随着市场动态的转变和比特币减半临近，山寨币继续下跌

Ethena (ENA)、Celestia (TIA) 和 Cosmos (ATOM) 等山寨币周二价格大幅下跌，延续了近几周两位数下跌的趋势。促成因素包括加密恐惧和贪婪指数的消退，表明从极端贪婪转向更加中立的立场。

Altcoin Plunge Continues Amidst Shifting Market Landscape and Halving Countdown

在市场格局变化和减半倒计时中，山寨币继续暴跌

The crypto market has witnessed a sustained downturn in recent weeks, with altcoins experiencing significant price declines. Ethena (ENA), Celestia (TIA), and Cosmos (ATOM) have all retraced double-digit percentages, dragging their values down to $1, $10.2, and $8.05, respectively, as of Tuesday morning.

最近几周，加密货币市场持续低迷，山寨币价格大幅下跌。截至周二上午，Ethena (ENA)、Celestia (TIA) 和 Cosmos (ATOM) 均出现两位数百分比回撤，将其股价分别拉低至 1 美元、10.2 美元和 8.05 美元。

Fear and Greed Index Signals Waning Optimism

恐惧和贪婪指数表明乐观情绪减弱

A deeper examination reveals a correlation between the market's current bearish sentiment and the Crypto Fear and Greed Index, which has descended from an extreme greed zone of 88 a few weeks ago to a more subdued reading of 60, indicating greed. Analysts anticipate a further transition to the neutral phase in the upcoming weeks.

更深入的研究揭示了市场当前的看跌情绪与加密货币恐惧和贪婪指数之间的相关性，该指数已从几周前的极端贪婪区域 88 降至较为温和的 60，表明贪婪。分析师预计未来几周将进一步过渡到中性阶段。

Factors Driving the Downturn

推动经济衰退的因素

Multiple factors have been identified as contributors to the altcoin crash. Firstly, the Federal Reserve's cautious stance on interest rates has cast doubts on the likelihood of an early rate cut. The robust performance of the US economy and persistently elevated inflation levels have prompted the Fed to maintain its current policy.

多种因素已被确定为导致山寨币崩盘的因素。首先，美联储对利率的谨慎立场让人对提前降息的可能性产生怀疑。美国经济的强劲表现和持续走高的通胀水平促使美联储维持当前政策。

Data released recently confirmed an uptick in American inflation, reaching 3.5% in March, while retail sales continued to surge. Unemployment has also retreated to 3.8%. Consequently, the options market suggests that the Fed is unlikely to implement as many rate cuts as initially anticipated.

最近公布的数据证实美国通胀率上升，3 月份达到 3.5%，而零售销售继续飙升。失业率也回落至 3.8%。因此，期权市场表明美联储不太可能像最初预期的那样实施那么多降息。

Moreover, there are indications that other central banks may opt for earlier rate cuts than the Fed. The Swiss National Bank (SNB) has already lowered rates, and major banks such as the European Central Bank (ECB) and the Bank of England (BoE) are expected to follow suit in June.

此外，有迹象表明其他央行可能会选择比美联储更早降息。瑞士国家银行 (SNB) 已降低利率，欧洲央行 (ECB) 和英格兰银行 (BoE) 等主要银行预计将在 6 月份跟进。

Secondly, the approaching Bitcoin halving event, scheduled to occur within the next three days, is believed to be exerting a downward pressure on altcoin prices. Historically, Bitcoin has tended to experience price fluctuations both before and after its halving events. Altcoins, which often move in tandem with Bitcoin, are likely to follow suit.

其次，预计将在未来三天内发生的比特币减半事件即将到来，据信将对山寨币价格施加下行压力。从历史上看，比特币在减半事件前后往往会经历价格波动。通常与比特币同步波动的山寨币很可能会效仿。

Thirdly, the surge in the US dollar's value and the rise in the VIX volatility index over the past few weeks have contributed to the altcoin sell-off. The dollar index has reached $106.3, while the VIX has approached $20, a significant increase of over 60% from its lowest point this year.

第三，过去几周美元价值的飙升和VIX波动率指数的上升导致了山寨币的抛售。美元指数已达106.3美元，VIX指数已逼近20美元，较今年最低点大幅上涨60%以上。

This uptick in volatility has led investors to withdraw from riskier assets such as cryptocurrencies and stocks. The Dow Jones and S&P 500 indices have both recorded declines in recent weeks, with the Dow Jones losing over 200 points on Monday after a 500-point loss on Friday.

波动性的上升导致投资者撤出加密货币和股票等风险较高的资产。道琼斯指数和标准普尔 500 指数近几周均录得下跌，道琼斯指数继周五下跌 500 点后，周一又下跌 200 多点。

Concerns Over Ethena's USDe Stablecoin

对 Ethena 的 USDe 稳定币的担忧

Adding to the market's unease are ongoing concerns surrounding Ethena, one of the fastest-growing cryptocurrencies. Investors have raised questions about the stability of the USDe stablecoin, which is backed by algorithms rather than fiat currencies. This mechanism, similar to the recently collapsed Terra USD, could potentially fail, leaving investors vulnerable to losses.

围绕增长最快的加密货币之一 Ethena 的持续担忧加剧了市场的不安。投资者对 USDe 稳定币的稳定性提出了质疑，该稳定币由算法而不是法定货币支持。这种机制与最近崩溃的 Terra USD 类似，可能会失败，从而使投资者容易遭受损失。