黄金飙升，比特币步履蹒跚：关键要点

随着全球经济不确定性的加剧，最谈论的两个资产（Gold和Bitcoin）朝相反的方向发展。

As global economic uncertainty intensifies, two of the most talked-about assets are moving in opposite directions.

随着全球经济不确定性的加剧，最容易受到关注的资产正在朝相反的方向发展。

Gold has surged to record highs, benefiting from its long-standing reputation as a safe-haven asset, while Bitcoin, often called “digital gold,” has struggled under the weight of market volatility and geopolitical tensions.

黄金迅速升至高高，从其作为避风港资产的长期声誉中受益，而比特币（通常称为“数字黄金”）在市场波动和地缘政治紧张局势的重量下挣扎。

Despite growing institutional adoption, Bitcoin has yet to prove itself as a reliable hedge in times of crisis. Meanwhile, gold's resilience continues to reaffirm its dominance in the flight to safety.

尽管采用了制度的采用，但比特币尚未证明自己是危机时期的可靠树篱。同时，黄金的韧性继续重申其在飞往安全的飞行中的主导地位。

Gold Solidifies Its Status as the Ultimate Hedge

黄金巩固了其作为最终树篱的地位

Gold is proving its resilience once again, hitting a fresh all-time high on Feb. 3 and extending its rally through the week. As of Friday, Feb. 7, gold was trading at $2,866.46, marking six straight weeks of gains.

黄金再次证明了它的韧性，并在2月3日达到了新鲜的历史最高水平，并将其集会延长到一周中。截至2月7日，星期五，黄金的交易价格为2,866.46美元，连续六周获得了六周的收益。

The ongoing trade war has pushed investors towards traditional safe-haven assets, and gold has emerged as the clear winner.

正在进行的贸易战使投资者推向了传统的避风港资产，黄金已成为明显的赢家。

Analysts expect further gains as the U.S. prepares to release its latest labor market data on Feb. 7, which could provide new clues on the Federal Reserve’s timeline for interest rate cuts.

分析师预计，随着美国准备在2月7日发布其最新的劳动力市场数据，这可以为美联储降低利率降低的时间表提供新的线索。

Any signs of economic weakness could bolster gold prices further as investors flock to safety.

随着投资者涌向安全，任何经济疲软的迹象都可以进一步增强黄金价格。

The data is also expected to have a significant impact on the U.S. dollar (USD) and Treasury bond yields, both of which influence gold’s short-term trajectory.

预计数据还会对美元（美元）和国库券产量产生重大影响，这两者都会影响黄金的短期轨迹。

Bitcoin Falters Amid Economic Uncertainty

比特币在经济不确定性的情况下步履蹒跚

While gold soars, Bitcoin is struggling to maintain momentum. The asset remains far from its all-time high of $109,000, with recent volatility exacerbated by economic and political factors.

当黄金飙升时，比特币正在努力保持动力。该资产远离其历史最高额为109,000美元的高度，最近的波动加剧了经济和政治因素。

Hopes that a second Trump presidency would provide a tailwind for Bitcoin have yet to materialize. Instead, the administration's economic policies—including a new round of tariffs—have sparked uncertainty, weighing on the broader market.

希望第二次特朗普总统将为比特币提供逆风，尚未实现。取而代之的是，政府的经济政策（包括新一轮的关税）引发了不确定性，这在更广阔的市场上。

Bitcoin’s troubles deepened following the DeepSeek-led stock market rout, which rippled through the crypto ecosystem due to its Trump-linked connections. Just as the dust began to settle, the escalating trade war added further pressure, leading to renewed market instability.

在以Deepseek领导的股票市场溃败之后，比特币的麻烦加深了，由于其与特朗普的联系，该股票市场突破了加密生态系统。正当尘埃开始弥补时，不断升级的贸易战增加了进一步的压力，导致市场不稳定。

Can Bitcoin Regain Its Hedge Status?

比特币可以重新获得对冲状况吗？

Bitcoin’s ability to act as a crisis hedge has long been debated. While gold has served as a store of value for centuries, Bitcoin remains a relatively new asset with a volatile track record.

长期以来，比特币充当危机对冲的能力一直在辩论。虽然黄金已经成为数百年来的价值存储，但比特币仍然是一个相对较新的资产，并具有动荡的往绩。

During the COVID-19 crisis, Bitcoin thrived when the Federal Reserve slashed interest rates, and the government injected liquidity through stimulus checks. That flood of capital helped propel the cryptocurrency to record highs.

在199号危机期间，当美联储削减利率时，比特币蓬勃发展，政府通过刺激检查注入流动性。大量资本有助于推动加密货币记录高点。

But the current environment is different. With interest rate cuts still uncertain and geopolitical risks on the rise, Bitcoin's response remains unclear.

但是当前的环境是不同的。由于降低利率仍然不确定，而地缘政治风险的上升，比特币的反应尚不清楚。

Still, as more governments and financial institutions add Bitcoin to their treasuries, some market observers believe its role as an inflation hedge will strengthen over time. For now, however, gold remains the undisputed winner in times of economic uncertainty.

尽管如此，随着越来越多的政府和金融机构在国库中增加比特币，一些市场观察家认为，随着时间的流逝，其作为通货膨胀对冲的作用将加强。然而，目前，在经济不确定性时期，黄金仍然是无可争议的赢家。