比特幣減半引發市場風暴，交易成本飆升

最近比特幣減半後，由於 Runes 協議的實施以及在減半區塊上創建 Rune 代幣的高需求，交易成本急劇飆升。市場一直波動較大，比特幣價格因地緣政治動盪而下跌。儘管減半預期會對稀缺性產生影響，但價格仍穩定在 63,000 美元左右，導致投機者感到失望。

Bitcoin's Halving Unleashes a Storm of Activity, Driving Transaction Costs Soaring

比特幣減半引發活動風暴，交易成本飆升

Geopolitical Instability Exacerbates Market Turmoil

地緣政治不穩定加劇市場動盪

April 22, 2024

2024 年 4 月 22 日

The highly anticipated quadrennial Bitcoin halving materialized at the stroke of 1 AM on Saturday, sparking an unprecedented flurry of activity in the cryptocurrency market. Celebrated with fervor akin to a celestial spectacle, the halving event witnessed jubilant gatherings in locations ranging from a sprawling Norwegian farm to bustling urban hubs like Arnhem and Amsterdam.

備受期待的四年一度的比特幣減半在周六凌晨 1 點鐘聲響起，引發了加密貨幣市場前所未有的熱潮。這次減半活動以類似天體奇觀的熱情慶祝，從廣闊的挪威農場到阿納姆和阿姆斯特丹等繁華的城市中心，人們都在慶祝。

The exact timing of the halving remained shrouded in uncertainty until the final moments, hinging upon a multitude of factors, including transaction volume and computational power deployed. In essence, a halving marks a pivotal moment when the block reward bestowed upon Bitcoin miners for their efforts in validating transactions on the blockchain is reduced by half.

直到最後時刻，減半的確切時間仍充滿不確定性，取決於多種因素，包括交易量和部署的運算能力。從本質上講，減半標誌著一個關鍵時刻，比特幣礦工因驗證區塊鏈交易而獲得的區塊獎勵減少了一半。

A Tale of Unfulfilled Expectations

未實現期望的故事

The celebratory atmosphere surrounding the halving stemmed from the prevalent belief that this orchestrated scarcity—with only 21 million Bitcoins to be ever distributed—would inevitably lead to an upswing in the cryptocurrency's value. However, this anticipation has thus far been met with bitter disappointment.

圍繞著減半的慶祝氣氛源於人們普遍認為，這種精心策劃的稀缺性（只有 2,100 萬個比特幣可供分發）將不可避免地導致加密貨幣價值的上漲。然而，這種期待迄今卻遭遇了痛苦的失望。

Despite hovering around a stable value of $63,000, Bitcoin has failed to ignite the anticipated rally. The crypto market has already endured a substantial setback last weekend, witnessing a plunge from $71,000 to $62,000. On Wednesday, the price plummeted further, dipping below $60,000 before briefly touching a nadir of $59,600.

儘管比特幣價格穩定在 63,000 美元左右徘徊，但它未能引發預期的反彈。上週末，加密貨幣市場已經遭受了重大挫折，從 71,000 美元暴跌至 62,000 美元。週三，價格進一步暴跌，跌破 6 萬美元，然後短暫觸及 59,600 美元的最低點。

The exodus of speculators has been significant, with nearly $2 billion in liquidations processed on April 12 and 13 alone. Geopolitical turbulence has also played a pivotal role in this market downturn, with gold and stocks similarly suffering losses in the wake of Iran's missile and drone attacks on Israel.

投機者大量外流，光是 4 月 12 日和 13 日就處理了近 20 億美元的清算。地緣政治動盪也在此次市場低迷中發揮了關鍵作用，在伊朗對以色列進行飛彈和無人機襲擊後，黃金和股市同樣遭受損失。

Runes Protocol Complicates the Picture

符文協定使情況變得複雜

Coinciding with the halving, the newly launched Runes protocol further contributed to the market turmoil. The influx of users eager to generate Rune tokens on the halving block—number 840,000—triggered an explosion in transaction fees an hour after the event. Runes allows users to create fungible tokens, boasting enhancements in simplicity and security compared to its predecessor, BRC-20.

恰逢減半，新推出的符文協議進一步加劇了市場動盪。渴望在減半區塊上產生 Rune 代幣的用戶大量湧入（數量為 840,000），引發了事件發生一小時後交易費用的爆炸式增長。 Runes 允許用戶創建可替代的代幣，與其前身 BRC-20 相比，其簡單性和安全性得到了增強。

The Market's Unpredictable Trajectory

市場的不可預測軌跡

At the time of writing, Bitcoin hovers around €62,287, not far from its recent high of €66,768. The next halving is projected to occur in 2028, leaving the market to grapple with the lingering uncertainty surrounding the cryptocurrency's future trajectory. The interplay between halving events, geopolitical developments, and technological innovations will continue to shape the evolution of Bitcoin and the broader cryptocurrency landscape.

截至撰寫本文時，比特幣徘徊在 62,287 歐元左右，距離近期高點 66,768 歐元不遠。預計下一次減半發生在 2028 年，市場將面臨加密貨幣未來軌跡揮之不去的不確定性。減半事件、地緣政治發展和技術創新之間的相互作用將繼續影響比特幣和更廣泛的加密貨幣格局的演變。