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$比特币 (BTC.CC)$尽管以其波动性而闻名，但在过去24小时内，代币交易处于异常狭窄的区间。
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.
根据CoinMarketCap的数据，比特币价格在过去一天的最高点为21,646美元，最低点为20,955美元。
Why the muted price action?
为什么会出现低迷的价格走势？
The reason may stem from Jackson Hole.
原因可能源于杰克森霍尔。
What does Jackson Hole have to do with Bitcoin?
杰克逊·霍尔和比特币有什么关系？
If you're not familiar with Jackson Hole, it's located in the US state of Wyoming, surrounded by the Grand Teton mountains.
如果你不熟悉杰克逊霍尔，它位于美国怀俄明州，被大提顿山脉环绕。
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项目外，这个小镇还邀请了来自世界各地的央行行长和主要政策制定者参加其年度度假活动。
So, what does this have to do with the Bitcoin price?
那么，这和比特币价格有什么关系呢？
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).
今年以来，密码公司的走势一直与美国股市走势密切一致。本周，投资者似乎对美联储主席杰罗姆·鲍威尔将于美国时间周五上午(澳大利亚周五晚间)发表的讲话持观望态度。
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.
随着全球头号经济体通胀高涨，分析人士普遍预计鲍威尔将重申央行继续加息的决心，直到通胀降温。
Commenting on Powell's upcoming speech at Jackson Hole, Laura Rosner-Warburton, a senior US economist at MacroPolicy Perspectives, said (quoted by Bloomberg):
在评论鲍威尔即将在杰克森霍尔发表的演讲时，宏观政策展望的高级美国经济学家劳拉·罗斯纳-沃伯顿表示(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.
这是每个人最关心的问题：鲍威尔将在多大程度上微观管理金融状况？我们已经到了经济显示出放缓迹象的地步。如果我们没有看到数据进一步放缓，反而出现反弹，那么美联储将不得不更积极地管理金融状况。
Noelle Acheson, head of market insights at Genesis, added:
Genesis的市场洞察主管诺埃尔·艾奇森补充道：
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.
随着8月疲软收盘，市场注意力正转向本周的杰克森霍尔研讨会。交易员们心中的一个关键问题是，这位美联储主席是否会发出可能放慢加息步伐的信号，是会加倍兑现其降低通胀的名义承诺，还是真的会试图让市场相信，美联储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.
如果鲍威尔为美联储指明了一条更温和的道路，风险资产和比特币价格可能会受益。
If the Fed instead leans towards further aggressive tightening, equities and the Bitcoin price will come under fresh pressure.
相反，如果美联储倾向于进一步积极收紧货币政策，股市和比特币价格将面临新的压力。
