滞胀担忧导致加密货币市场低迷

在相互矛盾的市场信号中，比特币和以太坊价格在亚洲商业周伊始下跌。加密货币市场在应对滞胀威胁的同时寻求财政部普通账户和即将在香港推出的现货比特币 ETF 的支持。包括 BTC 和 ETH 在内的主要加密货币表现出看跌趋势，分析师对滞胀压力和美联储潜在的政策反应表示担忧。随着交易员评估地缘政治因素和宏观经济状况，市场方向仍不确定。

Amidst a complex interplay of economic and market forces, the cryptocurrency market has experienced a downturn in prices during the initial stages of the Asian business week. The decline in valuations for Bitcoin (BTC) and Ethereum (ETH), the two leading cryptocurrencies by market capitalization, has been observed amidst a mix of bullish and bearish signals.

在经济和市场力量复杂的相互作用下，加密货币市场在亚洲商业周初期经历了价格低迷。在看涨和看跌信号的混合中，观察到比特币（BTC）和以太坊（ETH）这两种市值领先的加密货币的估值下降。

Uncertainty surrounding the threat of stagflation, a situation characterized by high inflation and sluggish economic growth, has cast a shadow over the crypto market. The release of the U.S. Gross Domestic Product (GDP) report for the first quarter of 2023 revealed an annualized growth rate of 1.6%, significantly lower than the preceding quarter's 3.4% expansion. Concurrently, the Personal Consumption Expenditures (PCE) index, a key inflation measure closely monitored by the Federal Reserve (Fed), rose to an annualized rate of 3.4% in the first three months of the year, from 1.8% in the final quarter of 2023.

以高通胀和经济增长缓慢为特征的滞胀威胁的不确定性给加密货币市场蒙上了阴影。美国公布的2023年第一季度国内生产总值（GDP）报告显示，年化增长率为1.6%，显着低于上一季度3.4%的增速。与此同时，美联储密切监控的一项关键通胀指标——个人消费支出（PCE）指数，年率从去年最后一个季度的 1.8% 升至今年前三个月的 3.4%。 2023 年。

The combination of slower growth and persistent inflation has heightened concerns about stagflation, a scenario that typically reduces the likelihood of interest rate cuts by central banks. The prediction market platform Polymarket currently indicates a 35% probability of a rate cut, although this probability has been gradually increasing in recent weeks.

增长放缓和持续通胀加剧了人们对滞胀的担忧，这种情况通常会降低央行降息的可能性。预测市场平台Polymarket目前显示降息的可能性为35%，尽管这一可能性最近几周一直在逐渐增加。

In an effort to counter the potential economic headwinds, the U.S. government has implemented strategies to increase liquidity in the financial system. The Treasury General Account (TGA) holds approximately $1 trillion in assets, and the Reverse Repurchase Program (RRP) has added $400 billion in liquidity. This influx of funds may provide support to risk assets, including cryptocurrencies.

为了应对潜在的经济阻力，美国政府实施了增加金融体系流动性的战略。财政部普通账户（TGA）持有约1万亿美元资产，反向回购计划（RRP）增加了4000亿美元的流动性。这种资金的涌入可能会为包括加密货币在内的风险资产提供支持。

Another factor influencing the crypto market is the launch of a spot Bitcoin Exchange Traded Fund (ETF) in Hong Kong, scheduled for April 30th. While the ETF has garnered attention from investors and traders, news that mainland Chinese investors will not be permitted to trade the product has dampened some of the initial optimism surrounding its launch.

影响加密货币市场的另一个因素是定于 4 月 30 日在香港推出现货比特币交易所交易基金 (ETF)。尽管该ETF吸引了投资者和交易员的关注，但有关中国大陆投资者将不被允许交易该产品的消息削弱了围绕其推出的最初乐观情绪。

Amidst these market dynamics, BTC is currently trading at approximately $62,549, a decline of 1.64% from its previous trading session. ETH has also experienced a price decrease, currently valued at $3,186.12, representing a 3.56% reduction from the previous trading day. The broader crypto market, as measured by the Coindesk 20 (CD20) index, has also witnessed a decline of 3% over the last 24 hours, standing at 2,176.55.

在这些市场动态中，BTC 目前的交易价格约为 62,549 美元，较前一交易日下跌 1.64%。 ETH价格也出现下跌，目前价格为3186.12美元，较前一交易日下跌3.56%。以 Coindesk 20 (CD20) 指数衡量的更广泛的加密货币市场在过去 24 小时内也下跌了 3%，至 2,176.55。

While the immediate market direction remains uncertain, analysts at QCP Capital have highlighted the potential risks posed by stagflation, cautioning that it could have a significant impact on risky asset classes, including digital assets. The U.S. economic outlook and the Fed's monetary policy decisions will continue to shape the trajectory of the crypto market in the coming weeks and months.

尽管当前的市场方向仍不确定，但 QCP Capital 的分析师强调了滞胀带来的潜在风险，警告称这可能对包括数字资产在内的风险资产类别产生重大影响。美国经济前景和美联储的货币政策决定将继续影响未来几周和几个月加密货币市场的轨迹。