特朗普获胜后资金涌入加密货币，比特币攀升至历史新高

分析师将近期的收益很大程度上归功于即将上任的政府预期的“加密货币友好”性质，这可能会转化为监管更加明确，但也有回旋余地。

As more money pours into crypto following Donald Trump's victory last week, bitcoin has climbed to yet another record high.

唐纳德·特朗普上周获胜后，随着更多资金涌入加密货币，比特币已攀升至另一个历史新高。

The world's largest cryptocurrency topped $87,000 for the first time on Monday. As of around 3:45 p.m. ET, bitcoin's price stood at $87,083, per CoinDesk, up over 28% in the last week alone.

全球最大的加密货币周一首次突破 87,000 美元。根据 CoinDesk 的数据，截至美国东部时间下午 3:45 左右，比特币价格为 87,083 美元，仅上周就上涨了 28% 以上。

That's part of a rally across cryptocurrencies and crypto-related investments since Trump won the U.S. presidential election last week. Analysts credit much of the recent gains to an anticipated “crypto-friendly” nature of the incoming administration, which could translate into more regulatory clarity but also leeway.

这是自特朗普上周赢得美国总统大选以来加密货币和加密相关投资反弹的一部分。分析师将近期的收益很大程度上归功于即将上任的政府预期的“加密货币友好”性质，这可能会转化为监管更加明确，但也有回旋余地。

Still, as with everything in the volatile cryptoverse, the future is hard to predict. And while some are bullish, others continue to warn of investment risks.

尽管如此，与动荡的加密世界中的一切一样，未来很难预测。尽管有些人看好，但另一些人则继续警告投资风险。

Here's what you need to know.

这是您需要了解的内容。

What is cryptocurrency again?

加密货币又是什么？

Cryptocurrency has been around for a while now, but has come under the spotlight in recent years.

加密货币已经存在了一段时间，但近年来才受到关注。

In basic terms, cryptocurrency is digital money. This kind of currency is designed to work through an online network without a central authority — meaning it's typically not backed by any government or banking institution — and transactions get recorded with technology called a blockchain.

从根本上来说，加密货币是数字货币。这种货币旨在通过没有中央权威的在线网络运行——这意味着它通常不受任何政府或银行机构的支持——并且交易通过称为区块链的技术进行记录。

Bitcoin is the largest and oldest cryptocurrency, although other assets like Ethereum, Tether and Dogecoin have gained popularity over the years. Some investors see cryptocurrency as a “digital alternative” to traditional money — but it can be very volatile, and reliant on larger market conditions.

比特币是最大、最古老的加密货币，尽管以太坊、Tether 和狗狗币等其他资产多年来也越来越受欢迎。一些投资者将加密货币视为传统货币的“数字替代品”，但它可能非常不稳定，并且依赖于更大的市场条件。

Why are bitcoin and other crypto assets soaring now?

为什么比特币和其他加密资产现在飙升？

A lot of it has to do with the outcome of last week's election.

这在很大程度上与上周的选举结果有关。

Trump was previously a crypto skeptic, but changed his mind and embraced cryptocurrencies during this year's presidential race. He has pledged to make the U.S. “the crypto capital of the planet” and create a “strategic reserve” of bitcoin. His campaign accepted donations in cryptocurrency and he courted fans at a bitcoin conference in July. He also launched World Liberty Financial, a new venture with family members to trade cryptocurrencies.

特朗普此前是加密货币怀疑论者，但在今年的总统竞选期间改变了主意并接受了加密货币。他承诺让美国成为“地球的加密之都”，并建立比特币的“战略储备”。他的竞选活动接受了加密货币捐款，并在 7 月份的一次比特币会议上吸引了粉丝。他还创办了 World Liberty Financial，这是一家与家族成员一起交易加密货币的新企业。

Crypto industry players welcomed Trump’s victory, in hopes that he would be able to push through legislative and regulatory changes that they’ve long lobbied for. And Trump had previously promised that, if elected, he would remove the chair of the Securities and Exchange Commission, Gary Gensler, who has been leading the U.S. government’s crackdown on the crypto industry and repeatedly called for more oversight.

加密行业参与者对特朗普的胜利表示欢迎，希望他能够推动他们长期以来一直游说的立法和监管改革。而特朗普此前曾承诺，如果当选，他将罢免美国证券交易委员会主席加里·詹斯勒(Gary Gensler)，后者一直领导美国政府打击加密货币行业，并多次呼吁加强监管。

“Crypto rallied as Election Day progressed into the night and as it became increasingly clear that Trump would emerge victorious,” Citi analysts David Glass and Alex Saunders wrote in a Friday research note, pointing to larger industry sentiment around Trump being “crypto-friendly" and a potential shift in regulatory backing.

花旗分析师大卫·格拉斯（David Glass）和亚历克斯·桑德斯（Alex Saunders）在周五的研究报告中写道：“随着选举日进入深夜，随着特朗普将获胜的情况越来越明显，加密货币上涨。”他们指出，围绕特朗普“加密货币友好”的行业情绪更大。以及监管支持的潜在转变。

Even before the post-election rally, assets like bitcoin posted notable gains over the past year or so. Much of the credit goes to early success of a new way to invest in the asset: spot bitcoin ETFs, which were approved by U.S. regulators in January.

即使在大选后反弹之前，比特币等资产在过去一年左右的时间里也取得了显着的增长。这在很大程度上要归功于一种新的资产投资方式的早期成功：现货比特币 ETF，该产品于 1 月份获得美国监管机构的批准。

Inflows into spot ETFs, or exchange-traded funds, "have been the dominant driver of Bitcoin returns from some time, and we expect this relationship to continue in the near-term,” Glass and Saunders noted. They added that spot crypto ETFs saw some of their largest inflows on record in the days following the election.

Glass 和 Saunders 指出，流入现货 ETF（即交易所交易基金）“一段时间以来一直是比特币回报的主要驱动力，我们预计这种关系在短期内将持续下去”。他们补充说，现货加密 ETF 看到了比特币收益的增长。选举后几天出现了有记录以来最大的资金流入。

What are the risks?

有哪些风险？

Crypto assets like bitcoin have a history of drastic swings in value — which can come suddenly and happen over the weekend or overnight in trading that continues at all hours, every day.

像比特币这样的加密资产有着价值剧烈波动的历史——这种波动可能会突然发生，并发生在周末或隔夜的交易中，每天都在持续进行。

In short, history shows you can lose money as quickly as you've made it. Long-term price behavior relies on larger market conditions.

简而言之，历史表明，你赚钱的速度和赔钱的速度一样快。长期价格行为依赖于更大的市场条件。

At the start of the COVID-19 pandemic, bitcoin stood at just over $5,000. Its price climbed to nearly $69,000 by November 2021, in a time marked by high demand for technology assets, but later crashed during an aggressive series of Federal Reserve rate hikes aimed at curbing inflation. Then came the 2022 collapse of FTX, which significantly undermined confidence in crypto overall.

在 COVID-19 大流行开始时，比特币价格略高于 5,000 美元。到 2021 年 11 月，科技资产需求旺盛，其价格攀升至近 69,000 美元，但后来在美联储旨在抑制通胀的一系列激进加息期间暴跌。然后 FTX 于 2022 年崩溃，这极大地削弱了人们对加密货币的整体信心。

At the start of last year, a single bitcoin could be had for less than $17,000. Investors, however, began returning in large numbers as inflation started to cool — and gains skyrocketed on the anticipation and then early success of spot ETFs. While some crypto supporters see the potential for more record-breaking days, experts still stress caution, especially for small-pocketed investors.

去年年初，单个比特币的价格不到 17,000 美元。然而，随着通胀开始降温，投资者开始大量回归，并且由于现货 ETF 的预期和早期成功，收益飙升。尽管一些加密货币支持者看到了更多破纪录日子的潜力，但专家们仍然强调谨慎，尤其是对于财力有限的投资者而言。

“Investors should only dabble in crypto with money that they can be prepared to lose,” Susannah Streeter, head of money and markets at Hargreaves Lansdown, said last week. “Because we’ve seen these wild swings in the past.”

Hargreaves Lansdown 货币和市场主管 Susannah Streeter 上周表示：“投资者应该只用可以承受损失的资金来涉足加密货币。” “因为我们过去见过这些剧烈的波动。”

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