美联储最新决定将政策利率降低至 4.25-4.5% 范围，给金融市场带来了冲击，其中对加密货币行业产生了重大影响。

美联储的点阵图描绘了政策制定者的未来利率预期，显示明年降息的预测从四次下调至两次。

The Federal Reserve's latest decision to lower its policy rate to the 4.25-4.5% range has sent shockwaves through financial markets, including a significant impact on the crypto sector.

美联储最新决定将政策利率降低至 4.25-4.5% 范围，给金融市场带来了冲击，其中对加密货币行业产生了重大影响。

Bitcoin, which has often been touted as a hedge against inflation, fell sharply in the wake of the Fed’s announcement, dropping below $100,000 for the first time in weeks. The cryptocurrency sank by over 5%, though it has since pared some losses to sit 3.21% lower in the last 24 hours, marking an 8% decline from recent highs. Altcoins fared even worse, with Ethereum and Solana losing over 4%, and Dogecoin down 7%. From their respective highs, BTC, ETH, SOL, XRP, DOGE and HYPE are down -8%, -11%, -23%, -13%, -23% and -17%.

经常被吹捧为对冲通胀的比特币在美联储宣布这一消息后大幅下跌，几周来首次跌破 10 万美元。该加密货币下跌超过 5%，但在过去 24 小时内收复了部分跌幅，跌幅为 3.21%，较近期高点下跌 8%。山寨币的表现更糟，以太坊和 Solana 下跌超过 4%，狗狗币下跌 7%。 BTC、ETH、SOL、XRP、DOGE 和 HYPE 较各自高点下跌了 -8%、-11%、-23%、-13%、-23% 和 -17%。

Overall, the global crypto market cap fell to as low as $3.42 trillion, a 7.18% decline in 24 hours, per Coinmarketcap data, but it now stands at $3.51 trillion, a 3.89% decline in 24 hours.

总体而言，根据 Coinmarketcap 数据，全球加密货币市值跌至 3.42 万亿美元，24 小时内下跌 7.18%，但目前为 3.51 万亿美元，24 小时内下跌 3.89%。

In total, over $709 million in liquidations occurred within the last 24 hours, with $612 million of those being long positions. The sharp sell-off underscores the fragile sentiment in the crypto market, which has been grappling with macroeconomic uncertainty and regulatory pressures.

过去 24 小时内总共发生了超过 7.09 亿美元的清算，其中 6.12 亿美元为多头头寸。急剧的抛售凸显了加密市场的脆弱情绪，该市场一直在应对宏观经济的不确定性和监管压力。

The Fed's dot plot, which maps policymakers’ future rate expectations, revealed a reduced forecast for rate cuts next year, down from four to just two. Powell emphasized that further rate adjustments will depend on measurable progress in curbing inflation, which is expected to remain above the 2% target through 2025, Reuters reported.

美联储的点阵图描绘了政策制定者的未来利率预期，显示明年降息的预测从四次下调至两次。据路透社报道，鲍威尔强调，进一步的利率调整将取决于抑制通胀的可衡量进展，预计到 2025 年通胀率将保持在 2% 的目标之上。

The Fed began its easing cycle with a 50 basis points (bps) cut in September, and followed up with a 25 bps cut last month. The Fed chair noted that inflation had improved from its 2022 peak but warned that core inflation, particularly shelter costs, remains sticky.

美联储于 9 月份降息 50 个基点 (bps)，开始了宽松周期，并于上个月降息 25 个基点。美联储主席指出，通胀已较 2022 年的峰值有所改善，但警告说，核心通胀，尤其是住房成本，仍然具有粘性。

"The extent and timing of additional adjustments to the target range will depend on incoming data, the evolving outlook, and the balance of risks," Powell stated, signaling a cautious path forward.

鲍威尔表示：“对目标范围进行额外调整的程度和时间将取决于传入的数据、不断变化的前景以及风险的平衡。”他表示，未来的道路将保持谨慎。

Moreover, Powell dismissed any immediate changes to laws prohibiting the Federal Reserve from holding Bitcoin, reinforcing the central bank’s focus on traditional monetary policy tools.

此外，鲍威尔拒绝立即修改禁止美联储持有比特币的法律，这强化了央行对传统货币政策工具的关注。

The incoming Trump administration adds a layer of unpredictability to the economic landscape, with promises of tax cuts, higher tariffs, and tighter immigration policies potentially fueling inflationary pressures. While the Fed has begun incorporating preliminary assumptions about these policies into its projections, Powell cautioned that their full impact remains highly uncertain.

即将上任的特朗普政府给经济格局增添了一层不可预测性，减税、提高关税和收紧移民政策的承诺可能会加剧通胀压力。尽管美联储已开始将这些政策的初步假设纳入其预测中，但鲍威尔警告说，它们的全面影响仍然高度不确定。

For the crypto market, the message is clear: tighter monetary policy for longer poses a significant headwind for digital assets, particularly speculative altcoins.

对于加密货币市场来说，信息很明确：长期收紧的货币政策对数字资产（尤其是投机性山寨币）构成了重大阻力。

With inflation still above target and rate cuts now expected to proceed more slowly, the crypto market faces heightened volatility in the near term. Inflation data on Friday and the Fed’s January meeting will provide further clues on monetary policy direction.

由于通胀仍高于目标，且降息预计将更加缓慢，加密货币市场短期内面临更大的波动性。周五的通胀数据和美联储1月会议将为货币政策方向提供进一步线索。