<p>本週，加密市場波動劇烈，投資者試圖理解當前的經濟環境和市場的風險承受能力。汽車行業宣佈了關税，幾周前這可能會對市場造成重創，但總體而言，這一消息的反應較為平淡。不過，加密貨幣中出現了一些大幅波動的情況。</p>
<p>根據標普全球市場情報提供的數據，<strong>Mara Holdings</strong>(MARA -8.72%) 在週五早盤交易中上漲了最多 8%，本週上漲了 6.9%。<strong>Chainlink</strong>(LINK -9.37%) 上漲了最多 12.9%，而 <strong>Avalanche</strong>(AVAX -10.04%) 在其峯值時上漲了 19.2%。截至我寫這篇文章時，這兩種加密貨幣分別上漲了 2% 和 7.9%，與上週五的股市收盤相比。</p>
<h2>好消息</h2>
<p>Mara 宣佈已聘請普華永道作為其審計師。這並不一定是最大的新聞，但在 2023 年發現公司財務存在重大缺陷後，這可能會給市場帶來更多的平靜。</p>
<p>Chainlink 從 3 月初的低點反彈，寄希望於它將在穩定幣時代成為一個有價值的區塊鏈。它是一個去中心化的區塊鏈預言機網絡，因此在金融交易中，隨着穩定幣的普及，它可能極具價值。不過，即使穩定幣的使用持續上升，是否會對該代幣本身產生顯著價值仍然不太明確。</p>
<h2>加密貨幣的交易波動性</h2>
<p>Avalanche 從幾個月前的高點下跌超過 50%，本週從這些低點反彈。但這可能不是長期趨勢。該代幣尚未獲得用户或開發者的廣泛採用，本週的波動更可能是市場的自然波動。</p>
<p>雖然大幅波動是正常的，但將加密貨幣的波動放在背景中始終很重要。11 月和 12 月的價值激增是由於選舉和對更好監管及改善經濟的期望。過去幾周的波動發生在監管機構發生變化、執法行動被撤銷，以及華盛頓特區似乎對加密貨幣的監管更加明確之後。</p>
<p>但經濟狀況並不好，這對加密貨幣的影響比你想象的要重要得多。</p>
<h2>加密貨幣的逆風</h2>
<p>長期來看，壞消息是經濟似乎比幾個月前的狀況更糟。</p>
<p>週五發佈的消息顯示，2 月份的通脹高於預期，核心個人消費支出（PCE）指數上漲了 2.8%，高於預期，1 月份的核心 PCE 也被上調。</p>
<p>加密貨幣可能被視為一種不受經濟和利率影響的資產類別，但實際上它是受影響的。當經濟良好，人們有錢花在投機資產上時，加密貨幣是受益者。但當通脹上升，聯邦儲備加息時，加密貨幣通常會下跌。</p>
<p>這就是今天更高的 PCE 數字帶來的擔憂。如果聯邦儲備在消費者減少支出時不得不提高利率，這可能意味着對加密貨幣的投資減少。我認為這些代幣本週的反彈可能是短暫的。</p>

MARA

<p>本週，加密市場經歷了波動，受到經濟因素和投資者情緒的影響。Mara Holdings 在聘請普華永道作為其審計師後，股價暫時上漲了 8%，而 Chainlink 和 Avalanche 也經歷了顯著的波動。然而，關於通貨膨脹上升和美聯儲可能加息的擔憂，可能會抑制未來對加密貨幣的投資。整體經濟前景似乎比之前更糟，暗示這些加密貨幣近期的漲幅可能是短暫的</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>本週，加密市場波動劇烈，投資者試圖理解當前的經濟環境和市場的風險承受能力。汽車行業宣佈了關税，幾周前這可能會對市場造成重創，但總體而言，這一消息的反應較為平淡。不過，加密貨幣中出現了一些大幅波動的情況。</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>根據標普全球市場情報提供的數據，<strong>Mara Holdings</strong>(MARA -8.72%) 在週五早盤交易中上漲了最多 8%，本週上漲了 6.9%。<strong>Chainlink</strong>(LINK -9.37%) 上漲了最多 12.9%，而 <strong>Avalanche</strong>(AVAX -10.04%) 在其峯值時上漲了 19.2%。截至我寫這篇文章時，這兩種加密貨幣分別上漲了 2% 和 7.9%，與上週五的股市收盤相比。</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 宣佈已聘請普華永道作為其審計師。這並不一定是最大的新聞，但在 2023 年發現公司財務存在重大缺陷後，這可能會給市場帶來更多的平靜。</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 從 3 月初的低點反彈，寄希望於它將在穩定幣時代成為一個有價值的區塊鏈。它是一個去中心化的區塊鏈預言機網絡，因此在金融交易中，隨着穩定幣的普及，它可能極具價值。不過，即使穩定幣的使用持續上升，是否會對該代幣本身產生顯著價值仍然不太明確。</p>
</div><h2>The trading volatility of crypto</h2>
<div class="lb-trans"><h2>加密貨幣的交易波動性</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 從幾個月前的高點下跌超過 50%，本週從這些低點反彈。但這可能不是長期趨勢。該代幣尚未獲得用户或開發者的廣泛採用，本週的波動更可能是市場的自然波動。</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>雖然大幅波動是正常的，但將加密貨幣的波動放在背景中始終很重要。11 月和 12 月的價值激增是由於選舉和對更好監管及改善經濟的期望。過去幾周的波動發生在監管機構發生變化、執法行動被撤銷，以及華盛頓特區似乎對加密貨幣的監管更加明確之後。</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>但經濟狀況並不好，這對加密貨幣的影響比你想象的要重要得多。</p>
</div><h2>A headwind for crypto</h2>
<div class="lb-trans"><h2>加密貨幣的逆風</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>長期來看，壞消息是經濟似乎比幾個月前的狀況更糟。</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>週五發佈的消息顯示，2 月份的通脹高於預期，核心個人消費支出（PCE）指數上漲了 2.8%，高於預期，1 月份的核心 PCE 也被上調。</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>加密貨幣可能被視為一種不受經濟和利率影響的資產類別，但實際上它是受影響的。當經濟良好，人們有錢花在投機資產上時，加密貨幣是受益者。但當通脹上升，聯邦儲備加息時，加密貨幣通常會下跌。</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>這就是今天更高的 PCE 數字帶來的擔憂。如果聯邦儲備在消費者減少支出時不得不提高利率，這可能意味着對加密貨幣的投資減少。我認為這些代幣本週的反彈可能是短暫的。</p>
</div>

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

- 加密市場本週波動，投資者關注經濟環境與風險承受能力。  
- Mara Holdings 和 Chainlink 等加密貨幣出現大幅波動，Mara 宣佈聘請 PwC 作為審計師。  
- 經濟形勢惡化，2 月核心 PCE 指數高於預期，可能導致加密資產投資減少。  

為什麼 Chainlink、Avalanche 和 Mara Holdings 本週先上漲後下跌