隨著市場動態的轉變和比特幣減半接近，山寨幣持續下跌

Ethena (ENA)、Celestia (TIA) 和 Cosmos (ATOM) 等山寨幣週二價格大幅下跌，延續了近幾週兩位數下跌的趨勢。促成因素包括加密恐懼和貪婪指數的消退，顯示從極度貪婪轉向更中立的立場。

Altcoin Plunge Continues Amidst Shifting Market Landscape and Halving Countdown

在市場格局變化和減半倒數中，山寨幣繼續暴跌

The crypto market has witnessed a sustained downturn in recent weeks, with altcoins experiencing significant price declines. Ethena (ENA), Celestia (TIA), and Cosmos (ATOM) have all retraced double-digit percentages, dragging their values down to $1, $10.2, and $8.05, respectively, as of Tuesday morning.

最近幾週，加密貨幣市場持續低迷，山寨幣價格大幅下跌。截至週二上午，Ethena (ENA)、Celestia (TIA) 和 Cosmos (ATOM) 均出現兩位數百分比回撤，將其股價分別拉低至 1 美元、10.2 美元和 8.05 美元。

Fear and Greed Index Signals Waning Optimism

恐懼和貪婪指數顯示樂觀情緒減弱

A deeper examination reveals a correlation between the market's current bearish sentiment and the Crypto Fear and Greed Index, which has descended from an extreme greed zone of 88 a few weeks ago to a more subdued reading of 60, indicating greed. Analysts anticipate a further transition to the neutral phase in the upcoming weeks.

更深入的研究揭示了市場目前的看跌情緒與加密貨幣恐懼和貪婪指數之間的相關性，該指數已從幾週前的極端貪婪區域 88 降至較為溫和的 60，表明貪婪。分析師預計未來幾週將進一步過渡到中性階段。

Factors Driving the Downturn

推動經濟衰退的因素

Multiple factors have been identified as contributors to the altcoin crash. Firstly, the Federal Reserve's cautious stance on interest rates has cast doubts on the likelihood of an early rate cut. The robust performance of the US economy and persistently elevated inflation levels have prompted the Fed to maintain its current policy.

多種因素已被確定為導致山寨幣崩盤的因素。首先，聯準會對利率的謹慎立場讓人對提前降息的可能性產生懷疑。美國經濟的強勁表現和持續走高的通膨水準促使聯準會維持當前政策。

Data released recently confirmed an uptick in American inflation, reaching 3.5% in March, while retail sales continued to surge. Unemployment has also retreated to 3.8%. Consequently, the options market suggests that the Fed is unlikely to implement as many rate cuts as initially anticipated.

最近公佈的數據證實美國通膨率上升，3 月達到 3.5%，而零售銷售持續飆升。失業率也回落至 3.8%。因此，選擇權市場表明聯準會不太可能像最初預期的那樣實施那麼多降息。

Moreover, there are indications that other central banks may opt for earlier rate cuts than the Fed. The Swiss National Bank (SNB) has already lowered rates, and major banks such as the European Central Bank (ECB) and the Bank of England (BoE) are expected to follow suit in June.

此外，有跡象顯示其他央行可能會選擇比聯準會更早降息。瑞士國家銀行 (SNB) 已降低利率，歐洲央行 (ECB) 和英格蘭銀行 (BoE) 等主要銀行預計將在 6 月跟進。

Secondly, the approaching Bitcoin halving event, scheduled to occur within the next three days, is believed to be exerting a downward pressure on altcoin prices. Historically, Bitcoin has tended to experience price fluctuations both before and after its halving events. Altcoins, which often move in tandem with Bitcoin, are likely to follow suit.

其次，預計在未來三天內發生的比特幣減半事件即將到來，據信將對山寨幣價格施加下行壓力。從歷史上看，比特幣在減半事件前後往往會經歷價格波動。通常與比特幣同步波動的山寨幣很可能會跟進。

Thirdly, the surge in the US dollar's value and the rise in the VIX volatility index over the past few weeks have contributed to the altcoin sell-off. The dollar index has reached $106.3, while the VIX has approached $20, a significant increase of over 60% from its lowest point this year.

第三，過去幾週美元價值的飆升和VIX波動指數的上升導致了山寨幣的拋售。美元指數已達106.3美元，VIX指數已逼近20美元，較今年最低點大幅上漲60%以上。

This uptick in volatility has led investors to withdraw from riskier assets such as cryptocurrencies and stocks. The Dow Jones and S&P 500 indices have both recorded declines in recent weeks, with the Dow Jones losing over 200 points on Monday after a 500-point loss on Friday.

波動性的上升導致投資者撤出加密貨幣和股票等風險較高的資產。道瓊斯指數和標準普爾 500 指數近幾週均錄得下跌，道瓊斯指數繼週五下跌 500 點後，週一又下跌 200 多點。

Concerns Over Ethena's USDe Stablecoin

對 Ethena 的 USDe 穩定幣的擔憂

Adding to the market's unease are ongoing concerns surrounding Ethena, one of the fastest-growing cryptocurrencies. Investors have raised questions about the stability of the USDe stablecoin, which is backed by algorithms rather than fiat currencies. This mechanism, similar to the recently collapsed Terra USD, could potentially fail, leaving investors vulnerable to losses.

圍繞著成長最快的加密貨幣之一 Ethena 的持續擔憂加劇了市場的不安。投資者對 USDe 穩定幣的穩定性提出了質疑，該穩定幣由演算法而不是法定貨幣支持。這種機制與最近崩潰的 Terra USD 類似，可能會失敗，使投資者容易遭受損失。