穩定幣崩盤震撼加密市場，引發監管呼聲

由於 TerraUSD 和 Tether 兩種穩定幣脫離美元掛鉤，加密貨幣市場經歷了 4000 億美元的重大損失。這引起了人們對演算法穩定幣的擔憂，並凸顯了加強監管的必要性。與 TerraUSD 掛鉤的 Luna 幣暴跌至零，導致數十億財富被毀。動盪也蔓延到了 Tether，在恢復平價之前曾短暫跌破錨定匯率。隨著市場試圖穩定下來，人們的注意力轉向監管監督以及利率上升和地緣政治不確定性的潛在影響。

Crypto Market Reels from Stablecoin Collapse, Sparking Calls for Regulation

加密貨幣市場因穩定幣崩盤而動盪，引發監管呼聲

A devastating week for the cryptocurrency market witnessed a colossal loss of $400 billion, as two prominent stablecoins, TerraUSD (UST) and Tether (USDT), abruptly lost their pegs to the US dollar. The market turmoil, centered around these stablecoins' unexpected de-pegging, has shaken investor confidence and amplified demands for swifter regulatory action by Washington, according to industry experts.

加密貨幣市場經歷了災難性的一周，損失了 4000 億美元，因為兩個著名的穩定幣 TerraUSD (UST) 和 Tether (USDT) 突然失去了與美元的掛鉤。產業專家表示，圍繞這些穩定幣意外脫鉤的市場動盪動搖了投資者的信心，並放大了對華盛頓採取更快監管行動的要求。

While Bitcoin showed signs of stabilizing above $30,000 on Friday, the crypto market endured a staggering loss of over $430 billion in valuation between Monday and Thursday, reducing its market cap to $1.12 trillion, as reported by CoinMarketCap.

根據 CoinMarketCap 報道，雖然比特幣週五顯示出穩定在 3 萬美元以上的跡象，但週一至週四，加密貨幣市場的估值卻遭受了超過 4,300 億美元的驚人損失，市值降至 1.12 兆美元。

The precipitous decline of UST and its affiliated token, Luna (LUNA), brought algorithmic stablecoins into focus. These stablecoins derive their value from a combination of computer algorithms and reserve assets to maintain a peg to fiat currencies. The market turbulence also extended to Tether, briefly pushing the third-largest cryptocurrency below its $1 peg before it managed to regain parity.

UST及其附屬代幣Luna（LUNA）的急劇下跌使演算法穩定幣成為焦點。這些穩定幣的價值源自於電腦演算法和儲備資產的結合，以維持與法定貨幣的掛鉤。市場動盪也蔓延到了 Tether，短暫地將第三大加密貨幣推低至 1 美元以下，然後才設法恢復平價。

"A complete loss of confidence in stablecoins would create significant challenges for the market to establish a solid footing," said Ed Moya, Senior Market Analyst at forex trading platform Oanda. "Terra's flaws were evident, while Tether has stabilized its peg, which should alleviate some concerns."

外匯交易平台 Oanda 的高級市場分析師 Ed Moya 表示：“對穩定幣完全失去信心將為市場建立穩固的基礎帶來重大挑戰。” “Terra 的缺陷很明顯，而 Tether 已經穩定了其錨定匯率，這應該會減輕一些擔憂。”

Bitcoin descended below $27,000 for the first time since late 2020, as investors grappled with the Terra-Luna debacle and Tether's temporary slippage. Skepticism regarding the reserve assets backing Tether's peg has persisted among investors.

隨著投資者努力應對 Terra-Luna 的崩盤和 Tether 的暫時下滑，比特幣自 2020 年底以來首次跌破 27,000 美元。投資者對支持 Tether 掛鉤的儲備資產一直持懷疑態度。

"This crypto selloff exhibited unique characteristics," said Chris Kline, COO and Co-Founder of Bitcoin IRA, citing the broader financial market context marked by escalating inflation and the ongoing conflict in Ukraine. "The experimentation with stablecoins, particularly UST, represents a novel approach with inherent vulnerabilities that were exposed and exploited."

比特幣IRA 首席營運長兼聯合創始人 Chris Kline 表示：「這次加密貨幣拋售表現出了獨特的特徵。」他引用了以通膨升級和烏克蘭持續衝突為標誌的更廣泛的金融市場背景。 「穩定幣（尤其是 UST）的實驗代表了一種新穎的方法，其固有的漏洞已被暴露和利用。”

As UST lost its peg, holders attempted to cash out by converting it into LUNA instead of selling UST on the open market. This prompted the creation of over 6 trillion new LUNA tokens since May 8, significantly diluting its value to a mere $0.00000953, according to CryptoCompare.

由於 UST 失去了掛鉤，持有者試圖透過將其轉換為 LUNA 來套現，而不是在公開市場上出售 UST。根據 CryptoCompare 的數據，自 5 月 8 日以來，這促使創造了超過 6 兆個新的 LUNA 代幣，使其價值大幅稀釋至僅為 0.00000953 美元。

Despite the market turmoil, CryptoCompare expressed confidence in Tether's ability to maintain its peg, attributing the contagion effects to market fear. Luna's market capitalization, which stood at an impressive $41 billion just five weeks ago, plummeted to less than $7 million this week, denoting the "greatest wealth destruction in such a short period for any crypto project," as stated by CryptoCompare.

儘管市場動盪，CryptoCompare 對 Tether 維持錨定匯率的能力表示信心，並將蔓延效應歸因於市場恐懼。正如 CryptoCompare 所說，五週前 Luna 的市值還高達 410 億美元，本週暴跌至不到 700 萬美元，這意味著「在如此短的時間內，所有加密項目都遭受了最大的財富損失」。

The crypto selloff garnered the attention of Treasury Secretary Janet Yellen, who acknowledged that while current stablecoin losses do not pose immediate threats to financial stability, the risks could escalate rapidly. Fitch Ratings anticipates increased regulatory pressure on stablecoins in light of recent events.

加密貨幣拋售引起了財政部長珍妮特耶倫的注意，她承認，雖然當前穩定幣的損失不會對金融穩定構成直接威脅，但風險可能會迅速升級。鑑於最近發生的事件，惠譽評級預計穩定幣的監管壓力將會增加。

"Regulatory clarity is essential for the maturation of the crypto market," emphasized Scott Sheridan, CEO of Tastyworks, an online brokerage platform for options traders. "Clear regulatory frameworks that enable derivatives trading on US exchanges would transform the industry. Enhanced liquidity leads to tighter bid-ask spreads and overall price stability."

選擇權交易者線上經紀平台 Tastyworks 的執行長 Scott Sheridan 強調：“監管的明確性對於加密貨幣市場的成熟至關重要。” “允許在美國交易所進行衍生性商品交易的明確監管框架將改變該行業。流動性的增強將導致買賣價差收窄和整體價格穩定。”

The crypto market's recovery may be contingent upon a sustained upswing in stock markets, given its recent correlation with the Nasdaq. Moya at Oanda believes that $30,000 serves as interim intraday resistance for Bitcoin. This level is critical for institutional investors who entered the market last year, he added. A further decline towards $20,000 would be a "devastating blow" for the industry.

鑑於加密貨幣市場最近與納斯達克的相關性，加密貨幣市場的復甦可能取決於股市的持續上漲。 Oanda 的 Moya 認為 30,000 美元是比特幣的臨時盤中阻力位。他補充說，這一水平對於去年進入市場的機構投資者來說至關重要。進一步跌向 20,000 美元將對該行業造成「毀滅性打擊」。