加密市場崩潰，當關稅觸及和通貨膨脹恐懼返回

加密貨幣市場在周日晚些時候發生破爛之後，交易者意識到在全球股票市場週一上午開放之前不會有關稅緩刑。

The crypto market crashed late Sunday night after traders realized there wouldn't be a tariff reprieve before global stock markets opened Monday morning.

在交易者意識到在全球股票市場週一上午開放之前，加密貨幣市場在周日晚上墜毀。

Bitcoin (CRYPTO:BTC) fell below $100,000 and looked like it could break $90,000 before bouncing a bit. As of 10:00 a.m. ET Monday, Bitcoin is down 5.7% since the market closed on Friday and 2.1% in the last 24 hours.

比特幣（Crypto：BTC）下跌低於100,000美元，看起來可能會破損90,000美元，然後再彈跳。截至週一上午10:00，比特幣自周五關閉以來的比特幣下降了5.7％，最近24小時內的比特幣下降了2.1％。

Ethereum (CRYPTO:ETH) was the big mover, dropping over 20% within an hour on Sunday night. As I'm writing, the token is down 21.3% from Friday's close and 14.8% in the past 24 hours.

以太坊（Crypto：ETH）是大動物，在周日晚上一個小時內下降了20％以上。當我寫作時，代幣比周五的關閉時間下降了21.3％，在過去24小時內為14.8％。

Dogecoin (CRYPTO:DOGE) was another big loser, falling 21.4% since Friday and 12.8% in the past day.

Dogecoin（加密：Doge）是另一個大失敗者，自星期五以來下降了21.4％，在過去的一天下降了12.8％。

Tariffs hit crypto first

關稅首先擊中加密貨幣

The move in crypto was sparked by tariffs on goods imported from Mexico, Canada, and China that President Donald Trump announced on Saturday. That began a slew of retaliatory announcements from each country that could make exports more difficult.

唐納德·特朗普總統在周六宣布的從墨西哥，加拿大和中國進口的商品關稅引起了加密貨幣的關稅。這開始了每個國家的一系列報復性公告，這可能會使出口更加困難。

Tariffs aren't unexpected, but the blanket tariffs of up to 25% were a surprise and so was the pace at which they will be implemented starting this week. Investors were also caught off guard that favored companies and political donors and friends were unable to avoid these tariffs.

關稅並不是出乎意料，但是高達25％的毛毯關稅令人驚訝，因此從本週開始實施的速度也是如此。投資者還措手不及，對公司和政治捐助者有利，朋友無法避免這些關稅。

As the one market that's traded 24/7, crypto was the first to drop on the news, but the stock market has followed Monday morning.

作為交易24/7的一個市場，加密貨幣是第一個發布新聞的市場，但股票市場隨後是周一上午。

Inflation is back in focus

通貨膨脹重新焦點

A big fear for crypto investors is the potential inflationary impact of tariffs on the market. Higher inflation generally leads to higher interest rates and higher rates drive growth stocks and crypto lower.

對加密投資者的極大恐懼是關稅對市場的潛在通貨膨脹影響。較高的通貨膨脹通常會導致較高的利率和較高的利率驅動增長庫存和加密貨幣較低。

Cryptocurrencies like Bitcoin and Ethereum have been seen as inflation hedges, but that hasn't been the reality. In 2022 when inflation spiked, cryptocurrencies crashed in value.

像比特幣和以太坊這樣的加密貨幣已被視為通貨膨脹對沖，但這並不是現實。在2022年，通貨膨脹率飆升時，加密貨幣的價值崩潰了。

Bitcoin Price data by YCharts

YCHARTS的比特幣價格數據

The better correlation for crypto historically has been growth stocks because they're higher-risk assets like cryptocurrencies. If growth stocks fall, which they are today, the market will likely hit cryptocurrencies as well.

從歷史上看，加密貨幣的更好相關性是增長庫存，因為它們是加密貨幣等高風險資產。如果當今的增長股票下跌，市場也可能會達到加密貨幣。

Where does crypto go from here?

加密從這裡去哪裡？

The tailwinds behind cryptocurrencies have been strong since early November, but now the rubber is hitting the road. The promise of more crypto adoption, better regulation, and more innovation needs to come to fruition.

自11月初以來，加密貨幣背後的尾風一直很強，但現在橡膠正在駛入道路。採用更多加密貨幣，更好的監管和更多創新的承諾需要實現。

If the gain in crypto was driven by speculation and that speculation unwinds, this could be a protracted decline in crypto for which tariffs were just the catalyst.

如果加密貨幣的收益是由猜測驅動的，而猜測則放鬆了，那麼這可能是加密貨幣的持久下降，關稅只是催化劑。

I think investors need to acknowledge the risks in crypto, which are similar to growth stocks, rather than viewing them as a hedge to the dollar, inflation, or the economy, which they haven't proven to be long-term.

我認為投資者需要承認加密貨幣類似的加密風險，而不是將其視為對美元，通貨膨脹或經濟的樹籬，而這些對沖尚未證明是長期的。

Volatility is the name of the game

波動性是遊戲的名稱

Crypto continues to be a highly volatile asset class and will magnify the movement of markets overall. With stocks trading near all-time highs and valuations at levels the market doesn't normally see without a recession, there's a lot of risk in the market today. And crypto may be the first place valuations fall, particularly in altcoins and everything not named Bitcoin. It's not clear if prices will go up or down long-term, but volatility is likely to remain high.

加密貨幣仍然是一個高度波動的資產類別，將擴大整體市場的發展。隨著股票交易的歷史高潮和估值，市場通常不會在沒有衰退的情況下看到，因此當今市場上有很大的風險。加密貨幣可能是第一個估值，尤其是在Altcoins，以及所有未命名比特幣的東西。目前尚不清楚價格是否長期上漲還是下跌，但波動率很高。