隨著情感變化，市場的消滅惡化

加密貨幣市值總資本化跌幅為12.3％，至2.85萬億美元，這是最近幾個月最重要的單日損失之一。

Optimism over former President Trump's proposal for a strategic cryptocurrency reserve quickly faded as investors reassessed its feasibility, leading to widespread sell-offs and over $1 billion in liquidations.

隨著投資者重新評估其可行性，對特朗普前總統對戰略加密儲備儲備的提議的樂觀情緒迅速消失，導致廣泛拋售和超過10億美元的清算。

The total cryptocurrency market capitalization tumbled by 12.3% to $2.85 trillion, marking one of the most significant single-day losses in recent months. Bitcoin (BTC) fell by 9.8% to $83,694, while Ethereum (ETH) plummeted 14.8% to $2,083. XRP also saw a steep 17.7% decline, settling at $2.30. Other major altcoins, like Solana (SOL) and Cardano (ADA), suffered losses exceeding 20%.

加密貨幣市值總資本化跌幅為12.3％，至2.85萬億美元，這是最近幾個月最重要的單日損失之一。比特幣（BTC）下跌了9.8％，至83,694美元，而以太坊（ETH）下跌了14.8％，至2,083美元。 XRP也下降了17.7％，定居於2.30美元。其他主要山寨幣，例如Solana（Sol）和Cardano（ADA），損失超過20％。

The Ripple (XRP) price declined 13.64% in the last 24 hours at press time. Source: XRP Liquid Index (XRLX) via Brave New Coin

發稿時的最後24小時，波紋（XRP）的價格下跌了13.64％。資料來源：XRP液體指數（XRLX）通過勇敢的新硬幣

The sudden sell-off triggered a wave of liquidations, with CoinGlass data revealing that over 311,000 traders were affected. Total liquidations reached $1.08 billion, with Bitcoin accounting for $398.49 million, Ethereum $209.73 million, Solana $70.49 million, XRP $62.89 million, and Cardano $44.15 million.

突然的拋售引發了一波清算，其中包含的數據表明，超過311,000名交易者受到了影響。總清算率達到10.8億美元，比特幣核算為3.9849億美元，以太坊2.0973億美元，Solana $ 7049萬美元，XRP 6289萬美元，Cardano 4415萬美元。

Trump's Reserve Plan Stirs Debate

特朗普的後備計劃激發辯論

Trump's proposal for a strategic cryptocurrency reserve was initially met with enthusiasm, particularly among Bitcoin and Ethereum supporters. His Truth Social post announced that the reserve would include Bitcoin, Ethereum, XRP, Solana, and Cardano.

特朗普對戰略加密儲備儲備的提議最初充滿熱情，尤其是在比特幣和以太坊支持者中。他的真相社會職位宣布，該保護區將包括比特幣，以太坊，XRP，Solana和Cardano。

While Bitcoin and Ethereum were positioned as the foundation of the reserve, the inclusion of altcoins raised concerns about the plan's legitimacy and long-term viability.

雖然比特幣和以太坊被定位為儲備金的基礎，但替代幣的包括對該計劃的合法性和長期可行性引起了擔憂。

10x Research argues that Fed policy outweighs Trump’s crypto stance for Bitcoin’s price action. Source: 10X Research via X

10X研究認為，聯邦政府的政策超過了特朗普對比特幣的價格行動的加密立場。資料來源：10倍研究通過X

According to 10X Research, the market overreacted to Trump's post, and legislative approval could take months. "Rather than a genuine push for regulatory clarity, this rally appears to have been an opportunity for profit-taking," the analysts stated.

根據10倍研究，市場對特朗普的職位反應過度，立法批准可能需要幾個月的時間。分析師說：“這次集會似乎不是真正的監管清晰度，而是真正的盈利機會。”

Industry Leaders Express Skepticism

行業領導人表達懷疑

Several prominent figures in the crypto industry expressed skepticism towards Trump's plan. Among them was Anthony Pompliano, founder of Professional Capital Management, who criticized the initiative in a letter to investors.

加密貨幣行業的幾個著名人物表達了對特朗普計劃的懷疑。其中包括專業資本管理的創始人Anthony Pompliano，他在給投資者的信中批評了這一倡議。

"Even though Solana is our second-largest crypto position, this decision on a broad strategic reserve is an unforced error that could ultimately harm taxpayers," he wrote.

他寫道：“即使索拉納（Solana）是我們第二大加密貨幣的立場，但對廣泛戰略儲備的這一決定是一個非強制性的錯誤，最終可能會損害納稅人。”

Bitcoin is the only digital asset fit for a Strategic reserve, meeting the gold-like standard of hard money. Source: Tyler Winklevoss via X

比特幣是唯一適合戰略儲備的數字資產，達到了類似金色的硬錢標準。資料來源：Tyler Winklevoss通過X

The Winklevoss twins, co-founders of Gemini, also cast doubt on the reserve's structure. "Only Bitcoin meets the necessary criteria as a reserve asset," they stated on X, suggesting that the inclusion of altcoins added unnecessary risk.

雙子座的聯合創始人Winklevoss雙胞胎也對儲備的結構產生了懷疑。他們在X上說：“只有比特幣符合必要的標準作為儲備資產。”這表明替代幣的包含增加了不必要的風險。

"This combination of assets feels like a mashup of donor interests and economically irrational suggestions by Trump’s team. It’s economically illogical to hold illiquid, unrisky assets (gold) alongside risky, liquid assets (crypto). Both tranches should prioritize a single best-in-class asset, which is Bitcoin for the liquid tranche and potentially gold for illiquid tranche. This combo is a mess!" the twins added.

“這種資產的組合感覺就像是特朗普團隊的捐助者利益和經濟上不合理的建議。在經濟上不合邏輯地擁有不流動的，不打算的資產（黃金）以及有風險的液體資產（加密貨幣）。這兩個貿易都應優先考慮單個最佳級別的資產，這是對液體Tranche and Lime Limelly Is Myseiq for Myseiq for Myseiq for Myseiq for sy Is syblanch sy Is sybbor syblanch''''！”雙胞胎添加了。

Peter Schiff, a long-time Bitcoin critic, went even further, calling the proposal "the biggest crypto rug pull of all time." He urged Congress to investigate whether Trump's associates or donors benefited financially from the announcement.

長期的比特幣評論家彼得·希夫（Peter Schiff）走得更遠，稱該提案為“有史以來最大的加密地毯”。他敦促國會調查特朗普的同事或捐助者是否從宣布中受益。

Bitcoin Faces Its Worst February in a Decade

比特幣面臨十年來最糟糕的2月

The recent downturn adds to Bitcoin's struggles, which saw February close as one of its worst-performing months in history. Bitfinex analysts logged a 17.39% loss for Bitcoin, its steepest February drop since 2014. The decline, which saw Bitcoin fall 28.3% from its January high of $109,590, has been added to by massive withdrawals from Bitcoin ETFs, which amounted to $1.1 billion on February 25.

最近的衰退增加了比特幣的掙扎，該鬥爭使2月成為其歷史上最糟糕的幾個月之一。 Bitfinex分析師對比特幣的虧損17.39％，這是其2014年2月下降的最大下降。從1月份比特幣的高點下降了28.3％，從109,590美元下降了28.3％，這是由於比特幣ETF的大規模提款增加了，該比特幣在2月25日至25年2月25日增加了11億美元。

Bitcoin (BTC) price dropped 8.4% to $83,602 in the last 24 hours at press time. Source: Bitcoin Liquid Index (BLX) via Brave New Coin

在發稿時，比特幣（BTC）的價格下跌8.4％至83,602美元。資料來源：勇敢的新硬幣比特幣液體指數（BLX）

Historical data shows that Bitcoin generally performed well during February, with an average increase of 13.12% since 2013. The fall this year is the largest post-halving February drop ever, and it has investors concerned about the short-term trajectory of the asset.

歷史數據顯示，比特幣通常在2月份表現良好，自2013年以來的平均增長13.12％。今年秋季是有史以來最大的售後2月下降，它讓投資者擔心資產的短期軌跡。

Road to Recovery Hinges on Institutional Interest

恢復道路取決於機構利益

Bitcoin and the broader crypto market must get over the obstacle of recovering bullish momentum. Market analysts said that will depend on macroeconomic drivers,

比特幣和更廣泛的加密市場必須克服恢復看漲勢頭的障礙。市場分析師說，這將取決於宏觀經濟驅動力，