一段加密醜聞後，比特幣（BTC）進入熊市

一系列加密醜聞，令人失望的政策更新以及一個大型黑客群體在本週幫助將比特幣推向了熊市領域。

Cryptocurrency prices fell sharply this week, pushing bitcoin into bear market territory and erasing most of the gains achieved since President Donald Trump took office last year.

加密貨幣的價格本週急劇下跌，將比特幣推向熊市領土，並刪除自去年唐納德·特朗普總統上任以來所取得的大部分收益。

The aggressive sell-off has pushed the price of the top token down as much as 23.4% from January's record price of $109,350. By Wednesday afternoon, bitcoin fell to an intraday low of $83,740.

積極的拋售使頂級代價的價格降低了一月份的創紀錄價格109,350美元的價格高達23.4％。到週三下午，比特幣落下了83,740美元的盤中低點。

A 20% decline from the most recent peak is the technical definition of a bear market, and the sharp drop marks a major turnaround for an asset that, just a month ago, was shattering all-time highs as it rode a wave of bullish momentum.

與最近的高峰相比，熊市的技術定義下降了20％，而急劇的下降標誌著資產的主要周轉，僅一個月前，它卻震驚了一陣看漲的勢頭。

Instead, a series of factors have damaged confidence in the crypto sector, sparking investor flight. On Tuesday, spot bitcoin ETFs hemorrhaged a record amount of funds in one day: outflows reached over $1.1 billion, according to Farside data.

取而代之的是，一系列因素損害了對加密貨幣領域的信心，從而引發了投資者的飛行。根據Farside數據，週二，現場比特幣ETF在一天之內大量資金出血：流出量超過11億美元。

"These types of losses rarely end well and I still think the big capitulation is yet to come," Geoff Kendrick, head of digital assets research at Standard Chartered, said in written commentary Wednesday.

“這些類型的損失很少結束，我仍然認為大量投降尚未到來，”標準Chartered數字資產研究負責人傑夫·肯德里克（Geoff Kendrick）在周三的書面評論中說。

A day prior, he warned that bitcoin's price could drop as low as $80,000, though others predict the decline could go as far as $71,000.

前一天，他警告說，比特幣的價格可能會低至80,000美元，儘管其他人預測下降可能會增加71,000美元。

The apex cryptocurrency first lost its footing after investors grew disappointed by policies enacted so far by the Trump administration. Though the new White House ran on an crypto-friendly platform, traders hoped for more immediate and aggressive policy actions to uplift the sector.

在投資者對特朗普政府迄今為止制定的政策感到失望之後，Apex加密貨幣首先失去了立足點。儘管新的白宮在一個對加密貨幣友好的平台上運行，但交易者希望採取更直接，積極進取的政策行動來提升該行業。

Rather, one of President Donald Trump's earliest crypto actions was the creation of a memecoin, whose price swings cost some investors millions. Industry insiders have expressed dismay at the launch, while others have blamed it for accelerating a memecoin gambling trend that is eroding trust in crypto. Celebrities, and even Argentine president Javier Milei, have fallen into hot water for promoting volatile memecoins.

相反，唐納德·特朗普（Donald Trump）總統最早的加密行動之一是創造了一個成員，其價格波動損失了一些投資者數百萬。行業內部人士在發布會上表示沮喪，而其他人則指責它加速了一種侵蝕加密信任的紀念賭博趨勢。名人，甚至阿根廷總統哈維爾·米利（Javier Milei），都因促進揮發性的成員而陷入熱水中。

A broad risk-off sentiment is also to blame for bitcoin's slump, made worse by last week's nearly $1.5 billion hack of the crypto-exchange Bybit.

對比特幣的低迷也應歸咎於廣泛的風險情緒，上週近15億美元的加密交換bybit的票房更糟。

Things have been particularly painful for altcoins, as well. Most have completely erased Trump-led gains, according to 21Shares research strategist Matt Mena.

對於Altcoins來說，事情也特別痛苦。根據21Shares研究策略師Matt Mena的說法，大多數人已經完全消除了特朗普領導的收益。

"The total crypto market cap (excluding BTC, ETH, and stablecoins) peaked at $1 trillion in December but has since fallen to $600 billion," he wrote Tuesday.

他在周二寫道：“加密貨幣市值（不包括BTC，ETH和Stablecoins）在12月達到1萬億美元的峰值，但此後已跌至6000億美元。”

The throng of headwinds has pulled the cryptocurrency Fear and Greed index to 21, or just around "extreme fear" territory. Though FxPro chief market analyst Alex Kuptsikevich considers this a necessary pullback for "greedy speculators" to enter the market, it's now a question of whether such investors have the courage to start buying crypto.

逆風的人群將加密貨幣的恐懼和貪婪的指數提升到21，或者只是在“極端恐懼”領域附近。儘管FXPRO首席市場分析師Alex Kuptsikevich認為這是“貪婪投機者”進入市場的必要回調，但現在是一個問題，即此類投資者是否有勇氣開始購買加密貨幣。

However deep the bitcoin correction ultimately proves to be, long-term optimism is still high.

無論比特幣校正最終被證明是很高的，長期的樂觀仍然很高。

Mena noted that on-chain signals still suggest an early-to-mid bull cycle, and pointed out that crypto bull markets typically end when leverage is excessive and bitcoin dominance slides. So far, the latter has risen to 62%, as altcoins underperform.

MENA指出，鍊鍊信號仍然表明是一個早期到中間的牛週期，並指出加密牛市通常會在槓桿率過高和比特幣優勢幻燈片時結束。到目前為止，後者已上升到62％，因為Altcoins的表現不佳。