2025年的加密貨幣班有粗魯的覺醒

在過去一周

A version of this story appeared in our The Roundup newsletter on February 28. Sign up here.

這個故事的一個版本出現在我們2月28日的《綜述時事通訊》中。在此處註冊。

Hi! Eric here,

你好！埃里克在這裡，

The crypto class of 2025 had a rude awakening, as Bitcoin and other cryptocurrencies shed over 13% of its total market value — representing about $450 billion — over the past week.

由於比特幣和其他加密貨幣在過去一周中，比特幣和其他加密貨幣的總市場價值（約4500億美元）的13％以上。

It’s now down to its lowest since November, as $1.2 trillion, or 25%, was wiped since its December record high.

自11月以來，它的最低水平為1.2萬億美元，即25％，自12月紀錄以來就被抹去了。

Buoyed by Donald Trump’s promises to relax crypto laws, many who piled into digital assets this year were newbies.

唐納德·特朗普（Donald Trump）承諾放鬆加密法律的承諾，許多今年堆入數字資產的人都是新手。

For instance, Google searches for “how to trade crypto” spiked in recent months, most traders buying the president’s memecoin were first-time Solana users, and more Americans now own crypto than in 2024.

例如，Google最近幾個月搜索了“如何交易加密”，大多數購買總統紀念品的交易者是首次使用Solana用戶，而現在美國人擁有的加密貨幣比2024年更多。

Top three cryptocurrencies — Bitcoin, Ethereum, and XRP — are down 19%, 23% and 25% over the same period.

在同一時期，排名前三的加密貨幣（比特幣，以太坊和XRP）下跌了19％，23％和25％。

Despite the brutal beating inflicted upon the industry, people remain bullish.

儘管該行業遭受了殘酷的毆打，但人們仍然看漲。

Yes, Galaxy Research’s top dog says Bitcoin will likely fall down to $74,000. Yes, the market has lost $1 trillion in market value since its December high.

是的，Galaxy Research的頂級狗說，比特幣可能會降至74,000美元。是的，自12月高點以來，市場已經損失了1萬億美元的市場價值。

But, analysts seem to take it as fait accompli that the industry will bounce back. Traders have poured into bets that Bitcoin will reach $120,000 by the end of March.

但是，分析師似乎將行業反彈的既定成就。貿易商已經傾注，到3月底，比特幣將達到120,000美元。

Bernstein and Standard Chartered both see a $200,000 price on the horizon.

伯恩斯坦（Bernstein）和標準（Standard）租用了兩者，都看到了200,000美元的價格。

The argument they make is simply that none of the fundamentals have gone away.

他們提出的論點簡直就是基本面沒有消失。

Trump is still in the White House, lawmakers keep pushing crypto bills through the guts of Capitol Hill, altcoin ETFs look increasingly possible to be greenlit, fintechs keep creeping into the industry, and institutions remain excited about digital assets.

特朗普仍在白宮，立法者不斷通過國會大廈山的膽量推動加密賬單，altcoin ETF看起來越來越有可能成為綠色，金融科技隊一直蔓延到該行業，並且機構仍然對數字資產感到興奮。

Bitwise’s Matt Hougan even suggested that the crash will be good for the industry by ending the “memecoin carnival” once and for all.

Bitwise的Matt Hougan甚至建議通過一勞永逸地結束“ Memecoin Carnival”，這對行業有利。

That’s something many industry reps have wished for after the catastrophic launch and crash of several high-profile shitcoins over the past few months.

這是許多行業代表在過去幾個月中災難性發射和幾個備受矚目的狗屎幣的崩潰之後所希望的。

The industry seems to have taken Monty Python’s advice to “Always look on the bright side of life” to heart.

該行業似乎已經接受了Monty Python的建議，以“始終在生活的光明方面”。

But should one remind them that the comedy troupe sang it during a crucifixion scene?

但是，應該提醒他們喜劇劇團在釘十字架的場景中唱歌嗎？

Robinhood stock to double despite crypto slump, says Morgan Stanley

摩根士丹利說

Coming out of this week’s chaos, Morgan Stanley expects investors to see the fintech as a safe haven of sorts, or at least safer than some of its crypto rivals.

摩根士丹利（Morgan Stanley）從本週的混亂中脫穎而出，希望投資者將金融科技視為一種避風港，或者至少比其某些加密競爭對手更安全。

Billionaire Justin Sun wins reprieve as SEC pauses fraud case

億萬富翁賈斯汀·孫（Justin Sun）贏得了緩刑

The Tron founder appears poised to settle a long-running SEC case, Liam Kelly reports. Justin Sun invested $75 million in World Liberty Financial. The development is the latest in a string of setbacks for the regulator in its pursuit of crypto-related fraud cases this year.

利亞姆·凱利（Liam Kelly）報導，TRON的創始人似乎準備解決一個長期運行的SEC案件。賈斯汀·孫向世界自由金融投資了7500萬美元。該開發項目是該監管機構在追求加密相關欺詐案件的一系列挫折中的最新發展。

Three US Bitcoin reserve bills fail despite Trump’s pledges — ‘Smacks of speculation’

儘管特朗普的承諾，但三項美國比特幣儲備賬單失敗了 - “猜測”

Three bills that would have seen the US introduce state-run Bitcoin reserves have failed since Donald Trump took office, despite the president’s promises to relax crypto laws.

自從唐納德·特朗普（Donald Trump）上任以來，總統承諾放寬加密法律以來，本來可以看到美國引入國營比特幣儲量的三項法案失敗了。

Post of the Week

本週帖子

Bitwise founder Arthur Hayes delivers on the gallows humour after the crypto market bloodbath.

在加密市場血腥浴缸之後，Bitwise的創始人亞瑟·海斯（Arthur Hayes）在絞刑架幽默中提供了絞刑架。

Fam, if $BTC hits $70k which fast food joint are we applying for?

FAM，如果$ btc達到70k美元，我們要申請哪個快餐店？