加密市场的一周或糟糕的一周，具体取决于您的外观。

从政策的角度来看，美国似乎继续接受加密货币，这是个好消息。但这并没有转化为对加密货币本身的估值，这几乎全面占了两位数。

Crypto had either a great week or a terrible week depending on how you look at it. From a policy perspective, it seems like the U.S. is continuing to embrace crypto and that's good news. But that didn't translate to better valuations for cryptocurrencies themselves, which fell double digits almost across the board.

Crypto的一周愉快，要么度过了糟糕的一周，具体取决于您的看法。从政策的角度来看，美国似乎正在继续接受加密货币，这是个好消息。但这并没有转化为对加密货币本身的估值，这几乎全面占了两位数。

No surprise, when cryptocurrencies fall, Coinbase Global (COIN 3.61%) is one of the most affected. According to data provided by S&P Global Market Intelligence, shares of Coinbase fell as much as 17.6% this week and are now down 16% as of 3 p.m. ET. Bitcoin miner Mara Holdings (MARA 7.89%) dropped as much as 22.7% and is now down 19.2% while popular cryptocurrency Solana (SOL 10.66%) dropped as much as 16.8% and is now down 8.7% for the week.

毫不奇怪，当加密货币下降时，Coinbase Global（硬币3.61％）是受影响最大的货币之一。根据标准普尔全球市场情报提供的数据，Coinbase的股票本周下跌了多达17.6％，截至美国东部时间下午3点，现在下跌了16％。比特币矿工Mara Holdings（Mara 7.89％）下降了多达22.7％，现在下跌了19.2％，而流行的加密货币Solana（SOL 10.66％）下跌了16.​​8％，现在在本周下降了8.7％。

This week's good news

本周的好消息

After making pro-crypto moves at the Securities and Exchange Commission (SEC), it's been reported that President Donald Trump will officially roll back the Biden-era anti-crypto policies referred to by some as "Operation Chokepoint 2.0," which limited what regulated banks could do in the crypto area.

在向美国证券交易委员会（SEC）进行亲克赖普托的行动之后，据报道，唐纳德·特朗普总统将正式撤消某些人称为“ Copepoint 2.0行动”的拜登时代的反透明政策，这限制了受监管的银行在加密货币地区可以做的事情。

The U.S. Stablecoins Act also passed the Senate Banking Committee with a bipartisan vote.

《美国Stablecoins法》还以两党投票通过了参议院银行委员会。

The only negative was a delay in the approval of exchange-traded funds (ETFs), including a Solana ETF, which could bring more funds into the space.

唯一的负面是延迟批准交易所贸易资金（ETF），包括索拉纳ETF，可以将更多的资金带入该空间。

Macro headwinds hit crypto

宏逆风击中加密货币

While the news seemed good on the crypto policy front, it wasn't good on the macro policy front.

尽管该消息在加密策略方面似乎不错，但在宏观政策方面并不是一件好事。

Trump announced additional tariffs this week and then delayed some tariffs, but the general trend is higher tariffs on imports from around the world, which is being met with tariffs from trading partners. The fear is that tariffs will lead to a recession in the U.S., which may already be taking hold as consumers pull back spending and companies stockpile cash.

特朗普本周宣布了额外的关税，然后推迟了一些关税，但总体趋势是对来自世界各地进口的征收更高的关税，这与贸易伙伴的关税达到了关税。人们担心关税会导致美国的衰退，随着消费者退缩支出和公司储备现金，这可能已经占据了。

Investors don't like uncertainty in the market and there tends to be a "risk off" trade when uncertainty or negative economic news hits. As a highly risky asset, cryptocurrencies have fallen significantly on these macro headwinds.

投资者不喜欢市场上的不确定性，当不确定性或负面经济新闻爆发时，往往会有“风险”贸易。作为一种高度风险的资产，这些宏观逆风大大降低了加密货币。

The best days may be in the past

最好的日子可能是过去

For Coinbase and Mara, a rise in crypto prices and volatility helps their valuations and that activity may have peaked early in 2025. In the last few weeks, Bitcoin has fallen and trading activity has gone down with it.

对于Coinbase和Mara而言，加密价格和波动性的上涨有助于他们的估值，并且该活动可能在2025年初达到顶峰。在过去的几周中，比特币已经下降，贸易活动已经下降。

That could be a double whammy for Mara, which generates value by mining for Bitcoin and also holds Bitcoin on the balance sheet.

对于Mara来说，这可能是双重打击，它通过开采比特币而产生价值，并且在资产负债表上载有比特币。

Coinbase is a slightly different story, generating most of its revenue from crypto trading. So, when volatility drops so does the company's revenue. What investors will want to watch going forward is the company's blockchain revenue, not just what it makes on trading.

Coinbase是一个略有不同的故事，从加密交易中产生了大部分收入。因此，当波动性下降时，公司的收入也是如此。投资者希望继续前进的是公司的区块链收入，而不仅仅是交易的收入。

A new trend in crypto

加密的新趋势

The crypto market may have hit its peak earlier this year and investors have gone from buying based on speculation to selling on news of changes in crypto regulations. The changes being made are bullish for the industry long-term, but the economic story is more important and until that turns around I would expect a rough road for crypto investors.

加密市场可能在今年早些时候达到顶峰，投资者已经从基于猜测的购买转变为卖出加密法规变化的新闻。长期进行的变化对行业来说是看好的，但是经济故事更为重要，直到这扭转，我希望加密投资者一条崎rough的道路。