What on Earth Does Jackson Hole Have to Do With the Bitcoin Price?
What on Earth Does Jackson Hole Have to Do With the Bitcoin Price?
The reason may stem from Jackson Hole.With $Bitcoin (BTC.CC)$ well-known for its volatility, the past 24 hours have seen the token trading in an unusually tight range.
使用$比特幣 (BTC.CC)$儘管以其波動性而聞名，但在過去24小時內，代幣交易處於異常狹窄的區間。
According to data from CoinMarketCap, the Bitcoin price topped out at US$21,646 and hit lows of US$20,955 over the past full day.
根據CoinMarketCap的數據，位元幣價格在過去一天的最高點為21,646美元，最低點為20,955美元。
Why the muted price action?
為什麼會出現低迷的價格走勢？
The reason may stem from Jackson Hole.
原因可能源於傑克森霍爾。
What does Jackson Hole have to do with Bitcoin?
傑克遜·霍爾和位元幣有什麼關係？
If you're not familiar with Jackson Hole, it's located in the US state of Wyoming, surrounded by the Grand Teton mountains.
如果你不熟悉傑克遜霍爾，它位於美國懷俄明州，被大提頓山脈環繞。
Aside from offering some of the best snow skiing in the world, the small town also hosts central bankers and leading policymakers from across the globe at its annual retreat.
除了提供世界上最好的滑雪專案外，這個小鎮還邀請了來自世界各地的央行行長和主要政策制定者參加其年度度假活動。
So, what does this have to do with the Bitcoin price?
那麼，這和位元幣價格有什麼關係呢？
Cryptos have been moving closely in line with US stocks this year. This week, investors appear to be taking a wait-and-see attitude regarding what Federal Reserve chair Jerome Powell will say on Friday morning US time (Friday night in Australia).
今年以來，密碼公司的走勢一直與美國股市走勢密切一致。本週，投資者似乎對美聯儲主席傑羅姆·鮑威爾將於美國時間週五上午(澳大利亞週五晚間)發表的講話持觀望態度。
With inflation running hot in the world's number one economy, analysts widely expect Powell to reiterate the central bank's determination to keep hiking interest rates until inflation cools.
隨著全球頭號經濟體通脹高漲，分析人士普遍預計鮑威爾將重申央行繼續加息的決心，直到通脹降溫。
Commenting on Powell's upcoming speech at Jackson Hole, Laura Rosner-Warburton, a senior US economist at MacroPolicy Perspectives, said (quoted by Bloomberg):
在評論鮑威爾即將在傑克森霍爾發表的演講時，宏觀政策展望的高級美國經濟學家勞拉·羅斯納-沃伯頓表示(彭博社援引)：
That's everyone's top-of-mind question: How much will Powell micro-manage financial conditions? We have reached a point where the economy is showing signs of slowing. If we don't see more slowing in the data and instead things bounce, then the Fed will have to more actively manage financial conditions.
這是每個人最關心的問題：鮑威爾將在多大程度上微觀管理金融狀況？我們已經到了經濟顯示出放緩跡象的地步。如果我們沒有看到數據進一步放緩，反而出現反彈，那麼美聯儲將不得不更積極地管理金融狀況。
Noelle Acheson, head of market insights at Genesis, added:
Genesis的市場洞察主管諾爾·艾奇森補充道：
As August limps toward a weak close, market attention is turning to this week's Jackson Hole symposium. A key question on traders' minds is whether the Fed chairman will signal a potential reduction in the pace of hikes, double down on his nominal commitment to lowering inflation, or indeed try to convince the market that the Fed can have its proverbial cake and eat it, too.
隨著8月疲軟收盤，市場注意力正轉向本週的傑克森霍爾研討會。交易員們心中的一個關鍵問題是，這位美聯儲主席是否會發出可能放慢加息步伐的信號，是會加倍兌現其降低通脹的名義承諾，還是真的會試圖讓市場相信，美聯儲可以既有其俗套的蛋糕，又能吃掉它。
Should Powell flag a more dovish path ahead for the Fed, risk assets and the Bitcoin price will likely benefit.
如果鮑威爾為美聯儲指明瞭一條更溫和的道路，風險資產和位元幣價格可能會受益。
If the Fed instead leans towards further aggressive tightening, equities and the Bitcoin price will come under fresh pressure.
相反，如果美聯儲傾向於進一步積極收緊貨幣政策，股市和位元幣價格將面臨新的壓力。
