加密貨幣市場在獲利季節和升息擔憂中陷入困境

What's Driving the Crypto Market's Recent Slump?

是什麼推動了加密貨幣市場最近的低迷？

Bitcoin and ether, the two largest cryptocurrencies by market capitalization, kicked off the Asian trading session in the red. Bitcoin dipped nearly 4% to $22,795, while ether shed 4.8% to $1,568. Investors are closely watching the upcoming earnings season in the United States, which is expected to be underwhelming, and another potential interest rate hike by the Federal Reserve.

比特幣和以太幣這兩種市值最大的加密貨幣在亞洲交易時段以虧損拉開序幕。比特幣下跌近 4% 至 22,795 美元，而以太幣下跌 4.8% 至 1,568 美元。投資人正在密切關注美國即將到來的財報季，預計該財報季將不會給人留下深刻印象，以及聯準會可能再次升息。

Bitcoin-Tech Stock Correlation Under Scrutiny

比特幣與科技股的相關性受到密切關注

The correlation between bitcoin and tech stocks will be tested once again as Wall Street kicks off its earnings season. Analysts predict a 3% decline in S&P 500 earnings this week, with tech companies expected to see an 8.7% drop. The Federal Reserve is also expected to raise interest rates by 25 basis points, the smallest increase in almost a year. These factors will continue to influence the relationship between bitcoin and the broader stock market.

隨著華爾街財報季的拉開序幕，比特幣和科技股之間的相關性將再次受到考驗。分析師預計本週標普 500 指數獲利將下跌 3%，其中科技公司獲利預計下跌 8.7%。預計聯準會將升息25個基點，這是近一年來最小的漲幅。這些因素將繼續影響比特幣與更廣泛的股票市場之間的關係。

Exchange Tokens Show Resilience Despite SEC Scrutiny

儘管受到 SEC 審查，交易所代幣仍表現出彈性

Centralized exchange tokens have posted solid gains in January, despite the Securities and Exchange Commission's (SEC) interest in their potential classification as securities. Binance's BNB, Crypto.com's CRO, and KuCoin's KCS have all recorded double-digit growth. However, the SEC's recent complaint against FTX's former exchange token, FTT, has raised questions about the regulatory landscape for these tokens.

儘管美國證券交易委員會（SEC）對其潛在的證券分類感興趣，但中心化交易代幣在一月份仍取得了穩健的增長。 Binance的BNB、Crypto.com的CRO和KuCoin的KCS都錄得兩位數的成長。然而，SEC 最近對 FTX 的前交易所代幣 FTT 提出投訴，引發了人們對這些代幣監管環境的質疑。

Are Exchange Tokens Securities in Disguise?

交易所代幣是變相證券嗎？

The SEC's complaint against FTT highlighted the potential for exchange tokens to meet the criteria for securities. The complaint alleged that FTT's allocation to FTX management incentivized them to increase demand for the token and boost its trading price. This description could apply to many exchange tokens on the market, but not all. OKX, for instance, has emphasized that its native token is not a significant part of its business or treasury.

SEC 對 FTT 的投訴凸顯了交易所代幣滿足證券標準的潛力。投訴稱，FTT 分配給 FTX 管理層會激勵他們增加對該代幣的需求並提高其交易價格。此描述適用於市場上的許多交易代幣，但並非全部。例如，OKX 強調其原生代幣並不是其業務或財務的重要組成部分。

SEC's Reach: A Concern for Offshore Exchanges?

SEC 的影響力：離岸交易所的擔憂？

Exchange tokens are typically offered by offshore exchanges that do not have a significant presence in the United States. However, the SEC's recent actions against BitMex demonstrate that it is willing to pursue enforcement actions against companies that operate outside of U.S. jurisdiction. The market may have priced in the possibility that the SEC may not be able to effectively regulate exchange tokens, but the SEC's determination could pose a risk to these exchanges in the future.

交易所代幣通常由在美國沒有大量業務的離岸交易所提供。然而，SEC 最近針對 BitMex 的行動表明，它願意對在美國管轄範圍之外運營的公司採取執法行動。市場可能已經消化了 SEC 可能無法有效監管交易所代幣的可能性，但 SEC 的決定可能會為這些交易所未來帶來風險。

Upcoming Economic Events to Watch

即將發生的經濟事件值得關注

• Australia Retail Sales s.a. (MoM/Dec): 8:30 a.m. HKT/SGT (00:30 UTC)
• Germany Retail Sales (YoY/Dec): 3:00 p.m. HKT/SGT (7:00 UTC)
• European Central Bank Lending Survey: 5:00 p.m. HKT/SGT (9:00 UTC)

Cryptocurrency News Highlights

澳洲零售銷售公司（環比/十二月）：上午 8:30 香港時間/新加坡時間（世界標準時間 00:30）德國零售銷售（同比/十二月）：下午 3:00 HKT/SGT (7:00 UTC)歐洲央行貸款調查：下午 5:00 HKT/SGT (9:00 UTC)加密貨幣新聞摘要

• Sandbox's SAND Surges 90% Since Start of Year Ahead of Token Unlock
• Crypto-Focused VC Firm Pantera's Liquid Token Fund Lost 80% in 2022
• Elon Musk Wants Twitter Payments System to Accommodate Crypto
• BlockFi's Crypto Mining Assets May Be Headed to Market After Bankruptcy Hearing
• Binance Partners With Mastercard to Launch Prepaid Crypto Card in Brazil

在代幣解鎖之前，Sandbox 的SAND 自年初以來飆升90% 專注於加密貨幣的風險投資公司Pantera 的流動代幣基金在2022 年損失了80% 埃隆馬斯克希望Twitter 支付系統能夠容納CryptoBlockFi 的加密貨幣挖礦資產可能會在破產聽證會後進入市場幣安與萬事達卡合作推出巴西的預付加密卡