利率不確定性抑制漲勢，比特幣下跌

週五，比特幣從近期跌勢中部分恢復，交易價格為 66,120.5 美元。然而，其復甦受到對美國利率擔憂的阻礙，由於地緣政治緊張局勢、台灣地震以及利率持續走高的可能性，美元和其他避險資產仍然受到青睞。

Bitcoin Stumbles as Persistent Uncertainty Over Interest Rates Dampens Recovery

由於利率的持續不確定性阻礙了復甦，比特幣陷入困境

In a tumultuous trading session marked by heightened global uncertainty, Bitcoin's recovery from recent losses faltered on Friday. The world's largest cryptocurrency, which had briefly rallied earlier in the week, retreated as the specter of higher-for-longer U.S. interest rates continued to weigh on sentiment.

在全球不確定性加劇的動盪交易時段中，比特幣從近期跌勢中恢復的勢頭在周五出現了動搖。由於美國利率長期走高的擔憂持續打壓市場情緒，本週稍早曾短暫上漲的全球最大加密貨幣出現回落。

Geopolitical Jitters and Hawkish Fed Comments Weigh Down Risk Appetite

地緣政治不安和聯準會鷹派言論打壓風險偏好

The market's flight to safety was evident as an earthquake in Taiwan, escalating tensions in the Middle East, and relentless hawkish rhetoric from Federal Reserve officials eroded investor appetite for risk. The dollar strengthened, while gold prices hovered near record highs as investors sought haven assets.

隨著台灣地震、中東緊張局勢升級以及聯準會官員無情的強硬言論削弱了投資者的風險偏好，市場明顯轉向避險資產。美元走強，而隨著投資人尋求避險資產，金價徘徊在歷史高點附近。

Bitcoin's Weekly Decline Looms on Horizon

比特幣每週下跌即將來臨

Over the past five days, Bitcoin has shed approximately 3%, putting it on track for a weekly loss. This downward spiral reflects the broader weakness in equity markets and other risk assets, which have stumbled in the face of heightened volatility.

過去五天裡，比特幣下跌了約 3%，預計每週下跌。這種螺旋式下降反映了股市和其他風險資產的普遍疲軟，這些資產在波動性加劇的情況下陷入了困境。

ETF Momentum Slows, Nonfarm Payrolls Exceed Expectations

ETF動能放緩，非農就業人數超乎預期

The initial surge in capital inflows into recently approved Bitcoin exchange-traded funds (ETFs) has waned in recent weeks, mirroring a decline in trading activity. This trend has contributed to Bitcoin's inability to sustain its momentum.

最近幾週，流入最近批准的比特幣交易所交易基金（ETF）的資本最初激增，這反映出交易活動的下降。這種趨勢導致比特幣無法維持其勢頭。

However, the key catalyst for Friday's downturn was the release of nonfarm payroll data that exceeded market expectations. The U.S. economy added a robust 303,000 jobs in March, significantly surpassing the forecast of 200,000. This economic strength raises the prospect of continued monetary tightening, which weighs heavily on Bitcoin's price.

然而，週五經濟低迷的關鍵催化劑是超出市場預期的非農就業數據。美國經濟 3 月新增就業 30.3 萬個，大幅超過預期的 20 萬個。這種經濟實力增加了貨幣持續緊縮的可能性，這對比特幣的價格造成了沉重壓力。

Ethereum Lags, XRP Rebounds Amid Regulatory Scrutiny

以太坊滯後，XRP 在監管審查中反彈

In the altcoin space, Ethereum underperformed its peers, declining by 2.6%. The Securities and Exchange Commission (SEC) is reportedly preparing its decision on spot ETFs for Ethereum, while also investigating whether the cryptocurrency qualifies as a security.

在山寨幣領域，以太幣的表現落後於同行，下跌了 2.6%。據報道，美國證券交易委員會 (SEC) 正在準備對以太坊現貨 ETF 做出決定，同時也正在調查該加密貨幣是否符合證券資格。

XRP, on the other hand, rebounded from a one-month low, gaining 0.7%. However, the token's outlook remains clouded by the ongoing legal battle between the SEC and Ripple Labs.

另一方面，XRP 從一個月低點反彈，上漲 0.7%。然而，由於 SEC 和 Ripple Labs 之間正在進行的法律鬥爭，該代幣的前景仍然蒙上陰影。

Crypto Derivatives Trading Hits Record High, But Market Share Declines

加密貨幣衍生性商品交易創歷史新高，但市佔率下降

Despite the overall market weakness, crypto derivatives trading volumes surged to a record high of $6.18 trillion in March. This meteoric rise suggests a shift towards more sophisticated trading strategies.

儘管市場整體疲軟，但 3 月加密貨幣衍生性商品交易量仍飆升至 6.18 兆美元的歷史新高。這種迅速增長表明轉向更複雜的交易策略。

However, despite the growth in derivatives volumes, their market share declined for the sixth consecutive month, falling to 67.8%. This trend indicates a growing preference for spot trading, where cryptocurrencies are exchanged immediately.

然而，儘管衍生性商品交易量有所增長，但其市佔率連續第六個月下降，降至 67.8%。這一趨勢表明人們越來越傾向於現貨交易，因為加密貨幣可以立即進行交易。

Conclusion

結論

The persistent uncertainty over U.S. interest rates and the broader geopolitical turmoil have cast a pall over the cryptocurrency market, halting Bitcoin's recovery. Ethereum's underperformance and regulatory scrutiny of XRP add to the challenges facing the industry. While derivatives trading has reached new heights, it remains to be seen whether this trend can offset the decline in market share and support the long-term growth of the crypto asset class.

美國利率的持續不確定性和更廣泛的地緣政治動盪為加密貨幣市場蒙上了陰影，阻礙了比特幣的復甦。以太坊的表現不佳和 XRP 的監管審查增加了該行業面臨的挑戰。儘管衍生性商品交易已達到新的高度，但這種趨勢是否能夠抵消市場份額的下降並支持加密資產類別的長期成長還有待觀察。