“比特幣的史詩般的暴跌，有70萬人清算，超過312

根據CNBC的說法，2月3日，加密貨幣在周日經歷了安全的趨勢，在美國總統唐納德·特朗普（Donald Trump）對加拿大，墨西哥和中國征收了長期以來的進口關稅之後，急劇暴跌。

Cryptocurrencies took a safe-haven trend on Sunday, experiencing a steep decline after U.S. President Donald Trump followed through on long-threatened import tariffs on Canada, Mexico and China, according to CNBC.

據CNBC稱，加密貨幣在周日採用了避風港趨勢，在美國總統唐納德·特朗普（Donald Trump）遵循對加拿大，墨西哥和中國長期以來的進口關稅之後，經歷了急劇下降。

The latest plunge was 7% to $93,768.66, according to Coin Metrics data. The CoinDesk 20 index, which measures the 20 largest digital assets by market value, fell 19%. Ethereum dropped 25% to its lowest since November.

根據硬幣指標數據，最新的暴跌是7％至93,768.66美元。 Coindesk 20指數衡量了20個最大的數字資產按市場價值估計的指數下降了19％。以太坊降至11月以來最低的25％。

Over the past 24 hours, the total liquidation across the entire network was $2.119 billion, of which $1.78 billion was on long orders and $270 million was on short orders, according to Coinglass data. A total of 718,513 people were liquidated worldwide. The largest single liquidation occurred on Binance-ETHBTC, valued at $25.635 million.

根據Coinglass Data的數據，在過去的24小時內，整個網絡的總清算為21.9億美元，其中17.8億美元的長期訂單為17.8億美元，而2.7億美元的短期訂單則為訂單。全球總共有718,513人被清算。最大的單一清算發生在Binance-EthBTC上，價值256.35億美元。

On March 12, 2020, the crypto market experienced a short-term rapid plunge. At that time, more than 100,000 people were liquidated. According to Coin data, on March 12, within just 24 hours, more than 100,000 people were liquidated on the entire network. The largest single liquidation occurred on Huobi, with BTC worth about 58.32 million US dollars, and the total amount of liquidation on the entire network was 2.93 billion US dollars.

2020年3月12日，加密貨幣市場經歷了短期快速跌幅。當時，有100,000多人被清算。根據硬幣數據，3月12日，在短短24小時內，整個網絡上清算了100,000多人。最大的一次清算發生在Huobi上，BTC價值約5832萬美元，整個網絡的清算總量為293億美元。

The decline in U.S. goods came after Trump signed an order imposing a 25% tariff on Mexican and Canadian imports and a 10% tariff on China, which will take effect on Tuesday, according to CNBC. U.S. trade with the three countries is about $1.6 trillion.

據CNBC稱，美國商品的下降是在特朗普簽署命令後對墨西哥和加拿大進口徵收25％關稅的命令，並對中國征收10％的關稅，這將於週二生效。美國與這三個國家的貿易約為1.6萬億美元。

Many people are asking why BTC fell so much because of the tariff news, said Jim Bianco, founder of Bianco Research. Because BTC is a speculative asset. It is 2x QQQ (if not, it is 3x). After the stock opened, the S&P futures opened down 117 points, a drop of 1.9%. Remember last Monday, Deepseek also caused the S&P index to fall 100 points, a drop of 1.5%, and NDX futures opened down 600 points, a drop of 2.95%.

Bianco Research的創始人吉姆·比安科（Jim Bianco）說，許多人問為什麼BTC會因為關稅新聞而跌倒。因為BTC是投機資產。它是2x QQQ（如果不是，則為3倍）。股票開盤後，標準普爾期貨（S＆P Futures）下跌了117點，下降了1.9％。請記住，上週一，DeepSeek還導致標準普爾指數下跌100點，下降1.5％，NDX Futures下跌了600點，下降了2.95％。

An ongoing tariff war would be “terrific” for Bitcoin in the long run as the dollar and U.S. interest rates would eventually weaken, said Jeff Park, head of alpha strategies at Bitwise Asset Management.

Bitwise Asset Management的Alpha Strategions負責人Jeff Park表示，從長遠來看，一場持續的關稅戰爭對於比特幣來說將是“很棒的”。

In Jeff Park's view, to understand the current tariff issue, we must consider two backgrounds: one is the curse of Triffin's dilemma; the other is Trump's personal goals. By analyzing these two backgrounds, the final result becomes clear: tariffs may only be a temporary measure, but the final conclusion is that Bitcoin will not only go higher, but also go faster.

傑夫·帕克（Jeff Park）認為，要了解當前的關稅問題，我們必須考慮兩個背景：一個是特里芬（Triffin）困境的詛咒；另一個是特朗普的個人目標。通過分析這兩個背景，最終結果變得很明確：關稅可能只是臨時措施，但最終的結論是，比特幣不僅會更高，而且更快。

First, the Triffin Dilemma: The dollar’s status as a reserve currency gives the US “exorbitant privileges” in financial transactions/trade, which has a few effects: 1) the dollar is structurally overvalued because other countries need to hold dollars as reserves in an inelastic way; 2) the US must continue to run trade deficits in order to provide these dollars to the world; 3) the US government can therefore continue to borrow at a lower rate than it should. The US wants to keep point 3 but get rid of points 1 and 2 - how? The answer is tariffs.

首先，特里芬（Triffin）困境：美元的儲備貨幣狀況使美國在金融交易/貿易中“過高的特權”，這有一些影響：1）美元在結構上被高估，因為其他國家需要將美元持有作為儲備金作為儲備金無彈性的方式； 2）美國必須繼續經營貿易赤字，以便向世界提供這些美元； 3）因此，美國政府可以繼續以比應有的比率更低。美國想保留第3點，但要擺脫第1和2 - 如何？答案是關稅。

Recognize that tariffs are often temporary negotiating tools to achieve objectives. The ultimate goal is to seek a multilateral agreement to weaken the dollar, essentially a Plaza Accord 2.0. A hypothetical scenario is that the United States explicitly states that countries must reduce their dollar reserves while requiring them to further extend the duration of their holdings of US Treasuries. In other words, Trump is trying to find a "YCC, not YCC" strategy within the executive branch. Bessant no doubt agrees with this because he realizes that Yellen has left him a bag of garbage. Yellen's legacy is to almost permanently impair the Treasury's ability to manage duration by doubling the debt financing ratio (adding false liquidity), leaving the United States at the mercy of refinancing when interest rates start to rise. The cost to the US taxpayer cannot be underestimated.

認識到關稅通常是實現目標的臨時談判工具。最終目標是尋求多邊協議以削弱美元，本質上是廣場協議2.0。一個假設的情況是，美國明確指出，各國必須減少美元儲備，同時要求他們進一步延長其對美國國債的持續時間。換句話說，特朗普正試圖在行政部門中找到“ YCC，而不是YCC”策略。 Bessant毫無疑問同意這一點，因為他意識到Yellen給了他一袋垃圾。耶倫（Yellen）的遺產幾乎是永久性地損害財政部通過債務融資比率加倍（增加虛假流動性）來管理持續時間的能力，而當利率開始上升時，美國就受到了再融資。不能低估美國納稅人的費用。

The US is thus paving the way to the holy grail of fiat money alchemy: lower dollars and lower yields.

因此，美國正在鋪平道路通往法定金錢的聖杯：較低的美元和較低的收益率。

This leads to the second point: Having said this before, Trump’s primary goal is to lower the 10-year rate because his own wealth depends on it: real estate. His obsession with Powell cutting short rates, then realizing it wasn’t working, was the catalyst. Never doubt the pure, transparent, profit-driven motives

這導致了第二點：以前說過，特朗普的主要目標是降低10年的利率，因為他的財富取決於它：房地產。他對鮑威爾（Powell）降低短率的痴迷，然後意識到這是不起作用的，這是催化劑。永遠不要懷疑純粹，透明，以利潤為驅動的動機