Fartcoin (FART) 刚刚触及 10 亿美元，市场连续第二天下跌

尽管大盘连续第二天下跌，但周五早些时候，这个名字带有污点的 AI 代理代币的市值跃升至 11 亿美元以上，成为少数几个上涨的代币之一。

China's 1-year government bond yield fell below 1% for the first time since the Great Financial Crisis on Friday, adding to a year-to-date decline that has also seen the benchmark 10-year yield slip to 1.7%.

周五，中国1年期政府债券收益率自金融危机以来首次跌破1%，加剧了年初至今的跌势，基准10年期政府债券收益率也跌至1.7%。

This bodes well for risk assets like bitcoin (BTC), which slipped overnight amid a broader market downturn fueled by concerns over the Federal Reserve’s recent interest rate outlook. Here are two reasons to be optimistic for crypto.

这对于比特币（BTC）等风险资产来说是个好兆头，由于对美联储近期利率前景的担忧，导致市场整体低迷，比特币隔夜下跌。以下是对加密货币持乐观态度的两个原因。

China economic troubles worsening

中国经济困境恶化

The continued decline in yields suggests that Beijing will have to roll out more aggressive stimulus measures than we saw earlier this year, to keep the world's second largest economy on track.

收益率持续下降表明，北京将不得不推出比今年早些时候更激进的刺激措施，以保持世界第二大经济体的发展。

As Jeroen Blokland, founder and manager of the Blokland Smart Multi-Asset Fund, put it succinctly: “This indicates that China's economic troubles are far from over, and the government will do what aging economies often do: ramp up government spending, allow for larger deficits and higher debt levels, and drive interest rates down toward zero.”

正如 Blokland Smart 多元资产基金创始人兼经理 Jeroen Blokland 所言：“这表明中国的经济困境远未结束，政府将采取老龄化经济体经常做的事情：增加政府支出，更大的赤字和更高的债务水平，并将利率压向零。”

China's factory-gate inflation worsened in December, having already seen the longest stretch of falling prices since the late 1990s, according to a Reuters analysis of central bank data on Friday. This could cap Producer Price Index (PPI) and Consumer Price Index (CPI) readings worldwide, including in the U.S., a major trading partner.

路透社周五对央行数据进行的分析显示，中国的工厂通胀在 12 月份进一步恶化，已经经历了 20 世纪 90 年代末以来持续时间最长的价格下跌。这可能会限制全球生产者价格指数（PPI）和消费者价格指数（CPI）读数，包括主要贸易伙伴美国。

BNP Paribas noted this phenomenon earlier this year, with analysts saying that China has already contributed to lowering core inflation in the eurozone and the U.S. by about 0.1 percentage point and core goods inflation by roughly 0.5 percentage point.

法国巴黎银行今年早些时候注意到了这一现象，分析师表示，中国已经为欧元区和美国的核心通胀率降低了约0.1个百分点，核心商品通胀率降低了约0.5个百分点。

This means that Powell's concerns about stubborn inflation may be unfounded, begging the question: will he really stick to just two rate cuts for 2025, as he implied on Wednesday? Many experts think there might be more.

这意味着鲍威尔对顽固通胀的担忧可能毫无根据，引发了一个问题：他真的会像周三暗示的那样坚持在2025年只降息两次吗？许多专家认为可能还有更多。

“Fed concerns on inflation are misguided. Interest rates are still too high in the U.S., and liquidity is about to increase, driving Bitcoin higher,” Dan Tapiero, CEO and CIO of 10T Holdings, said on Friday via email about China's declining bond yields.

“美联储对通胀的担忧是错误的。美国的利率仍然过高，流动性即将增加，推动比特币走高。”10T Holdings 首席执行官兼首席信息官 Dan Tapiero 周五通过电子邮件谈到中国债券收益率下降时表示。

Markets, for now, aren't looking at this bullish angle. BTC fell below $95,000 and ETH slipped to $3,200, with all 100 of the biggest coins in the red. S&P 500 futures were down 0.5%, indicating a negative open and continuation of the post-Fed risk-off.

目前，市场并未从这种看涨角度看待。 BTC 跌破 95,000 美元，ETH 跌至 3,200 美元，所有 100 个最大的代币都出现亏损。标准普尔 500 指数期货下跌 0.5%，表明开盘不利，美联储后避险情绪仍在继续。

Sentiment may worsen if the core PCE, the Fed's preferred inflation gauge, comes in hotter than expected later today. That might see markets price out another rate cut, leaving just one on the table for 2025. Stay tuned!

如果今天晚些时候美联储首选的通胀指标核心个人消费支出（PCE）的数据高于预期，市场情绪可能会恶化。这可能会导致市场消化再次降息的可能性，而 2025 年只剩下一次降息。敬请期待！