强劲的美国就业数据惊动风险资产后，比特币下跌

周四，比特币跌至今年最低水平，因为它在新年开局良好，重新夺回 10 万美元大关后，难以保持势头。

Bitcoin hit its lowest level this year on Thursday as it struggled to maintain momentum following a strong start to 2024 that saw it briefly cross the $100,000 threshold again.

比特币在周四触及今年的最低水平，在 2024 年强劲开局并再次短暂突破 10 万美元门槛后，比特币难以保持势头。

The world’s largest cryptocurrency fell as much as 2.8% on Thursday to $91,785, a significant drop from its recent high of $102,733 and over 15% below its all-time peak of $108,315 hit in mid-December.

全球最大的加密货币周四下跌 2.8%，至 91,785 美元，较近期高点 102,733 美元大幅下跌，较 12 月中旬触及的历史峰值 108,315 美元下跌逾 15%。

Since then, the token has recovered and lost steam again after strong U.S. jobs data that bodes well for the broader economy but signaled less appetite for risk assets.

此后，在强劲的美国就业数据对更广泛的经济来说是个好兆头但表明对风险资产的兴趣减弱之后，该代币已经恢复并再次失去动力。

On Wednesday, there was the second-largest withdrawal of funds from U.S. Bitcoin exchange-traded funds since they began a year ago, with $583 million in outflows.

周三，美国比特币交易所交易基金出现了自一年前开始以来的第二大资金撤出，资金流出达 5.83 亿美元。

Bitcoin scaled new highs in 2024 on the back of those ETFs and President-elect Donald Trump’s vocal support for the digital asset industry.

在这些 ETF 和当选总统唐纳德·特朗普对数字资产行业的大力支持的支持下，比特币在 2024 年创下新高。

But that rally has lost steam since the start of the year.

但自今年年初以来，这种反弹已经失去动力。

The high-beta securities came under pressure as separate U.S. economic data on Tuesday and Friday further pushed out market expectations for any imminent Federal Reserve rate cuts.

由于周二和周五公布的美国经济数据进一步降低了市场对美联储即将降息的预期，高贝塔系数证券面临压力。

Bitcoin price action has been pegged in a range between $91,000 and $102,000, partly due to the Fed’s hawkish tone last month that put a pause on any rate cuts until the second half of 2025.

比特币价格走势一直在 91,000 美元至 102,000 美元之间，部分原因是美联储上个月的鹰派基调，暂停降息直至 2025 年下半年。

Stocks began the week on a sour note, with Asian benchmarks posting hefty losses as robust U.S. jobs data and a fresh wave of American sanctions on Russia threatened to squeeze oil supplies and battered the broader financial markets.

本周股市开局不佳，亚洲基准指数大幅下跌，原因是强劲的美国就业数据以及美国对俄罗斯的新一波制裁可能会挤压石油供应并打击更广泛的金融市场。

The jolt from the sanctions coursed through the spectrum of risk assets, with the dollar gaining ground to two-year highs.

制裁带来的冲击影响了各种风险资产，美元升至两年高点。

MSCI's broadest index of Asia-Pacific equities extended four days of losses as investors sold their bets on the Fed cutting interest rates further in response to robust U.S. jobs data.

摩根士丹利资本国际(MSCI)最广泛的亚太股市指数延续四天跌幅，因投资者抛售美联储因美国就业数据强劲而进一步降息的押注。

Further stock losses were signaled by equity futures in Europe and the United States.

欧洲和美国的股票期货预示着股票进一步下跌。

Indexes in Hong Kong, Taiwan, and South Korea fell, dragging the MSCI Asia Pacific Index down 1.1%.

香港、台湾和韩国指数下跌，拖累MSCI亚太指数下跌1.1%。

Chinese equities extended their losses despite local data showing exports hit a record high last year, in what could be one of the last hurrahs before Trump pledged to levy even higher tariffs on Chinese goods on taking office next week.

尽管当地数据显示去年出口创历史新高，但中国股市扩大了跌幅，这可能是特朗普承诺下周上任后对中国商品征收更高关税之前的最后欢呼之一。

The hit to global stocks signaled investors' flight-to-safety bets, which also hit cryptocurrencies. Not helping matters was a global bond market tantrum that unnerved digital asset investors.

全球股市受到的打击表明投资者转向安全押注，这也打击了加密货币。全球债券市场的动荡让数字资产投资者感到不安，这无助于解决问题。

The U.S. Treasury market is driving up borrowing costs, with広範囲な implications. The message from markets is getting louder: adjust to a sustained rise in government bond yields in the U.S. and around the world, as the world’s biggest bond market leads a reset higher in borrowing prices that is set to have broad implications.

美国国债市场正在推高借贷成本，带来影响。市场发出的信息越来越响亮：调整以适应美国和世界各地政府债券收益率的持续上升，因为全球最大的债券市场导致借贷价格重新走高，这将产生广泛的影响。

That points to a clear risk to the narrative of global easing, even before Trump takes office and his policies begin to stoke inflationary pressures worldwide.

这表明，即使在特朗普上任及其政策开始引发全球通胀压力之前，全球宽松政策也面临着明显的风险。

The Fed is now seen on hold until the second half of this year, adding to investor concerns despite a crypto-friendly administration in the White House.

尽管白宫政府对加密货币友好，但美联储目前预计将按兵不动直到今年下半年，这加剧了投资者的担忧。

The assumed safety of U.S. government debt is coming under increasing scrutiny, and as a result, yields on this asset are rising just days into 2025.

美国政府债务的假定安全性正在受到越来越严格的审查，因此，进入 2025 年仅几天，该资产的收益率就会上升。

The U.S. economy showed no signs of slowing down as evidenced by Friday's massive employment report, with the Federal Reserve reconsidering when to cut interest rates further and Donald Trump taking office with a policy agenda that puts growth ahead of debt and price concerns given the soaring borrowing rates.

美国经济没有显示出放缓的迹象，周五的大规模就业报告证明了这一点，美联储重新考虑何时进一步降息，而唐纳德·特朗普上任时的政策议程是，考虑到借贷飙升，将增长置于债务和价格担忧之前费率。

The rate on 10-year notes has increased by almost 1% in the past four months and is already approaching the 5% mark, which was briefly broken in 2023 and has not been seen since before the global financial crisis almost two decades ago.

过去四个月，10年期国债利率上涨了近1%，已经逼近5%大关，这一水平在2023年曾短暂突破，自近二十年前的全球金融危机爆发以来从未出现过。

Long-term U.S. Treasuries have already hit that level, with many on Wall Street now eyeing 5% as the new normal for the cost of capital.

长期美国国债已经达到这一水平，华尔街许多人现在将 5% 视为资本成本的新常态。

Around the world, similar rises are being felt as investors grow more apprehensive of debt from the U.K. to Japan.

随着投资者对英国和日本的债务越来越担忧，世界各地也感受到了类似的上涨。

After years of a near-zero rate environment caused by emergency measures implemented following the financial crisis and COVID-19, some see the recent shift toward higher yields as a natural realignment.

金融危机和新冠肺炎 (COVID-19) 后实施的紧急措施导致多年来利率接近于零，一些人认为最近转向更高收益率是一种自然的调整。

Others, however, perceive disturbing new dynamics that pose serious problems.

然而，其他人则认为令人不安的新动态会带来严重问题。

Disruptions in the $28 trillion U.S. bond market might have far-reaching consequences due to its significance as a rate benchmark and indicator of investor mood.

由于其作为利率基准和投资者情绪指标的重要性，价值 28 万亿美元的美国债券市场的混乱可能会产生深远的影响。

With U.S. mortgage rates already up at about 7%, borrowing will be more expensive for

由于美国抵押贷款利率已经上涨约 7%，借贷成本将会更高