加密貨幣擴大了幻燈片，將比特幣發送到11月以來的最低水平

諸如加密貨幣之類的風險資產正處於壓力下，因為特朗普的關稅和政府解僱將魚雷生長增長

Cryptocurrencies extended their slide on Monday, sending Bitcoin to the lowest level since November as escalating tariff-war tensions spurred concern about the economy that offset a wave of pro-crypto announcements from US President Donald Trump last week.

加密貨幣在周一擴大了滑梯，將比特幣提升到11月以來的最低水平，因為不斷上升的關稅緊張局勢引發了人們對經濟的關注，這種經濟抵消了上周美國總統唐納德·特朗普的一系列親克萊特托公告。

Risk assets such as crypto are coming under pressure amid anxiety that Trump’s tariffs and government firings will torpedo growth in the world’s largest economy. US equities slid and Treasuries rallied as investors sought a refuge.

加密貨幣之類的風險資產正處於壓力下，因為特朗普的關稅和政府解僱將在世界上最大的經濟體中捕撈增長。隨著投資者尋求避難所，美國股票滑行和國庫會集會。

“While Trump’s strategic crypto reserve announcement initially drove optimism, the rally quickly unravelled amid aggressive selling linked to worsening macro conditions,” wrote Nikolay Karpenko, director at B2C2.

B2C2董事Nikolay Karpenko寫道：“儘管特朗普的戰略加密儲備公告最初引起了樂觀的興趣，但由於與宏觀條件惡化有關的積極銷售，這次集會很快就揭露了。”

Bitcoin slid as much as 6.8 per cent to US$77,416, its lowest since Nov 10. Solana, Cardano and XRP, all tokens that Trump had mentioned as possible candidates for a digital asset stockpile but were not cited in Trump’s executive order, each slumped even more. Crypto-linked stocks slid, with Coinbase Global dropping 18 per cent for its biggest decline since July 2022 and Michael Saylor’s levered Bitcoin proxy Strategy losing 17 per cent.

比特幣滑行多達6.8％，至77,416美元，最低自11月10日以來最低。Solana，Cardano和XRP，所有這些都提到了特朗普作為可能的數字資產庫存候選人庫存的候選人，但並未以特朗普的執行命令引用，每個人都跌倒了。與加密貨幣鏈接的股票滑行，Coinbase Global以自2022年7月以來的最大下降而下降18％，而Michael Saylor的槓桿比特幣代理策略下跌了17％。

Trump’s crypto-friendly stance, including an order to create a US Bitcoin reserve and a separate stockpile of other tokens, along with a high-profile summit with industry executives in Washington on Friday (Mar 7), has done little to lift market sentiment. While the administration pledged to capitalise on the reserve with crypto seized in legal proceedings, the absence of fresh capital commitments disappointed investors.

特朗普對加密貨幣友好的立場，包括建立美國比特幣儲備和單獨的其他令牌的命令，以及週五（3月7日）與華盛頓的行業高管舉行的備受矚目的峰會，對提升市場情緒幾乎沒有做到。儘管政府承諾在法律程序中抓住加密貨幣，但沒有新的資本承諾使投資者失望。

“The market perceived the summit as underwhelming and top cryptocurrencies dropped after it was revealed that the widely anticipated crypto reserve would only hold existing government holdings,” said Jeff Mei, chief operating officer at crypto exchange BTSE.

Crypto Exchange BTSE首席運營官Jeff Mei表示：“市場認為，眾多加密貨幣的競爭峰值下降了，據透露，人們普遍預期的加密儲備只能持有現有的政府持股。”

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The US currently owns about US$17 billion worth of Bitcoin and about US$400 million worth of several other tokens, largely attributable to asset forfeitures related to civil and criminal cases.

美國目前擁有價值約170億美元的比特幣和約4億美元的其他幾個代幣，這在很大程度上歸因於與民事和刑事案件有關的資產沒收。

Investors are rationally more bullish on crypto given recent developments such as the reduced US Securities and Exchange Commission enforcement, but other factors are more nuanced or even negative, said Ari Paul, co-founder of BlockTower Capital.

BlockTower Capital的聯合創始人Ari Paul表示，鑑於美國證券交易委員會的執法減少，但其他因素更為細微甚至是負面，投資者對加密貨幣的看法更為看好。

“The apparent capricious favouritism in the administration’s selection of assets for the strategic reserve – especially after the launching of Trump and Melania coins – is a strong deterrent to investors,” Paul said in a message. “It’s created the impression that the Trump administration is engaged in lobbying based selection and promotion of ‘insider’ assets, and that the cryptocurrency market today is largely a short-term trading casino,” he added.

保羅在一份信息中說：“在政府選擇戰略儲備的資產中，尤其是在特朗普和梅拉尼亞硬幣推出後，顯然具有反复無常的偏愛是對投資者的強烈威懾力。”他補充說：“這給人的印像是，特朗普政府從事基於遊說的'內部人士'資產的選擇和促進，而當今的加密貨幣市場在很大程度上是一個短期交易賭場。”

Crypto slump deepens as macro headwinds offset Trump push

當宏逆風抵消特朗普推動時，加密蓬勃發展加深

US regulator clears path for banks to engage in some crypto activities

美國監管機構清除了銀行從事一些加密活動的道路

Trump’s Bitcoin reserve disappoints market, weighs on crypto

特朗普的比特幣儲備使市場失望，重視加密貨幣

Backlash to crypto-reserve plan raises doubts on its prospects

加密儲備計劃的反彈引起了人們對其前景的懷疑

Since February, investors have withdrawn a net US$4.4 billion from the group of US Bitcoin ETFs, which played a key role in the token’s record run last year. The largest crypto asset is currently down about 28 per cent from its record high of US$109,241 and the broader crypto market has lost over US$1 trillion in market capitalisation from its peak, according to CoinGecko.

自2月以來，投資者已從美國比特幣ETF中撤回了44億美元的淨資金，該公司在去年的代幣紀錄中發揮了關鍵作用。根據Coingecko的說法，最大的加密資產目前比其創紀錄的109,241美元的創紀錄高度下降了約28％，而更廣泛的加密貨幣市場從高峰起就損失了超過1萬億美元的市值。

“Bitcoin could very well drop to the US$70,000-US$80,000 range in the coming week. Only when this tariff war ends and the Fed resumes cutting rates will top cryptocurrencies resume trending towards previous all-time highs,” Mei added.

“比特幣在下週很可能會降至70,000美元的$ 80,000範圍。只有當這場關稅戰爭結束並恢復削減速度時，最高加密貨幣才能恢復趨向於以前的歷史高潮。” Mei補充說。