一段加密丑闻后，比特币（BTC）进入熊市

一系列加密丑闻，令人失望的政策更新以及一个大型黑客群体在本周帮助将比特币推向了熊市领域。

Cryptocurrency prices fell sharply this week, pushing bitcoin into bear market territory and erasing most of the gains achieved since President Donald Trump took office last year.

加密货币的价格本周急剧下跌，将比特币推向熊市领土，并删除自去年唐纳德·特朗普总统上任以来所取得的大部分收益。

The aggressive sell-off has pushed the price of the top token down as much as 23.4% from January's record price of $109,350. By Wednesday afternoon, bitcoin fell to an intraday low of $83,740.

积极的抛售使顶级代价的价格降低了一月份的创纪录价格109,350美元的价格高达23.4％。到周三下午，比特币落下了83,740美元的盘中低点。

A 20% decline from the most recent peak is the technical definition of a bear market, and the sharp drop marks a major turnaround for an asset that, just a month ago, was shattering all-time highs as it rode a wave of bullish momentum.

与最近的高峰相比，熊市的技术定义下降了20％，而急剧的下降标志着资产的主要周转，仅一个月前，它却震惊了一阵看涨的势头。

Instead, a series of factors have damaged confidence in the crypto sector, sparking investor flight. On Tuesday, spot bitcoin ETFs hemorrhaged a record amount of funds in one day: outflows reached over $1.1 billion, according to Farside data.

取而代之的是，一系列因素损害了对加密货币领域的信心，从而引发了投资者的飞行。根据Farside数据，周二，现场比特币ETF在一天之内大量资金出血：流出量超过11亿美元。

"These types of losses rarely end well and I still think the big capitulation is yet to come," Geoff Kendrick, head of digital assets research at Standard Chartered, said in written commentary Wednesday.

“这些类型的损失很少结束，我仍然认为大量投降尚未到来，”标准Chartered数字资产研究负责人杰夫·肯德里克（Geoff Kendrick）在周三的书面评论中说。

A day prior, he warned that bitcoin's price could drop as low as $80,000, though others predict the decline could go as far as $71,000.

前一天，他警告说，比特币的价格可能会低至80,000美元，尽管其他人预测下降可能会增加71,000美元。

The apex cryptocurrency first lost its footing after investors grew disappointed by policies enacted so far by the Trump administration. Though the new White House ran on an crypto-friendly platform, traders hoped for more immediate and aggressive policy actions to uplift the sector.

在投资者对特朗普政府迄今为止制定的政策感到失望之后，Apex加密货币首先失去了立足点。尽管新的白宫在一个对加密货币友好的平台上运行，但交易者希望采取更直接，积极进取的政策行动来提升该行业。

Rather, one of President Donald Trump's earliest crypto actions was the creation of a memecoin, whose price swings cost some investors millions. Industry insiders have expressed dismay at the launch, while others have blamed it for accelerating a memecoin gambling trend that is eroding trust in crypto. Celebrities, and even Argentine president Javier Milei, have fallen into hot water for promoting volatile memecoins.

相反，唐纳德·特朗普（Donald Trump）总统最早的加密行动之一是创造了一个成员，其价格波动损失了一些投资者数百万。行业内部人士在发布会上表示沮丧，而其他人则指责它加速了一种侵蚀加密信任的纪念赌博趋势。名人，甚至阿根廷总统哈维尔·米利（Javier Milei），都因促进挥发性的成员而陷入热水中。

A broad risk-off sentiment is also to blame for bitcoin's slump, made worse by last week's nearly $1.5 billion hack of the crypto-exchange Bybit.

对比特币的低迷也应归咎于广泛的风险情绪，上周近15亿美元的加密交换bybit的票房更糟。

Things have been particularly painful for altcoins, as well. Most have completely erased Trump-led gains, according to 21Shares research strategist Matt Mena.

对于Altcoins来说，事情也特别痛苦。根据21Shares研究策略师Matt Mena的说法，大多数人已经完全消除了特朗普领导的收益。

"The total crypto market cap (excluding BTC, ETH, and stablecoins) peaked at $1 trillion in December but has since fallen to $600 billion," he wrote Tuesday.

他在周二写道：“加密货币市值（不包括BTC，ETH和Stablecoins）在12月达到1万亿美元的峰值，但此后已跌至6000亿美元。”

The throng of headwinds has pulled the cryptocurrency Fear and Greed index to 21, or just around "extreme fear" territory. Though FxPro chief market analyst Alex Kuptsikevich considers this a necessary pullback for "greedy speculators" to enter the market, it's now a question of whether such investors have the courage to start buying crypto.

逆风的人群将加密货币的恐惧和贪婪的指数提升到21，或者只是在“极端恐惧”领域附近。尽管FXPRO首席市场分析师Alex Kuptsikevich认为这是“贪婪投机者”进入市场的必要回调，但现在是一个问题，即此类投资者是否有勇气开始购买加密货币。

However deep the bitcoin correction ultimately proves to be, long-term optimism is still high.

无论比特币校正最终被证明是很高的，长期的乐观仍然很高。

Mena noted that on-chain signals still suggest an early-to-mid bull cycle, and pointed out that crypto bull markets typically end when leverage is excessive and bitcoin dominance slides. So far, the latter has risen to 62%, as altcoins underperform.

MENA指出，链链信号仍然表明是一个早期到中间的牛周期，并指出加密牛市通常会在杠杆率过高和比特币优势幻灯片时结束。到目前为止，后者已上升到62％，因为Altcoins的表现不佳。