在银行业困境中，美元流动性激增推动比特币上涨

摩根士丹利将比特币最近的上涨归因于支持银行业的流动性增加和交易量减少导致价格波动放大的预期。该报告强调了币安在比特币每日价格设定方面的主导地位以及 Tether 发行量的增长，其中一半以上集中在 Tron 区块链上。其他稳定币的发行量有所下降，平衡了整体稳定币的供应。

U.S. Dollar Liquidity Bolsters Bitcoin Rally Amidst Banking Crisis Concerns

在银行业危机担忧中，美元流动性推动比特币上涨

The recent spate of bank closures has heightened expectations of increased U.S. dollar liquidity to shore up the banking sector. This anticipation has played a significant role in fueling the current Bitcoin (BTC) rally, according to a comprehensive research report published Sunday by Morgan Stanley. However, the report highlights a confluence of factors driving Bitcoin's upward trajectory.

最近大量银行倒闭，加剧了人们对增加美元流动性以支撑银行业的预期。摩根士丹利周日发布的一份综合研究报告显示，这种预期在推动当前比特币（BTC）上涨方面发挥了重要作用。然而，该报告强调了推动比特币上涨轨迹的多种因素的综合作用。

Bitcoin, the crypto market's heavyweight champion, has surged an impressive 69% year-to-date. Analysts spearheaded by Sheena Shah observe that Bitcoin's trading order book liquidity has dwindled to its lowest point in a year. This scarcity of liquidity implies that modest trading volumes can trigger more pronounced price movements.

加密货币市场的重量级冠军比特币今年迄今已飙升 69%，令人印象深刻。以 Sheena Shah 为首的分析师观察到，比特币的交易订单流动性已降至一年来的最低点。流动性的稀缺意味着适度的交易量可能会引发更明显的价格波动。

Binance, the crypto exchange colossus, now wields immense influence over Bitcoin's daily price. Binance's trading volume has skyrocketed to an astonishing 80%, effectively cementing its role as the market's price setter.

加密货币交易巨头币安现在对比特币的每日价格有着巨大的影响力。币安的交易量飙升至惊人的 80%，有效巩固了其作为市场价格制定者的地位。

The report also delves into the dynamics of stablecoins, cryptocurrencies pegged to stable assets like the U.S. dollar. Tether (USDT), the largest stablecoin, has witnessed a notable 10% issuance increase in the past month and a 16% surge this year. However, this growth has been insufficient to offset the decline in other stablecoins, such as Binance USD (BUSD) and USD Coin (USDC).

该报告还深入研究了稳定币、与美元等稳定资产挂钩的加密货币的动态。最大的稳定币 Tether (USDT) 在过去一个月的发行量显着增加了 10%，今年更是飙升了 16%。然而，这种增长不足以抵消其他稳定币的下跌，例如币安美元（BUSD）和美元硬币（USDC）。

Morgan Stanley underscores that over half of total Tether issuance and a staggering 70% of recent issuance reside on the Tron blockchain. Notably, the U.S. Securities and Exchange Commission (SEC) recently filed a lawsuit against Tron founder Justin Sun and his companies, alleging fraud. The report suggests that Kraken and Binance are the primary recipients of the newly issued USDT.

摩根士丹利强调，超过一半的 Tether 发行总量以及近期发行量的 70% 惊人地位于 Tron 区块链上。值得注意的是，美国证券交易委员会（SEC）最近对波场创始人孙宇晨及其公司提起诉讼，指控其欺诈。报告显示，Kraken 和币安是新发行的 USDT 的主要接收者。

A related report from JPMorgan suggests that the U.S. banking crisis could present opportunities for crypto exchanges. The report notes that the forced closure of banks could shift customer deposits to exchanges with strong liquidity and the ability to provide refuge during financial turmoil.

摩根大通的一份相关报告表明，美国银行业危机可能为加密货币交易所带来机遇。报告指出，银行被迫关闭可能会将客户存款转移到流动性强、有能力在金融动荡期间提供避难的交易所。

In conclusion, the Morgan Stanley report elucidates the multifaceted factors influencing Bitcoin's rally, including increased U.S. dollar liquidity, reduced trading order book liquidity, and the growing dominance of Binance in price setting. The issuance dynamics of stablecoins, particularly Tether, also play a crucial role in understanding the crypto market's current trajectory. As the banking crisis unfolds, the convergence of these factors is likely to continue shaping the crypto landscape.

总之，摩根士丹利的报告阐明了影响比特币上涨的多方面因素，包括美元流动性增加、交易订单流动性减少以及币安在价格制定方面日益占据主导地位。稳定币（尤其是 Tether）的发行动态对于理解加密货币市场当前的轨迹也发挥着至关重要的作用。随着银行业危机的展开，这些因素的融合可能会继续塑造加密货币格局。