<p>本周重要经济数据发布后，几家加密货币股票上涨，同时市场在挣扎着收回上周困难时期的损失，当时 <strong>标普 500 指数</strong> 遭遇自 2023 年 3 月以来最严重的周度跌幅。</p>
<p>比特币矿工公司 <strong>Riot Platforms</strong>(RIOT -0.14%) 和 <strong>MARA Holdings</strong>(MARA 0.51%) 的股价本周分别上涨约 10% 和 17%，截至周四上午 11:30。与此同时，比特币持有者兼商业情报公司 <strong>MicroStrategy</strong>(MSTR 0.83%) 的股价本周上涨约 15%。</p>
<h2>发生了什么</h2>
<p>比特币的价格与所有这些股票都有关联，似乎摆脱了全球最大加密货币的不利经济和政治新闻。</p>
<p>消费者价格指数在周三符合预期，本周美元走强，这两个事件通常不会引起比特币和其他加密货币股票的积极反应。此外，副总统卡玛拉·哈里斯和前总统唐纳德·特朗普本周举行了备受期待的辩论。辩论结束后，赌注支持哈里斯在 11 月获胜的概率上升。</p>
<p>普遍认为，哈里斯的总统任期对比特币的影响会比特朗普的总统任期更糟，因为她的政府将对加密货币采取更严格的监管制度。然而，渣打银行的分析师本周发布研究报告，表示无论谁赢得选举，比特币都能表现良好。</p>
<p>&#34;哈里斯获胜可能会引发初始价格下跌，&#34; 渣打银行全球数字资产研究负责人杰夫·肯德里克在一份研究报告中写道。&#34;但我们预计市场会意识到监管方面的进展仍将出现，并且其他积极因素也会发挥作用，因此预计价格回落会受到购买支撑。&#34;</p>
<p>无论谁当选总统，肯德里克及其团队都预见比特币将创下新高 -- 如果特朗普当选，比特币应在年底前达到 125,000 美元，如果哈里斯获胜，则为 75,000 美元。</p>
<p>在其他更具公司特色的新闻中，巴克莱分析师最近开始对 MicroStrategy 进行覆盖，并给予超配评级。巴克莱分析师拉姆齐·埃尔 - 阿萨尔表示，他喜欢 MicroStrategy 投资者既能获得比特币暴露，又能进行谨慎的资本部署。此外，埃尔 - 阿萨尔还看好 MicroStrategy 的软件业务，他认为随着时间推移，该业务可以实现更高的利润率。</p>
<p>&#34;实质上，MSTR 感觉像是一个比特币指数基金，同时也能够产生自己的投资资本，因此投资者不仅能获得基础比特币资产价格的暴露，还能从未来的自筹资金积累中受益，&#34; 埃尔 - 阿萨尔在一份研究报告中写道。</p>
<h2>接下来怎么办</h2>
<p>与整体市场一样，本周加密货币行业似乎正在反弹。毕竟，当前经济似乎仍然稳固，而美联储仍然被普遍认为将在下周开始降息，而未来曲线预测在 2025 年底前将有约 250 个基点的降息。</p>
<p>较低的利率往往会导致美元走弱，这种环境下比特币往往表现良好，因为人们将这种代币视为主流货币的替代品。在这种情况下，我预计比特币会长期上涨，这对 MicroStrategy、Riot 和 MARA Holdings 应该是个好兆头。尽管这些股票与比特币的交易方式相关，但它们的波动性和风险性要高得多，这就是为什么我更喜欢持有比特币而不是其他大多数与加密货币相关的股票。</p>

RIOT

MARA

MSTR

<p>本周，包括 Riot Platforms、MARA Holdings 和 MicroStrategy 在内的加密股票上涨，这得益于积极的经济数据和总统辩论。Riot 和 MARA 的股价分别上涨约 10% 和 17%，而 MicroStrategy 上涨约 15%。分析师表示，无论选举结果如何，比特币可能在年底达到 4 万美元。巴克莱对 MicroStrategy 发起覆盖，给予超配评级，强调其对比特币的双重曝光以及软件业务更高利润率的潜力。整个加密货币市场正在反弹，受到降息预期的支撑</p>

<p>Shares of several crypto stocks rose this week after the release of important economic data, a presidential debate, and as the market clawed back losses from a difficult last week when the <strong>S&amp;P 500</strong> suffered its worst week of losses since March 2023.</p>
<div class="lb-trans"><p>本周重要经济数据发布后，几家加密货币股票上涨，同时市场在挣扎着收回上周困难时期的损失，当时 <strong>标普 500 指数</strong> 遭遇自 2023 年 3 月以来最严重的周度跌幅。</p>
</div><p>Shares of <strong>Bitcoin</strong> miners <strong>Riot Platforms</strong>(RIOT -0.14%) and <strong>MARA Holdings</strong>(MARA 0.51%) traded roughly 10% and 17% this week, respectively, as of 11:30 a.m. ET Thursday. Meanwhile, shares of the Bitcoin holder and business intelligence company <strong>MicroStrategy</strong>(MSTR 0.83%) traded roughly 15% higher this week.</p>
<div class="lb-trans"><p>比特币矿工公司 <strong>Riot Platforms</strong>(RIOT -0.14%) 和 <strong>MARA Holdings</strong>(MARA 0.51%) 的股价本周分别上涨约 10% 和 17%，截至周四上午 11:30。与此同时，比特币持有者兼商业情报公司 <strong>MicroStrategy</strong>(MSTR 0.83%) 的股价本周上涨约 15%。</p>
</div><h2>What happened</h2>
<div class="lb-trans"><h2>发生了什么</h2>
</div><p>The price of Bitcoin, which all of these stocks have a correlation with, seemingly shook off bad economic and political news for the world's largest cryptocurrency.</p>
<div class="lb-trans"><p>比特币的价格与所有这些股票都有关联，似乎摆脱了全球最大加密货币的不利经济和政治新闻。</p>
</div><p>The Consumer Price Index came in line with expectations on Wednesday and the dollar rose this week, both events that Bitcoin and other crypto stocks do not always respond positively to. Additionally, Vice President Kamala Harris and former President Donald Trump had their widely anticipated debate this week. Following the debate, betting odds favoring a Harris victory in November rose.</p>
<div class="lb-trans"><p>消费者价格指数在周三符合预期，本周美元走强，这两个事件通常不会引起比特币和其他加密货币股票的积极反应。此外，副总统卡玛拉·哈里斯和前总统唐纳德·特朗普本周举行了备受期待的辩论。辩论结束后，赌注支持哈里斯在 11 月获胜的概率上升。</p>
</div><p>The common belief is that a Harris presidency would be worse for Bitcoin than a Trump presidency because her administration would bring a harsher regulatory regime toward crypto. However, analysts at <strong>Standard Chartered</strong> put out a research note this week suggesting that Bitcoin can fare well regardless of who wins the election.</p>
<div class="lb-trans"><p>普遍认为，哈里斯的总统任期对比特币的影响会比特朗普的总统任期更糟，因为她的政府将对加密货币采取更严格的监管制度。然而，渣打银行的分析师本周发布研究报告，表示无论谁赢得选举，比特币都能表现良好。</p>
</div><p>&#34;A Harris victory would likely trigger an initial price decline,&#34; Geoff Kendrick, Standard Chartered's global head of digital assets research, wrote in a research note. &#34;But we would expect dips to be bought as the market recognizes that progress on the regulatory front will still be forthcoming, and as other positive drivers take hold.&#34;</p>
<div class="lb-trans"><p>&#34;哈里斯获胜可能会引发初始价格下跌，&#34; 渣打银行全球数字资产研究负责人杰夫·肯德里克在一份研究报告中写道。&#34;但我们预计市场会意识到监管方面的进展仍将出现，并且其他积极因素也会发挥作用，因此预计价格回落会受到购买支撑。&#34;</p>
</div><p>Either way, Kendrick and his team foresee new highs for Bitcoin regardless of who is elected president -- Bitcoin should hit $125,000 by the end of the year if Trump is elected and $75,000 if Harris wins.</p>
<div class="lb-trans"><p>无论谁当选总统，肯德里克及其团队都预见比特币将创下新高 -- 如果特朗普当选，比特币应在年底前达到 125,000 美元，如果哈里斯获胜，则为 75,000 美元。</p>
</div><p>In other more company-specific news, analysts at <strong>Barclays</strong> recently initiated coverage of MicroStrategy with an overweight rating. Barclays analyst Ramsey El-Assal said he likes the fact that MicroStrategy investors can gain exposure to Bitcoin as well as prudent capital deployment. Furthermore, El-Assal also sees potential with MicroStrategy's software business, which he believes can achieve higher margins over time.</p>
<div class="lb-trans"><p>在其他更具公司特色的新闻中，巴克莱分析师最近开始对 MicroStrategy 进行覆盖，并给予超配评级。巴克莱分析师拉姆齐·埃尔 - 阿萨尔表示，他喜欢 MicroStrategy 投资者既能获得比特币暴露，又能进行谨慎的资本部署。此外，埃尔 - 阿萨尔还看好 MicroStrategy 的软件业务，他认为随着时间推移，该业务可以实现更高的利润率。</p>
</div><p>&#34;In essence, MSTR feels like a BTC index fund that is also capable of generating its own investment capital, such that investors not only gain exposure to the underlying BTC asset price, but also benefit from future self-funded accumulation,&#34; El-Assal wrote in a research note.</p>
<div class="lb-trans"><p>&#34;实质上，MSTR 感觉像是一个比特币指数基金，同时也能够产生自己的投资资本，因此投资者不仅能获得基础比特币资产价格的暴露，还能从未来的自筹资金积累中受益，&#34; 埃尔 - 阿萨尔在一份研究报告中写道。</p>
</div><h2>Now what</h2>
<div class="lb-trans"><h2>接下来怎么办</h2>
</div><p>Much of the crypto industry seems to be rebounding this week along with the broader market. After all, the economy appears to still be on solid footing right now and the Federal Reserve is still widely expected to begin cutting interest rates next week, while the forward curve is predicting about 250 basis points of interest rate cuts between now and the end of 2025.</p>
<div class="lb-trans"><p>与整体市场一样，本周加密货币行业似乎正在反弹。毕竟，当前经济似乎仍然稳固，而美联储仍然被普遍认为将在下周开始降息，而未来曲线预测在 2025 年底前将有约 250 个基点的降息。</p>
</div><p>Lower interest rates tend to result in a weak U.S. dollar, an environment Bitcoin tends to perform well in because people view the token as an alternative to mainstream currencies. Given this scenario, I would expect Bitcoin to rise long-term, which should bode well for MicroStrategy, Riot, and MARA Holdings. That said, while these stocks trade in a correlated fashion to Bitcoin they are much more volatile and risky, which is why I prefer to hold Bitcoin over most other crypto-related stocks.</p>
<div class="lb-trans"><p>较低的利率往往会导致美元走弱，这种环境下比特币往往表现良好，因为人们将这种代币视为主流货币的替代品。在这种情况下，我预计比特币会长期上涨，这对 MicroStrategy、Riot 和 MARA Holdings 应该是个好兆头。尽管这些股票与比特币的交易方式相关，但它们的波动性和风险性要高得多，这就是为什么我更喜欢持有比特币而不是其他大多数与加密货币相关的股票。</p>
</div>

为什么 Riot Platforms、MARA Holdings 和 MicroStrategy 本周股价上涨