Crypto Market Capsizes: Bitcoin Slump Triggers Altcoin Bloodbath

Bitcoin's dramatic fall on Tuesday morning,跌至67,000美元，引发了加密货币行业的大规模抛售。受此影响，以太坊经典(ETC)、艾克萨(AXL)、比特洪流(BTT)和Jasmy等山寨币均大幅下跌，跌幅均超过12%。山寨币往往与比特币走势一致。

Cryptocurrency Market Capsizes in Red Tide, Altcoins Plunge as Bitcoin Falters

A crimson surge washed over the cryptocurrency industry on Tuesday morning, as the once-resurgent Bitcoin stumbled precipitously from its recent highs. After briefly soaring above $70,000 last week, the digital titan plummeted to $67,000, triggering a widespread sell-off that sent altcoins tumbling in its wake.

Among the most severely affected altcoins were Conflux (CFX), Axelar (AXL), BitTorrent (BTT), and Jasmy, each experiencing double-digit losses exceeding 12% in the past 24 hours. The sharp decline in Bitcoin's value has historically influenced altcoin movements, as they often mirror the price fluctuations of their larger counterpart.

Conflux, a decentralized blockchain network, saw its price dive despite the Chinese government's recent launch of the Ultra Large Scale Blockchain Infrastructure Platform for the Belt Road Initiative. This initiative aims to provide public blockchain infrastructure for cross-border cooperation among projects, leveraging China's massive investment in the BRI.

Axelar Network, a blockchain infrastructure provider offering payment solutions for the Web3, has also witnessed a two-day crash, with its token value plunging by over 33% from its 2023 high. BitTorrent (BTT), known for its file-sharing protocol, has similarly lost over 33% of its value since the year's inception.

JasmyCoin, often hailed as Japan's Bitcoin, has also succumbed to the downward spiral, suffering a significant decline. The primary catalyst behind this altcoin sell-off lies in Bitcoin's downward trajectory, with market participants expressing apprehension about investing in the cryptocurrency at prices above $71,000.

Another factor contributing to the market's downturn is the growing belief that the Federal Reserve may adopt a less dovish monetary policy than previously anticipated. On Monday, the Institute of Supply Management (ISM) reported that the country's manufacturing PMI exceeded 50 for the first time in two years.

This data suggests that the economy is performing well, while inflation remains stubbornly high. The headline Consumer Price Index (CPI) rose to 3.1% in February, while the core CPI jumped to 3.8%, both significantly above the Federal Reserve's target of 2.0%.

In light of these economic indicators, analysts are now predicting that the Fed may implement only two rate cuts later this year, lower than the previous estimate of three cuts. The prospect of a less accommodative monetary policy traditionally dampens investor sentiment in riskier assets such as cryptocurrencies and stocks.

Consequently, the broader stock market also suffered on Monday, with key US indices like the Nasdaq 100 and S&P 500 experiencing notable declines. This correlation between the cryptocurrency and stock markets highlights the growing maturity of crypto assets and their increasing integration into the mainstream financial system.

As the market continues to grapple with the implications of the Fed's potential policy shift, investors are closely monitoring Bitcoin's movements, anticipating that its future trajectory will shape the fate of altcoins in the coming days and weeks.