<p>本周，加密市场波动剧烈，投资者试图理解当前的经济环境和市场的风险承受能力。汽车行业宣布了关税，几周前这可能会对市场造成重创，但总体而言，这一消息的反应较为平淡。不过，加密货币中出现了一些大幅波动的情况。</p>
<p>根据标普全球市场情报提供的数据，<strong>Mara Holdings</strong>(MARA -8.72%) 在周五早盘交易中上涨了最多 8%，本周上涨了 6.9%。<strong>Chainlink</strong>(LINK -9.37%) 上涨了最多 12.9%，而 <strong>Avalanche</strong>(AVAX -10.04%) 在其峰值时上涨了 19.2%。截至我写这篇文章时，这两种加密货币分别上涨了 2% 和 7.9%，与上周五的股市收盘相比。</p>
<h2>好消息</h2>
<p>Mara 宣布已聘请普华永道作为其审计师。这并不一定是最大的新闻，但在 2023 年发现公司财务存在重大缺陷后，这可能会给市场带来更多的平静。</p>
<p>Chainlink 从 3 月初的低点反弹，寄希望于它将在稳定币时代成为一个有价值的区块链。它是一个去中心化的区块链预言机网络，因此在金融交易中，随着稳定币的普及，它可能极具价值。不过，即使稳定币的使用持续上升，是否会对该代币本身产生显著价值仍然不太明确。</p>
<h2>加密货币的交易波动性</h2>
<p>Avalanche 从几个月前的高点下跌超过 50%，本周从这些低点反弹。但这可能不是长期趋势。该代币尚未获得用户或开发者的广泛采用，本周的波动更可能是市场的自然波动。</p>
<p>虽然大幅波动是正常的，但将加密货币的波动放在背景中始终很重要。11 月和 12 月的价值激增是由于选举和对更好监管及改善经济的期望。过去几周的波动发生在监管机构发生变化、执法行动被撤销，以及华盛顿特区似乎对加密货币的监管更加明确之后。</p>
<p>但经济状况并不好，这对加密货币的影响比你想象的要重要得多。</p>
<h2>加密货币的逆风</h2>
<p>长期来看，坏消息是经济似乎比几个月前的状况更糟。</p>
<p>周五发布的消息显示，2 月份的通胀高于预期，核心个人消费支出（PCE）指数上涨了 2.8%，高于预期，1 月份的核心 PCE 也被上调。</p>
<p>加密货币可能被视为一种不受经济和利率影响的资产类别，但实际上它是受影响的。当经济良好，人们有钱花在投机资产上时，加密货币是受益者。但当通胀上升，联邦储备加息时，加密货币通常会下跌。</p>
<p>这就是今天更高的 PCE 数字带来的担忧。如果联邦储备在消费者减少支出时不得不提高利率，这可能意味着对加密货币的投资减少。我认为这些代币本周的反弹可能是短暂的。</p>

MARA

<p>本周，加密市场经历了波动，受到经济因素和投资者情绪的影响。Mara Holdings 在聘请普华永道作为其审计师后，股价暂时上涨了 8%，而 Chainlink 和 Avalanche 也经历了显著的波动。然而，关于通货膨胀上升和美联储可能加息的担忧，可能会抑制未来对加密货币的投资。整体经济前景似乎比之前更糟，暗示这些加密货币近期的涨幅可能是短暂的</p>

<p>The crypto market was volatile this week as investors tried to make sense of the current economic environment and risk tolerance of the market. Tariffs were announced for the auto industry, which a few weeks ago may have crushed the market, but overall the news was met with a bit of a shrug. There were some big movers in crypto, though.</p>
<div class="lb-trans"><p>本周，加密市场波动剧烈，投资者试图理解当前的经济环境和市场的风险承受能力。汽车行业宣布了关税，几周前这可能会对市场造成重创，但总体而言，这一消息的反应较为平淡。不过，加密货币中出现了一些大幅波动的情况。</p>
</div><p>According to data provided by S&amp;P Global Market Intelligence, <strong>Mara Holdings</strong>(MARA -8.72%) jumped as much as 8% and was up 6.9% for the week in early trading on Friday. <strong>Chainlink</strong>(LINK -9.37%) was up as much as 12.9% while <strong>Avalanche</strong>(AVAX -10.04%) rose 19.2% at its peak. The two cryptocurrencies are up 2% and 7.9% respectively, as I write this, compared to last Friday's stock market close.</p>
<div class="lb-trans"><p>根据标普全球市场情报提供的数据，<strong>Mara Holdings</strong>(MARA -8.72%) 在周五早盘交易中上涨了最多 8%，本周上涨了 6.9%。<strong>Chainlink</strong>(LINK -9.37%) 上涨了最多 12.9%，而 <strong>Avalanche</strong>(AVAX -10.04%) 在其峰值时上涨了 19.2%。截至我写这篇文章时，这两种加密货币分别上涨了 2% 和 7.9%，与上周五的股市收盘相比。</p>
</div><h2>The good news</h2>
<div class="lb-trans"><h2>好消息</h2>
</div><p>Mara announced it has hired PwC as its auditor. This isn't necessarily the biggest news, but after a material weakness in the company's financials was found in 2023, this could bring some more calm to the market.</p>
<div class="lb-trans"><p>Mara 宣布已聘请普华永道作为其审计师。这并不一定是最大的新闻，但在 2023 年发现公司财务存在重大缺陷后，这可能会给市场带来更多的平静。</p>
</div><p>Chainlink has recovered from early March lows on hope that it will be a valuable blockchain in the age of stablecoins. It's a decentralized blockchain oracle network, so for financial transactions it could be extremely valuable as stablecoins become more widespread. That said, it's not entirely clear whether significant value would flow to the token itself even if stablecoin usage continues to climb.</p>
<div class="lb-trans"><p>Chainlink 从 3 月初的低点反弹，寄希望于它将在稳定币时代成为一个有价值的区块链。它是一个去中心化的区块链预言机网络，因此在金融交易中，随着稳定币的普及，它可能极具价值。不过，即使稳定币的使用持续上升，是否会对该代币本身产生显著价值仍然不太明确。</p>
</div><h2>The trading volatility of crypto</h2>
<div class="lb-trans"><h2>加密货币的交易波动性</h2>
</div><p>Avalanche has fallen over 50% from its high a few months ago and bounced off those lows this week. But that may not be a long-term trend. The token hasn't gotten widespread adoption by users or developers and this week's move is more likely natural volatility of the market.</p>
<div class="lb-trans"><p>Avalanche 从几个月前的高点下跌超过 50%，本周从这些低点反弹。但这可能不是长期趋势。该代币尚未获得用户或开发者的广泛采用，本周的波动更可能是市场的自然波动。</p>
</div><p>While big moves are normal, it's always important to put crypto moves into context. The surge in values in November and December were driven by the election and hope for both better regulations and an improved economy. The moves over the past few weeks have been after regulators were changed, law enforcement actions were dropped, and there seems to be more crypto clarity in Washington D.C.</p>
<div class="lb-trans"><p>虽然大幅波动是正常的，但将加密货币的波动放在背景中始终很重要。11 月和 12 月的价值激增是由于选举和对更好监管及改善经济的期望。过去几周的波动发生在监管机构发生变化、执法行动被撤销，以及华盛顿特区似乎对加密货币的监管更加明确之后。</p>
</div><p>But the economy isn't in good shape and that's more important to crypto than you might think.</p>
<div class="lb-trans"><p>但经济状况并不好，这对加密货币的影响比你想象的要重要得多。</p>
</div><h2>A headwind for crypto</h2>
<div class="lb-trans"><h2>加密货币的逆风</h2>
</div><p>The bad long-term news is the economy seems to be in a worse position than it was a few months ago.</p>
<div class="lb-trans"><p>长期来看，坏消息是经济似乎比几个月前的状况更糟。</p>
</div><p>The news out on Friday was that inflation was hotter than expected in February with the core PCE (personal consumption expenditures) index up 2.8%, higher than expected, and January's core PCE was revised higher as well.</p>
<div class="lb-trans"><p>周五发布的消息显示，2 月份的通胀高于预期，核心个人消费支出（PCE）指数上涨了 2.8%，高于预期，1 月份的核心 PCE 也被上调。</p>
</div><p>Crypto may be sold as an asset class that isn't affected by the economy and interest rates, but it is. When the economy is good and people have money to spend on speculative assets, crypto is a beneficiary. But when inflation rises and the Fed increases interest rates, crypto typically drops.</p>
<div class="lb-trans"><p>加密货币可能被视为一种不受经济和利率影响的资产类别，但实际上它是受影响的。当经济良好，人们有钱花在投机资产上时，加密货币是受益者。但当通胀上升，联邦储备加息时，加密货币通常会下跌。</p>
</div><p>That's the fear after the higher PCE numbers today. If the Fed has to raise interest rates at the same time consumers are pulling back on spending, it'll likely mean less invested in crypto. I think the bounce for these tokens this week may be short-lived.</p>
<div class="lb-trans"><p>这就是今天更高的 PCE 数字带来的担忧。如果联邦储备在消费者减少支出时不得不提高利率，这可能意味着对加密货币的投资减少。我认为这些代币本周的反弹可能是短暂的。</p>
</div>

Why Chainlink, Avalanche, and Mara Holdings Jumped (and Then Dropped) This Week

- 加密市场本周波动，投资者关注经济环境与风险承受能力。  
- Mara Holdings 和 Chainlink 等加密货币出现大幅波动，Mara 宣布聘请 PwC 作为审计师。  
- 经济形势恶化，2 月核心 PCE 指数高于预期，可能导致加密资产投资减少。  

为什么 Chainlink、Avalanche 和 Mara Holdings 本周先上涨后下跌