比特币接近 10 万美元，业界预计特朗普将采取更加“加密货币友好”的方式

由于行业参与者预计即将上任的特朗普政府将采取更加“加密友好”的方法来监管数字货币，因此出现了戏剧性的反弹。

Bitcoin extended its streak of record highs after ticking above $99,000 for the first time overnight. The cryptocurrency has rocketed more than 40% in just two weeks.

比特币隔夜首次突破 99,000 美元后延续了历史新高。加密货币在短短两周内飙升了 40% 以上。

Now, bitcoin is at the doorstep of $100,000, just two years after dropping below $17,000 following the collapse of crypto exchange FTX. The dramatic rally arrives as industry players expect the incoming Trump administration to bring a more “crypto-friendly” approach toward regulating the digital currency.

现在，比特币已接近 10 万美元，距离加密货币交易所 FTX 崩溃后跌破 17,000 美元仅两年。由于行业参与者预计即将上任的特朗普政府将采取更加“加密友好”的方法来监管数字货币，因此出现了戏剧性的反弹。

Bitcoin was trading at $98,882 early Friday, according to CoinDesk.

据 CoinDesk 称，周五早些时候，比特币交易价格为 98,882 美元。

As with everything in the volatile crypto markets, the future is impossible to know. And while some are bullish, other experts continue to warn of investment risks.

与波动的加密货币市场中的一切一样，未来是不可能知道的。尽管有些人看好，但其他专家继续警告投资风险。

Here’s what you need to know.

这是您需要了解的内容。

Cryptocurrency has been around for a while now. But, chances are, you've heard about it more and more over the last few years.

加密货币已经存在了一段时间了。但是，很可能在过去几年中您已经越来越多地听说过它。

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 also gained popularity over the years. Some investors see cryptocurrency as a “digital alternative” to traditional money — but it can be very volatile, with its price reliant on larger market conditions.

比特币是最大、最古老的加密货币，尽管以太坊、泰达币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，其价格取决于更大的市场状况。

A lot of the recent action has to do with the outcome of the U.S. presidential election.

最近的很多行动都与美国总统选举的结果有关。

Crypto industry players have welcomed Trump’s victory, in hopes that he would be able to push through legislative and regulatory changes that they’ve long lobbied for — which, generally speaking, aim for an increased sense of legitimacy without too much red tape.

加密货币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游说的立法和监管改革——一般来说，这些改革的目标是在没有太多繁文缛节的情况下增强合法性。

Trump, who was once a crypto skeptic, recently 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.

曾经是加密货币怀疑论者的特朗普最近承诺让美国成为“地球的加密货币之都”，并创建比特币的“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。他还与家族成员创立了世界自由金融公司（World Liberty Financial），从事加密货币交易。

How of this will actually pan out — and whether or not Trump will successfully act quickly on these promises — has yet to be seen.

这实际上将如何实现——以及特朗普是否会成功地迅速兑现这些承诺——还有待观察。

“This is not necessarily a short-term story, it’s likely a much longer-term story," Citi macro strategist David Glass told The Associated Press last week. "And there is the question of how quickly can U.S. crypto policy make a serious impact on (wider adoption).”

花旗宏观策略师大卫·格拉斯上周对美联社表示：“这不一定是一个短期故事，它可能是一个长期故事。”“问题是美国的加密货币政策能多快产生严重影响。” （更广泛的采用）。”

Adam Morgan McCarthy, a research analyst at Kaiko, thinks the industry is craving “just some sort of clarity.” Much of the approach to regulating crypto in the past has been “enforcement based,” he notes, which has been helpful in weeding out some bad actors — but legislation might fill in other key gaps.

Kaiko 研究分析师亚当·摩根·麦卡锡 (Adam Morgan McCarthy) 认为，该行业渴望“某种程度的明确性”。他指出，过去监管加密货币的大部分方法都是“基于执法”，这有助于清除一些不良行为者，但立法可能会填补其他关键空白。

Gary Gensler, who as head of the Securities and Exchange Commission under President Joe Biden has led a U.S. government’s crackdown on the crypto industry, penalized a number of crypto companies for violating securities laws. Gensler announced Thursday that he would step down as SEC chair on Jan. 20, Inauguration Day.

加里·詹斯勒（Gary Gensler）在乔·拜登总统领导下担任美国证券交易委员会主席，领导了美国政府对加密货币行业的打击，他对多家违反证券法的加密货币公司进行了处罚。 Gensler 周四宣布，他将于 1 月 20 日就职日辞去 SEC 主席职务。

Despite crypto’s recent excitement around Trump, McCarthy said that 2024 has already been a “hugely consequential year for regulation in the U.S.” — pointing to January’s approval of spot bitcoin ETFs, for example, which mark a new way to invest in the asset.

尽管加密货币最近围绕特朗普而令人兴奋，但麦卡锡表示，2024 年已经是“美国监管影响重大的一年”——例如，他指出 1 月份批准了现货比特币 ETF，这标志着一种投资该资产的新方式。

Spot ETFs have been the dominant driver of bitcoin for some time now — but, like much of the crypto’s recent momentum, saw record inflows postelection. According to Kaiko, bitcoin ETFs recorded $6 billion in trade volume for the week of the election alone.

一段时间以来，现货 ETF 一直是比特币的主要推动力，但与加密货币近期的大部分势头一样，在大选后资金流入创历史新高。据 Kaiko 称，仅在选举当周，比特币 ETF 的交易量就达到了 60 亿美元。

In April, bitcoin also saw its fourth “halving” — a preprogrammed event that impacts production by cutting the reward for mining, or the creation of new bitcoin, in half. In theory, if demand remains strong, some analysts say this “supply shock” can also help propel the price long term. Others note it may be too early to tell.

四月份，比特币还经历了第四次“减半”——这是一个预先编程的事件，通过将采矿或新比特币的创造奖励减半来影响生产。理论上，如果需求保持强劲，一些分析师表示，这种“供应冲击”也可能有助于长期推动价格。其他人指出，现在下结论可能还为时过早。

History shows you can lose money in crypto as quickly as you’ve made it. Long-term price behavior relies on larger market conditions. Trading continues at all hours, every day.

历史表明，你在加密货币领域赚到钱的速度可能和你赚到钱的速度一样快。长期价格行为依赖于更大的市场条件。交易每天全天候进行。

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, during high demand for technology assets, but later crashed during an aggressive series of Federal Reserve rate hikes. And in late 2022 collapse of FTX significantly undermined confidence in crypto overall, with bitcoin falling below $17,000.

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，在技术资产需求旺盛期间，其价格攀升至近 69,000 美元，但后来在美联储一系列激进加息期间暴跌。 2022 年底，FTX 的崩溃严重削弱了人们对加密货币的整体信心，比特币跌破 17,000 美元。

Investors began returning in large numbers as inflation started to cool — and gains skyrocketed on the anticipation and then early

随着通胀开始降温，投资者开始大量回归，收益因预期而飙升，然后提前