华夏时报（公众号：chinatimes）记者 赵奕 胡金华 上海报道
Reporter Jo Hu Jinhua, Shanghai.
2月16日，比特币交易价格持续上行，并在17日凌晨突破25000美元关口，24小时涨幅超过10%，刷新自2022年8月以来比特币的最高交易价格。然而，狂欢尚未开始，比特币价格便大幅回落，出现约一周以来最大跌幅，一度跌超4%。截至记者发稿，比特币价格已回落至23670.53美元，24小时内下跌3.74%。
On 16 February, the Bitcoin transaction price continued to rise, breaking the $25,000 threshold in the early hours of 17 February, with a 24-hour increase of more than 10 per cent, refreshing the highest trading price in Bitcoin since August 2022. However, before the party began, the Bitcoin price fell sharply, with its largest fall in about a week, a one-time drop of over 4 per cent. By press release, the Bitcoin price had fallen to $23670.53, a decline of 3.74 per cent in 24 hours.
“距离牛市还远着呢！”比特币资深投资者吴白向《华夏时报（公众号：chinatimes）》记者表示，“不要忘记去年比特币的闪崩，现在大家的神经都比较敏感，可以看到各国监管都在行动，任何风吹草动都有可能再次出现（闪崩）。”
“Away from the cow city!” Wu Bai, a senior investor in Bitcoin, said to the reporter of the Washington Times, “Don't forget the collapse of Bitcoin last year, the nerves of which are now more sensitive, and it can be seen that regulations are operating in all countries, and that there is a risk that any blow will reappear (spill).
开年以来，比特币价格曾出现持续上涨，1月1日至今，比特币价格累计上涨44%。对于年内比特币价格的波动，北京计算机学会数字经济专委会秘书长王娟向《华夏时报（公众号：chinatimes）》记者表示，本轮比特币比较罕见的出现了与美元指数的同向正相关，在加息预期产生分歧时走出上涨，加上Kraken、Paxos近期遇到来自的监管压力，这个上涨的投机性因素较多，可能有来自交易所层面的因素，从操作上需要进一步确认走势的可持续性。
Bitcoin prices have been rising steadily since the beginning of the year, with a cumulative 44% increase in Bitcoin prices since 1 January. With regard to price fluctuations in Bitcoin during the year, Wang Jun, Secretary-General of the Beijing Computer Institute’s Ad Hoc Committee on Digital Economy, has stated to Reporters of the Washington Times (Public: Chinatimes) that the relatively rare appearance of this round of bitcoins is directly related to the United States dollar index, rising when interest increases are divided, coupled with recent regulatory pressures on Kraken and Paxos, a more speculative element of the rise, possibly from the exchange level, and that there is a need for further operational recognition of the sustainability of the trend.
比特币再现过山车行情
bitcoin over the mountain
数据显示，加密货币总市值排名第二的以太坊，也在突破1700美元后停止了上涨走势，截至发稿报1658.15美元，24小时内下降2.06%。其他加密货币均出现不同程度下跌。CoinGecko数据显示，2月17日，除稳定币外，全球市值排名在前10位的加密货币全线下跌，跌幅集中在3%—8%。
The data show that the second-highest place in the total market value of the encrypted currency, Etheria, also stopped its upward trend after breaking $1,700, falling by 2.06 per cent in 24 hours, up from $1658.15. Other encrypted currencies fell to varying degrees. CoinGecko data show that, on 17 February, the global market value of the top 10 countries, with the exception of stable currencies, fell on the full line, with a 3-8 per cent drop.
衍生品交易方面，Coinglass数据显示，截至发稿，过去24小时内，全网加密货币爆仓1.85亿美元，全网爆仓人数达到58899人。
With regard to derivatives transactions, Coinglass data show that, as of the date of issuance, $185 million of the Internet-wide encrypted money warehouse had exploded in the last 24 hours, bringing the total to 58,899.
在此之前，加密货币曾经历一轮持续上涨，致使不少资金回流至加密市场。CryptoCompare数据显示，1月加密资产的资产管理额增长近37%，达260亿美元以上，为自2022年5月以来的最高水平。加密数据提供商Grayscale称，该公司旗下的旨在追踪比特币价格的投资信托，在1月日均交易量达到3890万美元，较去年12月增长23%。
CryptoCompare data show that asset management for encrypted assets grew by almost 37 per cent in January, to over $26 billion, the highest level since May 2022. According to Grayscale, the company’s investment trust to track Bitcoin prices averaged $38.9 million as of January, an increase of 23 per cent over last December.
关于未来行情走势，Arcane Research高级分析师Vetle Lunde指出，加密货币市场对美联储的快速转向过于乐观。涨势放缓、技术阻力强劲以及对鹰派FOMC的预期，都可能带来一个糟糕的2月。
With regard to future developments, Arcane Research Senior Analyst Vetle Lunde notes that the rapid shift in the crypto-currency market to the Fed is overly optimistic. A slowdown, strong technological resistance, and expectations for Eagle FOMC could lead to a bad February.
加密分析师Phyrex也认为，从宏观来看，依然处于加息周期内，场外资金进入不明显，更多的是加密市场多空博弈。“宏观情绪都是为了资金而服务，但不论是从货币政策还是从资金量的走势来看，目前距离‘牛回’还缺一些必要条件。”Phyrex如是说。
The encryption analyst Phyrex also argues that, at the macro level, it is still in the interest-added cycle, with off-the-shelf capital entering less visible, and more so in the cryptomarket multi-air games. “Macro-emotions are for money, but in monetary policy and in the direction of the volume of money, there are some conditions that are currently missing from ‘cow return’.” Phyrex, for example.
在监管方面，2月初，美国针对加密货币的监管动作不断，海外监管机构接连提示交易风险，叠加未来美联储采取措施抑制通胀的担忧日益加剧，比特币的价格走势并不乐观。
On the regulatory front, early in February, the price of Bitcoin was not promising when the United States continued its regulatory campaign against encrypted currencies, when overseas regulators repeatedly raised trading risks, adding to the growing concerns about future Fed measures to curb inflation.
2月15日，美国证券交易委员会提出一项修正案，要求将对冲基金、养老基金等投资顾问的资产托管范围，从基金和证券扩大到加密货币等一切客户的资产。这一规则提高了对加密货币托管的要求，避免因资金缺乏监管引发的挪用、滥用问题。修正案还要求投资顾问达成一些书面协议，比如托管人必须接受注册会计师的年度评估，并提供财务报表。
On 15 February, the Securities and Exchange Commission of the United States introduced an amendment to extend the scope of custody of the assets of investment advisers such as hedge funds, pension funds, and securities to the assets of all clients, from funds and securities to encrypted currencies. This rule raised the requirement for encrypted currency trusts to avoid misappropriation and misuse of funds due to a lack of regulation. The amendment also required investment advisers to enter into written agreements, such as that trustees must be subject to an annual assessment by certified accountants and provide financial statements.
近些年，比特币等加密货币资产失窃或者被黑客攻击屡见不鲜，Coinbase等交易平台便开始提供托管服务。上述该修正案的出台便将加密货币平台也纳入了监管范畴。也就是说，包括Coinbase等加密货币交易所在内的托管人必须持续先在美国联邦政府或州政府进行特定的注册，然后才能提供资产托管服务。
In recent years, transactions such as Coinbase have begun to provide hosting services when encrypted currency assets such as Bitcoin have been stolen or hacked. The introduction of the above-mentioned amendment has led to the inclusion of encrypted money platforms in the regulatory context.
美国监管对加密质押“下手”
在政策收紧的同时，美国监管部门也正在对加密资产交易所的业务进行整顿。
In parallel with the tightening of policy, United States regulators are also overhauling the operations of the Encrypted Assets Exchange.
2月10日，加密货币交易所Kraken宣布，与SEC达成和解，同意停止提供被SEC指控为违法的链上质押服务，并缴纳3000万美元的追缴、预判利息和民事罚款。但Kraken称，质押的以太坊除外，在以太坊网络上海升级生效之前不会取消质押。同时，非美国客户不受影响。
On 10 February, Kraken, an encrypted currency exchange, announced a settlement with the SEC, agreeing to cease the provision of a chain pledge service that had been charged by the SEC as illegal, and to pay $30 million in recovery, interest and civil fines. Kraken claimed, however, that the pledge, with the exception of the Etherm, would not be cancelled before the upgrading of the etherm network took place in Shanghai. At the same time, non-United States customers would not be affected.
公开资料显示，Kraken总部位于旧金山，目前按交易量排名全球第三大现货加密货币交易所，支持超过185种加密货币。
According to public sources, Kraken, based in San Francisco, is currently ranked as the world's third largest real-time encrypted currency exchange in terms of volume of transactions, supporting more than 185 encrypted currencies.
SEC表示，Kraken不仅为投资者提供了不受任何经济现实约束的超额回报，而且保留了不向他们支付任何回报的权利。一直以来，投资者完全不了解Kraken的财务状况，也不了解它是否有能力支付市场回报等重要的问题。
SEC states that Kraken not only provides investors with excess returns that are not bound by any economic reality, but also reserves the right not to pay them any return. Investors have been completely unaware of Kraken’s financial situation and of important questions such as its ability to pay market returns.
值得注意的是，在和解公告中，Kraken既没有承认也没有否认SEC的指控。SEC方面表示，Kraken拿着投资者的加密货币，并将其放入一个赌注池，希望能获得奖励。作为对锁定客户的加密货币的回报，Kraken的客户在理论上将获得该加密货币的利息。但事实上，Kraken承诺的回报“与任何经济现实无关”。
It is worth noting that, in a settlement announcement, Kraken neither acknowledged nor denied the SEC charges. For its part, the SEC stated that Kraken held the investors’ encoded currency and placed it in a pool of bets in the hope of receiving a reward.
针对该事件，王娟表示，这个判罚表明美国监管机构对加密货币的金融证券属性不予支持，按照美国监管的惯例，该判罚的确可能对所有的交易所都产生同类适用性。
In response to the incident, Wang Jun stated that the sentence showed that the United States regulators did not support the financial securities attributes of encrypted currency and that, in accordance with United States regulatory practice, the penalty could indeed have the same applicability for all exchanges.
消息公布当天，同样从事质押业务的Coinbase股价重挫14%，创半年来最大日跌幅。Coinbase首席执行长Brian表示，有传言称美国证券交易委员会希望“消除美国的加密货币质押”，但消除质押对美国来说是“一条可怕的道路”。
On the same day the news came out, Coinbase, who was also engaged in pledge business, suffered a 14 per cent fall in stock prices, the largest fall in six months. Coinbase’s Chief Executive, Brian, said that there were rumours that the US Securities Exchange Commission had “removed the US encrypt currency pledge” but that the elimination of pledge was “a terrible path” for the United States.
此前，美国监管机构也曾因质押服务对Coinbase发难。2022年8月，Coinbase曾披露，证券监管机构正在就Coinbase的质押服务专门对其进行调查。根据Coinbase的报告，2022年第三季度与质押相关的“区块链奖励”收入接近6300万美元。
In August 2022, Coinbase revealed that securities regulators were investigating Coinbase’s pledge service specifically. According to Coinbase’s report, the “block chain incentive” revenue associated with the pledge was close to $63 million in the third quarter of 2022.
SEC主席Gary Gensler表示，大多数质押提供商未能向客户提供适当的披露，例如公司如何保护用户的质押资产。Gensler认为，这些供应商应该在美国证券交易委员会注册他们的质押服务。
The Chairman of SEC, Gary Gensler, stated that most pledge providers had failed to provide proper disclosure to customers, such as how the company protected the user’s pledge assets. Gensler argued that these suppliers should register their pledge services with the United States Securities and Exchange Commission.
记者了解到，加密资产质押，是加密资产持有人用加密货币参与验证交易和验证区块链网络的操作。作为回报，参与质押的加密货币持有人将得到更多的代币，通常情况下代币和质押的加密货币种类相同。当下，有许多加密货币利益相关者将他们的代币借给运行节点的服务提供商，并分享回报。
Journalists understand that the encrypt asset pledge is that the encrypt asset holder participates in the operation of the network of authentication transactions and certification blocks in encrypted currency. In return, the encrypt currency holder who participates in the pledge will receive more tokens, usually the same type of encrypted currency as the pledge.
值得注意的是，当投资者向质押提供商提供代币时，他们会失去对这些代币的控制权，并承担与这些平台相同的风险，在这过程中投资者几乎没有受到任何保护。
It is worth noting that when investors provide tokens to pledge providers, they lose control of those coins and assume the same risks as those platforms, and in the process investors receive little protection.
王娟认为，加密货币质押在FTX事件中已经出现了影响整个行业的剧烈振动，引发了国家层面、而非行业赛道的连锁反应。控制价格波动巨大的加密货币风险及其衍生产品市场风险，是监管机构应该着力推动的，此时阻止机构滥发稳定币、限制质押，是风险控制的有效手段，会对整个行业膨胀起到收敛约束作用。
According to Wang Jun, the encrypt currency pledge has already been highly vibrating throughout the industry in the case of FTX, triggering a chain reaction at the national level, rather than at the industry track. Controlling the risk of large price volatility in encrypted currency and its derivatives market is one that regulators should focus on, and preventing agencies from imposing excessive currency stability and limiting the pledge is an effective means of controlling risk, and can act as a disincentive to the expansion of the industry as a whole.
责任编辑：徐芸茜 主编：公培佳
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