CPI 报告缓解通胀担忧，比特币 (BTC)、以太坊 (ETH) 和狗狗币 (DOGE) 飙升

比特币（BTC 3.24%）今天在 24 小时内再次出现显着走势，自昨天美国东部时间下午 4 点（截至美国东部时间下午 1:30）以来上涨了 2.6%，以太坊（ETH 6.61%）和狗狗币（DOGE 5.94%）也紧随其后。同一时期内，出价分别飙升 3.8% 和 4.4%。

Bitcoin (CRYPTO: BTC) has made another notable 24-hour move today, increasing 2.6% since 4 p.m. ET yesterday (as of 1:30 p.m. ET), with Ethereum (CRYPTO: ETH) and Dogecoin (CRYPTO: DOGE) also catching a bid, surging 3.8% and 4.4, respectively, over the same time frame.

比特币 (CRYPTO: BTC) 今天在 24 小时内再次出现显着走势，自昨天美国东部时间下午 4 点以来（截至美国东部时间下午 1:30）上涨了 2.6%，以太坊 (CRYPTO: ETH) 和狗狗币 (CRYPTO: DOGE) 也紧随其后。同一时期内，出价分别飙升 3.8% 和 4.4%。

These moves have taken Bitcoin back toward the pivotal $100,000 mark, with the world's largest digital asset continuing to hover around this critical level. Ethereum's and Dogecoin's outsize moves make sense in the context of the larger dynamics that are typically at play with respect to these three megacap projects, but let's dive into what's happening beneath the surface and driving such broad momentum in the crypto market as a whole and for these three projects in particular.

这些举措使比特币重新回到关键的 10 万美元大关，全球最大的数字资产继续徘徊在这一关键水平附近。以太坊和狗狗币的大幅波动在这三个大型项目通常发挥作用的更大动态背景下是有意义的，但让我们深入了解表面之下正在发生的事情，以及推动整个加密货币市场如此广泛势头的原因特别是这三个项目。

It's a macro day, babyMost of the discussion on traditional media (and social media platforms as well) this morning revolves around today's Consumer Price Index (CPI) report, which came in lower than expected. Core CPI unexpectedly declined one-tenth of 1%, leading to a surge in interest among investors for higher-growth and more speculative asset classes.

今天早上传统媒体（以及社交媒体平台）上的大部分讨论都围绕着今天的消费者价格指数（CPI）报告，该报告的数据低于预期。核心 CPI 意外下降 1%，导致投资者对高增长和投机性更强的资产类别的兴趣激增。

Of course, the fact is that overall inflation at 2.9% is still meaningfully higher than the Federal Reserve's target, and there are concerns around Trump's potential tariff plans and how the bond market will continue to react to potentially higher deficits and growth over the next four years.

当然，事实是，2.9%的总体通胀率仍然明显高于美联储的目标，人们对特朗普潜在的关税计划以及债券市场将如何继续对未来四年潜在的更高赤字和增长做出反应感到担忧。年。

But with this lower-than-expected core reading, the market now has priced in a greater likelihood of continued interest rate cuts. These implied cuts have put pressure on the U.S. dollar and improved the risk-reward outlook for risk assets, all factors that should benefit megacap cryptocurrencies such as Bitcoin (which is more tethered to currency movements than the other two), Ethereum, and Dogecoin.

但由于核心数据低于预期，市场现在已经消化了继续降息的可能性更大。这些隐含的降息给美元带来了压力，并改善了风险资产的风险回报前景，所有这些因素都应该有利于比特币（与其他两种货币相比，比特币与货币走势的关系更大）、以太坊和狗狗币等大型加密货币。

Are animal spirits ahead?On a day when there's relatively little in the way of token-specific catalysts, sometimes market sentiment tied to macro conditions easing is enough to provide a rising tide that lifts all boats. And given that crypto as an asset class is about as far out on the risk spectrum as most traditional investors are willing to go, today's outsize moves (which are greater than the moves seen in most indexes today) reflect this reality.

动物精神在前行吗？在特定代币催化剂相对较少的日子里，有时与宏观条件宽松相关的市场情绪足以提供一个上涨的浪潮，让所有的船都扬帆起航。鉴于加密货币作为一种资产类别的风险范围与大多数传统投资者愿意接受的风险范围相差甚远，今天的大幅波动（大于当今大多数指数的波动）反映了这一现实。

Aside from the impact on the U.S. dollar this CPI report is likely to have (which will benefit Bitcoin), all risk assets should benefit from longer-term yields heading lower. That's because the 10-year U.S. Treasury yield is most often viewed as the appropriate discount rate for equities and other risk assets. For crypto investors with a long-term investing time horizon, discounting future growth to the present requires some sort of interest rate, and this is the particular figure most investors are paying close attention to right now.

除了这份消费者物价指数报告可能对美元产生影响（这将使比特币受益）之外，所有风险资产都应该受益于长期收益率走低。这是因为十年期美国国债收益率通常被视为股票和其他风险资产的适当贴现率。对于具有长期投资期限的加密货币投资者来说，将未来的增长贴现到目前需要某种利率，而这是大多数投资者目前密切关注的特定数字。

I think if macro conditions continue to soften, and investors believe that more accommodative monetary policy is on the horizon, it's possible animal spirits could roar back once again. Bitcoin, Ethereum, and Dogecoin are each widely considered to be quality digital assets by their associated communities. Perhaps today's CPI report is what they needed to hit the bid once again.

我认为，如果宏观环境继续疲软，并且投资者相信更加宽松的货币政策即将出台，那么动物精神可能会再次卷土重来。比特币、以太坊和狗狗币都被相关社区广泛认为是优质数字资产。也许今天的消费者物价指数报告正是他们再次达到目标所需要的。