after heightened competition (from companies like Robinhood (HOOD) which I also happen to be bullish on) and thus user migration to other platforms.

在競爭加劇（來自我也恰好看好的 Robinhood (HOOD) 等公司）以及用戶遷移到其他平台之後，第二季度，該交易所的市場份額從第一季的 44.6% 下滑至 41.2%。

The crypto market's recent bearish tilt is a function of Vice President Kamala Harris' strong showing in polls showing she has a real chance of becoming president (much higher than Biden did a month ago). Critics fear she will adopt policies that are even less favorable to the cryptocurrency sector than the Biden administration.

加密貨幣市場最近的看跌傾向是副總統卡馬拉·哈里斯在民調中的強勁表現，顯示她有真正成為總統的機會（比一個月前的拜登高得多）。批評者擔心她將採取比拜登政府更不利於加密貨幣產業的政策。

What's notable about this is that she has been far less outspoken on the issue compared to her opponent, Donald Trump, who has been a vocal supporter of the crypto industry.

值得注意的是，與她的對手唐納德·特朗普相比，她在這個問題上的直言不諱得多，後者一直是加密行業的直言不諱的支持者。

I think that the concerns about Harris' potential presidency devastating to the cryptocurrency market appear overblown. In the past, the U.S. stock market has demonstrated growth across both Democratic and Republican administrations. The cryptocurrency market has done the same. And I expect that going forward, the cryptocurrency market will likely exhibit a similar trend.

我認為，人們對哈里斯當選總統對加密貨幣市場造成毀滅性打擊的擔憂似乎有些言過其實。過去，美國股市在民主黨和共和黨政府期間都表現出成長。加密貨幣市場也做了同樣的事情。我預期未來加密貨幣市場可能會呈現類似的趨勢。

Under President Biden (specifically SEC Chairman Gary Gensler), the market has definitely been affected by the increasing regulatory scrutiny, but that doesn't mean it has collapsed. Similarly, I think this means that a Harris administration would not be the grenade into the crypto machine like many fear it would. The U.S. financial system (and I think the Defi market as well with most coins being decentralized) tends to find an equilibrium regardless of the political chaos, as the investors who participate in crypto are now spread across different income levels and global markets. It's really one of the most global financial markets we have. Do we really think one country's leader is going to stop all that?

在拜登總統（特別是美國證券交易委員會主席加里詹斯勒）的領導下，市場肯定受到了日益嚴格的監管審查的影響，但這並不意味著它已經崩潰。同樣，我認為這意味著哈里斯政府不會像許多人擔心的那樣成為加密貨幣機器的手榴彈。無論政治混亂如何，美國的金融體系（我認為 Defi 市場以及大多數去中心化的代幣）往往會找到平衡，因為參與加密貨幣的投資者現在分佈在不同的收入水平和全球市場。它確實是我們擁有的最全球化的金融市場之一。我們真的認為一個國家的領導人會阻止這一切嗎？

On top of this, I think Congress is actually moving in the opposite direction, with legislation on the docket to help safeguard crypto as a legitimate asset class. I believe these legislative developments will further help provide favorable legal frameworks to the world of crypto.

最重要的是，我認為國會實際上正在朝著相反的方向前進，即將立法以幫助保護加密貨幣作為合法資產類別。我相信這些立法進展將進一步有助於為加密世界提供有利的法律​​框架。

In essence, I think all of this political bearishness is overblown. I'm still bullish on Coinbase. I believe they will benefit from the still strong (and YoY growing) investor confidence in crypto that will outlast short-term political concerns.

從本質上講，我認為所有這些政治悲觀情緒都被誇大了。我還是看好 Coinbase。我相信他們將受益於投資者對加密貨幣依然強勁（且同比增長）的信心，這種信心將超越短期的政治擔憂。

I believe a lot of the crypto market's reaction has been influenced by political developments with the odds of Trump winning the presidential election now lower. The sudden shift in political expectations after President Joe Biden's decision to back out has raised a lot of concern among crypto investors. They fear that without Trump's support for less crypto regulation, Harris might likely impose stricter regulations that curb the rapid expansion of the market.

我相信加密貨幣市場的許多反應都受到政治發展的影響，川普贏得總統選舉的可能性現在較低。在總統拜登決定退出後，政治預期的突然轉變引起了加密貨幣投資者的擔憂。他們擔心，如果沒有川普支持減少加密貨幣監管，哈里斯可能會實施更嚴格的監管，以遏制市場的快速擴張。

With this (and the betting odds) I think a lot of this perceived risk is now overpriced in the market.

有了這個（以及投注賠率），我認為很多這種感知風險現在在市場上定價過高。

Despite these concerns, I really think the long-term fundamentals remain strong. There's increasing institutional adoption through Bitcoin and Ethereum ETFs plus broader acceptance of cryptocurrencies as more legitimate investment vehicles. I'm doing follow-up coverage to show the market is too bearish and too irrational here about the political effects on crypto. When the market is irrational and when the market is too bearish, that's when I think investors have the best chance to make a strong return.

儘管有這些擔憂，但我確實認為長期基本面依然強勁。比特幣和以太幣 ETF 的機構採用率不斷提高，加密貨幣作為更合法的投資工具也得到了更廣泛的接受。我正在進行後續報道，以表明市場對於加密貨幣的政治影響過於悲觀和非理性。當市場非理性、市場過於悲觀的時候，我認為投資人最有機會獲得豐厚的報酬。