随着风险反弹再度升级，比特币 (BTC) 价格飙升至 10 万美元以上，创至少 2023 年以来华尔街最佳 CPI 日

美国通胀低于预期，重新点燃了对从加密货币到股票等风险资产的需求，随着美联储降息押注的重新调整，比特币价格再次飙升至 10 万美元以上。

Bitcoin price crossed $100,000 again on Wednesday as softer-than-expected US inflation data sparked a risk rally, tracking the best CPI day on Wall Street since at least 2023.

周三，由于美国通胀数据疲弱，引发风险反弹，比特币价格再次突破 10 万美元，创下至少 2023 年以来华尔街 CPI 最高纪录。

Demand for risky assets, from cryptocurrencies to stocks, was reignited by the softer inflation readings, pushing Bitcoin past the key level once more.

通胀数据疲软重新点燃了对从加密货币到股票等风险资产的需求，推动比特币再次突破关键水平。

The world’s largest cryptocurrency by market capitalization has been hovering between the $90,000 and $100,000 mark for the past four weeks. On Wednesday, the token rose 3.9% to $100,222. It last hit $100,000 on January 7, roughly $8,000 below its December 17 all-time high.

过去四个星期，全球市值最大的加密货币一直徘徊在 90,000 美元至 100,000 美元大关之间。周三，该代币上涨 3.9% 至 100,222 美元。最后一次触及 100,000 美元是在 1 月 7 日，比 12 月 17 日的历史高点低约 8,000 美元。

A positive tone was set for digital tokens by the equity market’s reaction to the US inflation figures on Wednesday, with Bitcoin’s correlation with the Nasdaq, a measure of US technology companies, hitting a two-year high.

周三股市对美国通胀数据的反应为数字代币奠定了积极的基调，比特币与衡量美国科技公司的纳斯达克指数的相关性创下了两年来的新高。

According to data from Bloomberg, the OG token and the Nasdaq 100 Index have a 30-day correlation coefficient of around 0.70. If the value is 1, the assets are moving in lockstep, and if it is -1, the assets are moving in the inverse tie.

根据彭博社的数据，OG代币与纳斯达克100指数的30天相关系数约为0.70。如果该值为 1，则资产以同步方式移动，如果为 -1，则资产以逆同步方式移动。

Bitcoin & Nasdaq Are Tied at the Hip

比特币和纳斯达克势均力敌

Consumer price increases of 2.9% year-over-year were in line with forecasts, while core inflation came in lower than expected at 0.2% month-over-month, according to the latest US inflation report.

根据美国最新通胀报告，消费者价格同比上涨 2.9%，符合预期，而核心通胀环比上涨 0.2%，低于预期。

That marked the first step down in the core rate in six months.

这标志着六个月来核心利率首次下降。

Cheaper hotel stays, a smaller advance in medical care services, and relatively tame rent increases helped to restrain the December figure.

酒店住宿价格的下降、医疗保健服务的进步较小以及相对温和的租金涨幅有助于抑制 12 月份的数据。

Easing inflation helps re-establish the narrative that progress in price pressures has resumed after months of higher prints.

通胀的缓解有助于重新确立这样一种说法：在连续数月的高印数之后，价格压力已经恢复。

However, Fed members will still need to see a string of moderate readings to be convinced. Bond yields have risen substantially amid sticky inflation and concerns that the Fed eased too quickly late last year.

然而，美联储成员仍然需要看到一系列温和的数据才能被说服。由于通胀高涨以及对美联储去年年底宽松政策过快的担忧，债券收益率大幅上升。

Policymakers are still expected to hold steady on rates at their meeting later this month.

预计政策制定者在本月晚些时候的会议上仍将维持利率不变。

That’s largely thanks to strong jobs data and other factors from last week.

这主要归功于上周强劲的就业数据和其他因素。

However, several analysts suggest that the news could set the stage for a Fed rate cut in March.

然而，一些分析师表示，这一消息可能为美联储三月份降息奠定基础。

Before the inflation data, traders had expected another cut only in the second half of the year.

在通胀数据公布之前，交易员预计只会在今年下半年再次降息。

John Williams, president of the Federal Reserve Bank of New York, expressed optimism that inflation will continue to come down but offered no clues on when more cuts could be implemented.

纽约联邦储备银行行长约翰·威廉姆斯对通胀将继续下降表示乐观，但没有提供何时实施更多降息的线索。

Fresh data suggests continuing success in reducing inflation, according to his Richmond colleague Tom Barkin, who argued that rates should remain conservative. The numbers were used by Chicago Fed President Austan Goolsbee to back his prediction that pricing pressures will ease.

他在里士满的同事汤姆·巴尔金表示，新数据表明在降低通胀方面持续取得成功，他认为利率应该保持保守。芝加哥联储行长奥斯坦·古尔斯比用这些数据来支持他的定价压力将会缓解的预测。

Despite a strong US economy and doubts about the impact of Trump's policies, markets were concerned about the Fed's ability to cut interest rates further.

尽管美国经济强劲且对特朗普政策的影响存疑，但市场仍对美联储进一步降息的能力感到担忧。

Concerted Cross-Asset Rally

跨资产协同反弹

Stocks and cryptocurrencies both rallied on the softening in the core price index.

股票和加密货币均因核心价格指数走软而上涨。

The Nasdaq 100 and S&P 500 indices both rose after the inflation report, offering respite to Wall Street and adding to speculation that the Fed will continue cutting rates this year.

通胀报告公布后，纳斯达克 100 指数和标准普尔 500 指数双双上涨，为华尔街带来喘息之机，并加剧了美联储今年将继续降息的猜测。

The S&P 500 marked its biggest gain since the aftermath of the US election, rising 2% as Wall Street stocks recovered their 2025 losses.

随着华尔街股市收复 2025 年的跌幅，标普 500 指数上涨 2%，创下美国大选后的最大涨幅。

Fears that a 5% rate could be on the horizon were eased as a rally in Treasuries drove 10-year rates down by about 15 basis points.

随着美国国债上涨推动 10 年期利率下降约 15 个基点，对 5% 利率可能即将到来的担忧有所缓解。

Energy prices also surged, with a barrel of oil reaching over $80.

能源价格也飙升，每桶石油价格超过 80 美元。

The combined cross-asset漲幅 was the highest for a consumer price index day since late 2023, according to data from Bloomberg.

彭博社的数据显示，跨资产综合涨幅为 2023 年底以来消费者价格指数日最高。

The market’s “fear gauge” — the VIX index — marked its biggest decline this year as risk appetite returned.

随着风险偏好回升，市场的“恐惧指标”——VIX 指数——出现今年最大跌幅。

Trump Trade For Cryptos?

特朗普交易加密货币？

President-elect Trump will be sworn in on January 20, kicking off an administration focused on reform.

当选总统特朗普将于 1 月 20 日宣誓就职，开启专注于改革的政府。

Investors are speculating on his pledge to make the US a world leading crypto hub amid the inflationary impact of tariff and immigration policies.

在关税和移民政策的通胀影响下，投资者正在猜测他将让美国成为世界领先的加密货币中心的承诺。

In the days leading up to the president-elect’s inauguration, expect Trump trade momentum to build.

在候任总统就职前的几天里，预计特朗普的贸易势头将会增强。

Elsewhere

别处

Events

活动

Consensus (Hong Kong, 18-20 February)

共识（香港，2 月 18 日至 20 日）

Consensus is heading to Hong Kong, bringing together the industry’s most important voices from East and West for pivotal conversations and deal-making opportunities.

Consensus 即将前往香港，汇聚东西方业界最重要的声音，进行关键对话和交易机会。

Consensus Hong Kong convenes global leaders in tech and finance to debate pressing issues, announce key developments and deals, and share their visions for the future.

香港共识汇聚全球科技和金融领域的领导者，讨论紧迫问题，宣布关键发展和交易，并分享他们对未来的愿景。

Use promo code BLOCKDESK20 at checkout for a 20% discount on

结账时使用促销代码 BLOCKDESK20 可享受 20% 折扣