Fartcoin (FART) 剛觸及 10 億美元，市場連續第二天下跌

儘管大盤連續第二天下跌，但在周五早些時候，這款名為 AI 代理商的代幣市值躍升至 11 億美元以上，成為少數上漲的代幣之一。

China's 1-year government bond yield fell below 1% for the first time since the Great Financial Crisis on Friday, adding to a year-to-date decline that has also seen the benchmark 10-year yield slip to 1.7%.

週五，中國1年期公債殖利率自金融危機以來首次跌破1%，加劇了年初至今的跌勢，基準10年期公債殖利率也跌至1.7%。

This bodes well for risk assets like bitcoin (BTC), which slipped overnight amid a broader market downturn fueled by concerns over the Federal Reserve’s recent interest rate outlook. Here are two reasons to be optimistic for crypto.

這對比特幣（BTC）等風險資產來說是個好兆頭，由於對聯準會近期利率前景的擔憂，導致市場整體低迷，比特幣隔夜下跌。以下是對加密貨幣持樂觀態度的兩個原因。

China economic troubles worsening

中國經濟困境惡化

The continued decline in yields suggests that Beijing will have to roll out more aggressive stimulus measures than we saw earlier this year, to keep the world's second largest economy on track.

殖利率持續下降表明，北京將不得不推出比今年稍早更激進的刺激措施，以維持世界第二大經濟體的發展。

As Jeroen Blokland, founder and manager of the Blokland Smart Multi-Asset Fund, put it succinctly: “This indicates that China's economic troubles are far from over, and the government will do what aging economies often do: ramp up government spending, allow for larger deficits and higher debt levels, and drive interest rates down toward zero.”

正如 Blokland Smart 多元資產基金創始人兼經理 Jeroen Blokland 所言：「這表明中國的經濟困境遠未結束，政府將採取老齡化經濟體經常做的事情：增加政府支出，更大的赤字和更高的債務水平，並將利率壓向零。

China's factory-gate inflation worsened in December, having already seen the longest stretch of falling prices since the late 1990s, according to a Reuters analysis of central bank data on Friday. This could cap Producer Price Index (PPI) and Consumer Price Index (CPI) readings worldwide, including in the U.S., a major trading partner.

路透社週五對央行數據進行的分析顯示，中國的工廠通膨在 12 月進一步惡化，已經經歷了 1990 年代末以來持續時間最長的價格下跌。這可能會限制全球生產者物價指數（PPI）和消費者物價指數（CPI）讀數，包括主要貿易夥伴美國。

BNP Paribas noted this phenomenon earlier this year, with analysts saying that China has already contributed to lowering core inflation in the eurozone and the U.S. by about 0.1 percentage point and core goods inflation by roughly 0.5 percentage point.

法國巴黎銀行今年稍早注意到了這一現象，分析師表示，中國已經為歐元區和美國的核心通膨率降低了約0.1個百分點，核心商品通膨率降低了約0.5個百分點。

This means that Powell's concerns about stubborn inflation may be unfounded, begging the question: will he really stick to just two rate cuts for 2025, as he implied on Wednesday? Many experts think there might be more.

這意味著鮑威爾對頑固通膨的擔憂可能毫無根據，引發了一個問題：他真的會像週三暗示的那樣堅持在 2025 年只降息兩次嗎？許多專家認為可能還有更多。

“Fed concerns on inflation are misguided. Interest rates are still too high in the U.S., and liquidity is about to increase, driving Bitcoin higher,” Dan Tapiero, CEO and CIO of 10T Holdings, said on Friday via email about China's declining bond yields.

「聯準會對通膨的擔憂是錯誤的。美國的利率仍然過高，流動性即將增加，推動比特幣走高。

Markets, for now, aren't looking at this bullish angle. BTC fell below $95,000 and ETH slipped to $3,200, with all 100 of the biggest coins in the red. S&P 500 futures were down 0.5%, indicating a negative open and continuation of the post-Fed risk-off.

目前市場並未從這種看漲角度看待。 BTC 跌破 95,000 美元，ETH 跌至 3,200 美元，所有 100 個最大的代幣都出現虧損。標普 500 指數期貨下跌 0.5%，顯示開盤不利，聯準會後避險情緒仍在繼續。

Sentiment may worsen if the core PCE, the Fed's preferred inflation gauge, comes in hotter than expected later today. That might see markets price out another rate cut, leaving just one on the table for 2025. Stay tuned!

如果今天稍後聯準會首選的通膨指標核心個人消費支出（PCE）的數據高於預期，市場情緒可能會惡化。這可能會導致市場消化再次降息的可能性，而 2025 年只剩下一次降息。