加密貨幣股票大屠殺：拋售何時最終結束？

在動盪的市場中，包括 MicroStrategy 和 Coinbase 在內的主要加密貨幣相關股票大幅下跌。 MicroStrategy 最近的股價暴跌-15%，而 Coinbase 的跌幅甚至更大，引發了人們對大量投資數位資產的公司未來的擔憂。更廣泛的加密生態系統也經歷了市值的大幅損失，比特幣和以太坊面臨大幅下跌。

Crypto Stock Slaughter: When Will the Sell-Off End?

加密股票屠殺：拋售何時結束？

In a brutal turn of events, crypto stock heavyweights have been decimated, with MicroStrategy crashing by 15% and Coinbase plummeting even further. Marathon Digital Holdings, a leading crypto mining company, has also suffered a downward spiral, losing over 28% of its share value. The message is clear: companies involved in digital assets are facing an unprecedented onslaught.

在事態的殘酷轉變中，加密貨幣重量級股票遭受重創，MicroStrategy 暴跌 15%，Coinbase 跌幅更大。領先的加密貨幣挖礦公司 Marathon Digital Holdings 也遭遇了螺旋式下滑，股價下跌超過 28%。訊息很明確：涉足數位資產的公司正面臨前所未有的衝擊。

The broader crypto economy has shed a staggering $420 billion in market value over the past month, with Bitcoin and Ethereum witnessing double-digit declines. The sell-off has been relentless, sending shockwaves throughout the industry.

過去一個月，更廣泛的加密經濟市值已縮水 4,200 億美元，其中比特幣和以太坊的跌幅達到兩位數。拋售持續不斷，為整個產業帶來了衝擊。

MicroStrategy Stock Crash: A Cautionary Tale

MicroStrategy 股票崩盤：一個警世故事

MicroStrategy's stock crash has been particularly alarming, given the company's aggressive stance towards accumulating Bitcoin. CEO Michael Saylor, a staunch Bitcoin advocate, has himself reduced his stake in the company, raising questions about his confidence in its stock value.

鑑於 MicroStrategy 在累積比特幣方面採取了積極的立場，該公司的股價暴跌尤其令人擔憂。執行長邁克爾·塞勒(Michael Saylor)是比特幣的堅定擁護者，他自己也減少了在該公司的股份，這引發了人們對他對其股票價值信心的質疑。

The high multiples at which Microstrategy trades, including 45.73 times its GAAP-measured earnings, have raised concerns among investors. They may question whether it is more prudent to directly purchase Bitcoin or a spot Bitcoin ETF, rather than investing in MicroStrategy's stock.

Microstrategy 的高本益比（包括 45.73 倍的 GAAP 衡量收益）引起了投資者的擔憂。他們可能會質疑直接購買比特幣或現貨比特幣 ETF 是否比投資 MicroStrategy 的股票更謹慎。

Coinbase: A Grim Outlook

Coinbase：前景黯淡

Coinbase, the leading cryptocurrency exchange, has not been spared the carnage. Its stock has recently experienced a bearish crossover, with the 20-day moving average dropping below the 200-day moving average, a technical signal often interpreted as a "death cross." This suggests that Coinbase may face prolonged downward pressure.

領先的加密貨幣交易所 Coinbase 也未能倖免於難。該股最近經歷了看跌交叉，20日移動平均線跌破200日移動平均線，這項技術訊號通常被解讀為「死亡交叉」。這顯示Coinbase可能面臨長期下行壓力。

Stagflationary Woes and Geopolitical Tensions

滯脹困境與地緣政治緊張局勢

The crypto market has been battered by a barrage of negative economic data, indicating slowing growth alongside accelerating inflation. These stagflationary conditions have dampened expectations for U.S. Federal Reserve rate cuts, which has further pressured crypto assets.

加密貨幣市場受到一系列負面經濟數據的打擊，這些數據顯示經濟成長放緩，通膨加速。這些滯脹狀況削弱了對聯準會降息的預期，這進一步給加密資產帶來壓力。

Geopolitical tensions have also weighed heavily on the crypto market, adding to the uncertainty and volatility. The ongoing war in Ukraine and rising tensions between the U.S. and China are creating a risk-averse environment, which tends to discourage investment in cryptocurrencies.

地緣政治緊張局勢也嚴重影響了加密貨幣市場，增加了不確定性和波動性。烏克蘭持續的戰爭以及中美之間日益緊張的局勢正在創造一個規避風險的環境，這往往會阻礙對加密貨幣的投資。

When Will the Sell-Off End?

拋售何時結束？

The end of the crypto sell-off remains a matter of speculation. However, analysts are cautious in their outlook. The combination of economic headwinds and geopolitical tensions is likely to continue to weigh on crypto assets in the near term.

加密貨幣拋售的結束仍然是一個猜測。然而，分析師對前景持謹慎態度。經濟逆風和地緣政治緊張局勢的結合可能會在短期內繼續對加密資產構成壓力。

Investors may consider reducing their exposure to crypto stocks and allocating their funds towards more stable assets until the market conditions improve. Those who choose to remain invested in crypto should prepare for continued volatility and the potential for further losses.

投資者可以考慮減少對加密貨幣股票的投資，並將資金分配給更穩定的資產，直到市場狀況改善。那些選擇繼續投資加密貨幣的人應該為持續的波動和進一步損失的可能性做好準備。

Conclusion

結論

The crypto stock slaughter has exposed the significant risks associated with investing in digital assets. Companies like MicroStrategy and Coinbase have been dealt a heavy blow, raising questions about the long-term viability of their business models.

加密貨幣股票的屠殺暴露了與投資數位資產相關的重大風險。 MicroStrategy 和 Coinbase 等公司都受到了沉重打擊，引發了對其商業模式長期可行性的質疑。

Stagflationary economic conditions and geopolitical tensions are creating a hostile environment for crypto. Investors should exercise extreme caution and consider their risk tolerance carefully before investing in crypto stocks or digital assets. The end of the sell-off remains uncertain, and the market is likely to remain volatile for the foreseeable future.

滯脹的經濟狀況和地緣政治緊張局勢正在為加密貨幣創造一個敵對的環境。投資者在投資加密股票或數位資產之前應格外謹慎，並仔細考慮自己的風險承受能力。拋售的結束仍不確定，在可預見的未來市場可能仍將波動。