加密市場的一周或糟糕的一周，具體取決於您的外觀。

從政策的角度來看，美國似乎繼續接受加密貨幣，這是個好消息。但這並沒有轉化為對加密貨幣本身的估值，這幾乎全面佔了兩位數。

Crypto had either a great week or a terrible week depending on how you look at it. From a policy perspective, it seems like the U.S. is continuing to embrace crypto and that's good news. But that didn't translate to better valuations for cryptocurrencies themselves, which fell double digits almost across the board.

Crypto的一周愉快，要么度過了糟糕的一周，具體取決於您的看法。從政策的角度來看，美國似乎正在繼續接受加密貨幣，這是個好消息。但這並沒有轉化為對加密貨幣本身的估值，這幾乎全面佔了兩位數。

No surprise, when cryptocurrencies fall, Coinbase Global (COIN 3.61%) is one of the most affected. According to data provided by S&P Global Market Intelligence, shares of Coinbase fell as much as 17.6% this week and are now down 16% as of 3 p.m. ET. Bitcoin miner Mara Holdings (MARA 7.89%) dropped as much as 22.7% and is now down 19.2% while popular cryptocurrency Solana (SOL 10.66%) dropped as much as 16.8% and is now down 8.7% for the week.

毫不奇怪，當加密貨幣下降時，Coinbase Global（硬幣3.61％）是受影響最大的貨幣之一。根據標準普爾全球市場情報提供的數據，Coinbase的股票本週下跌了多達17.6％，截至美國東部時間下午3點，現在下跌了16％。比特幣礦工Mara Holdings（Mara 7.89％）下降了多達22.7％，現在下跌了19.2％，而流行的加密貨幣Solana（SOL 10.66％）下跌了16.​​8％，現在在本週下降了8.7％。

This week's good news

本週的好消息

After making pro-crypto moves at the Securities and Exchange Commission (SEC), it's been reported that President Donald Trump will officially roll back the Biden-era anti-crypto policies referred to by some as "Operation Chokepoint 2.0," which limited what regulated banks could do in the crypto area.

在向美國證券交易委員會（SEC）進行親克賴普託的行動之後，據報導，唐納德·特朗普總統將正式撤回某些人稱為“ Chokepoint 2.0行動”的拜登時代的反透明政策，這限制了受監管的銀行在加密貨幣地區可以做的事情。

The U.S. Stablecoins Act also passed the Senate Banking Committee with a bipartisan vote.

《美國Stablecoins法》還以兩黨投票通過了參議院銀行委員會。

The only negative was a delay in the approval of exchange-traded funds (ETFs), including a Solana ETF, which could bring more funds into the space.

唯一的負面是延遲批准交易所貿易資金（ETF），包括索拉納ETF，可以將更多的資金帶入該空間。

Macro headwinds hit crypto

宏逆風擊中加密貨幣

While the news seemed good on the crypto policy front, it wasn't good on the macro policy front.

儘管該消息在加密策略方面似乎不錯，但在宏觀政策方面並不是一件好事。

Trump announced additional tariffs this week and then delayed some tariffs, but the general trend is higher tariffs on imports from around the world, which is being met with tariffs from trading partners. The fear is that tariffs will lead to a recession in the U.S., which may already be taking hold as consumers pull back spending and companies stockpile cash.

特朗普本周宣布了額外的關稅，然後推遲了一些關稅，但總體趨勢是對來自世界各地進口的徵收更高的關稅，這與貿易夥伴的關稅達到了關稅。人們擔心關稅會導緻美國的衰退，隨著消費者退縮支出和公司儲備現金，這可能已經佔據了。

Investors don't like uncertainty in the market and there tends to be a "risk off" trade when uncertainty or negative economic news hits. As a highly risky asset, cryptocurrencies have fallen significantly on these macro headwinds.

投資者不喜歡市場上的不確定性，當不確定性或負面經濟新聞爆發時，往往會有“風險”貿易。作為一種高度風險的資產，這些宏觀逆風大大降低了加密貨幣。

The best days may be in the past

最好的日子可能是過去

For Coinbase and Mara, a rise in crypto prices and volatility helps their valuations and that activity may have peaked early in 2025. In the last few weeks, Bitcoin has fallen and trading activity has gone down with it.

對於Coinbase和Mara而言，加密價格和波動性的上漲有助於他們的估值，並且該活動可能在2025年初達到頂峰。在過去的幾周中，比特幣已經下降，貿易活動已經下降。

That could be a double whammy for Mara, which generates value by mining for Bitcoin and also holds Bitcoin on the balance sheet.

對於Mara來說，這可能是雙重打擊，它通過開採比特幣而產生價值，並且在資產負債表上載有比特幣。

Coinbase is a slightly different story, generating most of its revenue from crypto trading. So, when volatility drops so does the company's revenue. What investors will want to watch going forward is the company's blockchain revenue, not just what it makes on trading.

Coinbase是一個略有不同的故事，從加密交易中產生了大部分收入。因此，當波動性下降時，公司的收入也是如此。投資者希望繼續前進的是公司的區塊鏈收入，而不僅僅是交易的收入。

A new trend in crypto

加密的新趨勢

The crypto market may have hit its peak earlier this year and investors have gone from buying based on speculation to selling on news of changes in crypto regulations. The changes being made are bullish for the industry long-term, but the economic story is more important and until that turns around I would expect a rough road for crypto investors.

加密市場可能在今年早些時候達到頂峰，投資者已經從基於猜測的購買轉變為賣出加密法規變化的新聞。長期進行的變化對行業來說是看好的，但是經濟故事更為重要，直到這扭轉，我希望加密投資者一條崎rough的道路。