外刊阅读 Bitcoin Is Plunging

Posted 2021-06-05 CATTI考试资料与资讯

Bitcoin Is Plunging. What To Know About The Wild Ride In Cryptocurrencies

来源：

https://www.npr.org/2021/05/20/998539706/bitcoin-is-plunging-what-to-know-about-the-wild-ride-in-cryptocurrencies

written by David Gura, May 20, 2021

整理| Teri

It's been a rocky ride for investors in cryptocurrencies lately. Bitcoin, the best known of these virtual assets, is down nearly 40% since hitting a record of just under $65,000 in mid-April.

cryptocurrency /ˈkrɪptoʊkɜːrənsi/ n. 加密货币

virtual assets 虚拟资产

So, what's happening?

There are a handful of reasons why the value of digital currencies is plunging.

There is the sell-off we are seeing on Wall Street over inflation fears that's spilling over. There is also concern that regulators around the world, including in the United States, will crack down on these virtual assets. And then there's Tesla CEO Elon Musk, whose comments continue to move cryptocurrencies such as Bitcoin.

But perhaps the biggest reason is the simplest of them all: These are risky and volatile investments, and that's how they are behaving.

sell-off n. （证券）抛售

spill over 波及，蔓延

crack down on 严加管制，严加治理

Remember, Bitcoin is a young asset. It has only been around for 13 years, and you used to be able to buy it for a few bucks.

Here's a closer look at cryptocurrencies' wild ride:

Weren't we just talking about a boom in Bitcoin?

Yes, until recently, we were. During the pandemic, novice and traditional investors started buying digital currencies in droves.

novice /ˈnɒvɪs/ n. 新手，初学者

in droves 成群地

A case in point: Over a year ago Bitcoin was trading at under $7,000 and then went on to peak at near $65,000 last month.

The same excitement that led amateur traders in Robinhood's app to buy GameStop's shares fueled the frenzy over cryptocurrencies.

fuel /ˈfjuːəl/ v. 增加，加强，刺激

frenzy /ˈfrenzi/ n. 疯狂，狂乱，狂暴

For months, people were stuck at home, with time on their hands. And for a while at least, it seemed like it was a sure thing: Prices kept going up and up.

Ed Moya, senior market analyst at OANDA, called Bitcoin "an easy trade" with "a one-way move."

Over the last year, many large institutional investors also started to add cryptocurrencies to their portfolios, and that gave them some added legitimacy.

According to Liz Ann Sonders, chief investment strategist at Charles Schwab, it was hard not to notice how much money was being funneled into the digital currencies.

"It just feeds on itself," she says.

portfolio /pɔːtˈfəʊliəʊ/ n. （个人或机构的）投资组合，有价证券组合

funnel /ˈfʌnl/ v. 传送（资金、商品、信息等）

feed on （贬义）因…而壮大，从…中得到滋养

So what's happening now?

As it turns out, cryptocurrencies are not insulated from what has been a wider sell-off in markets.

insulate /ˈɪnsjuleɪt/ v. 使免除（不愉快的经历）；使免受（不良影响）；隔离

The stock market has been hit hard since last week as a surge in consumer prices sparked concerns about inflation.

Investors are worried that prices will continue to rise and that the Federal Reserve may raise interest rates sooner than expected.

Federal Reserve美国联邦储备局

But wasn't Bitcoin supposed to be a hedge against inflation?

hedge /hedʒ/ n. 防止损失（尤指金钱）的手段

That was the argument by Bitcoin enthusiasts, though many analysts do not think that's actually the case.

Moya from OANDA notes that cryptocurrencies remain a speculative asset, and when there is a market sell-off, Bitcoin and fellow virtual assets will drop in value, too.

speculative /ˈspekjələtɪv/ adj. （商业活动）投机性的，风险性的

In that sense, Moya argues, it's not like gold, widely seen as the ultimate hedge against inflation.

What about regulations?

That's another factor hitting cryptocurrencies.

Many virtual currency adherents are deeply skeptical of the role governments and central banks play in the financial system. The irony is that as investments in Bitcoin and other assets become more widespread, they will attract more regulatory scrutiny.

adherent /ədˈhɪərənt/ n. （政党、思想的）拥护者，追随者，信徒

scrutiny /ˈskruːtəni/ n. 仔细检查；认真彻底的审查

The Treasury Departmenton Thursday announced that it would require businesses that undertake transfers of at least $10,000 worth of cryptocurrencies to report those to the IRS.

The Treasury Department 美国财政部

Gary Gensler, the new chairman of the Securities and Exchange Commission, has made it clear digital currencies are something his agency will focus on.

Securities and Exchange Commission (美国)证券交易委员会

And this week, China's central bank banned financial institutions from taking part in any transactions made up of cryptocurrencies.

And what about Musk?

Musk has become closely associated with Bitcoin and other virtual currencies.

For example, the billionaire promoted a virtual currency called Dogecoin, which started off as a joke. That sparked a surge in prices, but the currency then crashed after Musk referred to it as a "hustle" when he hosted Saturday Night Live this month.

hustle /ˈhʌsl/ n. 骗局，圈套

But Musk has been most closely associated with Bitcoin.

"He has been the biggest cheerleader for Bitcoin," Moya says. "The market is still sensitive to these influencers."

Musk sparked a rally in Bitcoin after he announced in February that his car company, Tesla, had bought $1.5 billion worth of Bitcoin and that it would accept payments in the virtual asset.

rally /ˈræli/ n. （体育运动或证券交易）止跌回升

But Musk stunned investors by announcing this month that Tesla would stop accepting payments in Bitcoin because of concerns about the impact on the environment.

stun /stʌn/ v. 使震惊（或惊愕、目瞪口呆）

In so doing, he brought attention to something that has dogged digital currencies since their inception — that they require a lot of energy to mine.

dog /dɒɡ/ v. （问题或不幸）（长期）困扰，折磨，纠缠

inception /ɪnˈsepʃn/ n.（机构、组织等的）开端，创始

mine /maɪn/ v. 挖矿

So what about those environmental concerns?

The environmental impact is big.

Uncovering Bitcoin, or mining, involves big computers working to solve very complex math formulas (yes, it's complicated).

uncover /ʌnˈkʌvə/ v. 找出

That requires enormous power, and it's often done in countries such as China that rely on dirtier energy sources like coal.

Researchers at the University of Cambridge in the United Kingdom, for example, estimated that mining for Bitcoin consumes more energy annually than the whole of Argentina.

Several of Bitcoin's competitors see this as a way to differentiate themselves from the digital currency, and they are playing up their more environmentally friendly bona fides.

play up 强调

bona fides 诚意

So finally, what's the big takeaway?

A simple one: that cryptocurrencies such as Bitcoin are incredibly volatile investments.

It can go through head-spinning rallies — that are then followed by equally head-spinning crashes, sometimes in a single day.

head-spinning 天旋地转，晕头转向

crash /kræʃ/ adj. 暴跌，倒闭，破产

Markets experienced this firsthand on Wednesday. In the morning, Bitcoin fell over 30%, only to turn around and surge more than 30% in the afternoon.

That's why most analysts caution amateur investors against cryptocurrencies, though they say the assets can make sense if held as long-term investments or for professional investors.

firsthand /ˌfɜːrstˈhænd/ adv. 直接地

caution /ˈkɔːʃn/ v. 警告，告诫

"It's too volatile for most investors," Moya from OANDA says. "But I think for longer-term investors, depending on when you got in, you still might feel calm, confident in your investment."

背景资料

比特币（Bitcoin，缩写BTC）是一种总量恒定2100万的数字货币，和互联网一样具有去中心化、全球化、匿名性等特性。向地球另一端转账比特币，就像发送电子邮件一样简单，低成本，无任何限制。比特币因此被用于跨境贸易、支付、汇款等领域。

比特币由于广阔的前景和巨大的遐想空间，自2009年诞生后价格持续上涨，2011年币价达到1美元，2013年最高达到1200美元，超过1盎司黄金价格，有“数字黄金”的美称（目前币价约450美元）。

比特币始于2008年神秘人物中本聪（Satoshi Nakamoto）的论文《比特币：一种点对点的电子现金系统（中文版）》。在诞生后的六年里，比特币作为一种前所未有的新型货币，经历了无数的市场考验和技术攻击，始终屹立不倒。现在比特币已成长为一个在全球有着数百万用户，数万商家接受付款，市值最高达百亿美元的货币系统。