隨著加密貨幣市場的變化，比特幣下跌20,000美元

絕大多數加密貨幣市場的表面上是平坦的，該行業的領導者比特幣（Bitcoin）克服了多年的懷疑，並一次又一次證明了其恢復能力，在上個月的價格上漲了20,000美元。

The vast majority of the cryptocurrency market is flat on its face, and Bitcoin (BTC), the industry’s leader that has overcome years of skepticism and proven its recovery abilities time and again, has lost $20,000 in its price in the last month.

絕大多數加密貨幣市場的面貌都持平，而比特幣（BTC）是該行業的領導者克服了多年的懷疑，並一次又一次地證明了其恢復能力，在上個月的價格上漲了20,000美元。

BTC prices have been struggling since earlier this month, but dramatic plunges were more prominent recent days as various factors—from geopolitical woes to trade wars—beat down financial markets and in turn, affected crypto.

自本月初以來，BTC的價格一直在掙扎，但是最近幾天，由於地緣政治困境到貿易戰爭的各種因素，劇烈的暴跌是更加突出的，卻陷入了金融市場，並影響了加密貨幣。

Bitcoin's Dramatic Plunge from ATH

比特幣的戲劇性暴跌

It was during the inauguration of U.S. President Donald Trump on Jan. 20 when Bitcoin hit its all-time high above $108,700 amid high hopes that the new administration will be much kinder to the crypto industry than its predecessor.

正是在1月20日美國總統唐納德·特朗普（Donald Trump）的就職典禮上，當時比特幣高於108,700美元以上，希望新政府對加密貨幣產業比其前任更加友善。

Ahead of inauguration, BTC already logged successive new all-time highs (ATH) until it settled for the Inauguration Day ATH.

在就職典禮之前，BTC已經登錄了連續的新歷史高峰（ATH），直到它定居為就職日ATH。

As things started to unravel with the new government and Trump reawakened his trade wars with several countries, Bitcoin’s price started to slow down, as per data from CoinGecko.

根據Coingecko的數據，隨著新政府的情況開始消失，特朗普與幾個國家一起喚醒了他的貿易戰，比特幣的價格開始放緩。

By Feb. 20, exactly a month after hitting its ATH, Bitcoin was down to $95,000 and by Monday, the world’s largest cryptocurrency by market cap made it clear it was on a path further down.

到2月20日，碰到ATH的一個月後，比特幣降至95,000美元，到週一，全球最大的加密貨幣劃分為市值，這顯然已經走上了一條路。

As of early Wednesday, BTC is trading at around $88,000, some $20,000 down from its all-time high over a month ago.

截至週三初，BTC的交易價格約為88,000美元，一個月前的歷史最高點下降了約20,000美元。

Why is Crypto Down?

為什麼加密貨幣會下降？

Some analysts have said the reactions of the broader financial market to Trump’s tariffs, geopolitical tensions over Ukraine, and other political unrest in the U.S., could be to blame for the market downturn.

一些分析師表示，更廣泛的金融市場對特朗普的關稅，對烏克蘭的地緣政治緊張局勢以及美國其他政治動蕩的反應可能是對市場下滑的責任。

However, crypto derivatives exchange FTX's head of institutional products, Canium D'Angelo, told Block in a recent interview that it’s "too early to tell" what factor is most influential in the market movements.

但是，加密衍生品交換了FTX機構產品負責人D'Angelo Can an Angelo在最近的一次採訪中告訴Block，“太早說出”了哪些因素在市場上最有影響力。

D'Angelo isn't completely right or wrong. Crypto has suffered similar massive red days over the past decade, including the “crypto winter” after the collapse of crypto exchange FTX late in 2022. On the other hand, it could be safe to say the current market conditions may be prolonged or cut short depending on incoming huge, positive developments on crypto policy and big projects.

D'Angelo不是完全對還是錯。在過去的十年中，加密貨幣遭受了類似的大規模紅色日子，包括2022年底加密交易所FTX倒閉後的“加密冬季”。另一方面，可以肯定地說，當前的市場狀況可能會延長或縮短取決於加密政策和大型項目的巨大，積極的發展。

It remains to be seen whether crypto will repeat history—plunging hard only to skyrocket to unprecedented highs—and if Bitcoin will see major shifts amid the U.S. Securities and Exchange Commission's (SEC) recent pivot toward a better crypto regulatory approach.

加密貨幣是否會重複歷史（努力飛行到前所未有的高點）以及在美國證券交易委員會（SEC）最近對更好的加密監管方法的樞紐中看到重大轉變還有待觀察。