“比特币的史诗般的暴跌，有70万人清算，超过312

根据CNBC的说法，2月3日，加密货币在周日经历了安全的趋势，在美国总统唐纳德·特朗普（Donald Trump）对加拿大，墨西哥和中国征收了长期以来的进口关税之后，急剧暴跌。

Cryptocurrencies took a safe-haven trend on Sunday, experiencing a steep decline after U.S. President Donald Trump followed through on long-threatened import tariffs on Canada, Mexico and China, according to CNBC.

据CNBC称，加密货币在周日采用了避风港趋势，在美国总统唐纳德·特朗普（Donald Trump）遵循对加拿大，墨西哥和中国长期以来的进口关税之后，经历了急剧下降。

The latest plunge was 7% to $93,768.66, according to Coin Metrics data. The CoinDesk 20 index, which measures the 20 largest digital assets by market value, fell 19%. Ethereum dropped 25% to its lowest since November.

根据硬币指标数据，最新的暴跌是7％至93,768.66美元。 Coindesk 20指数衡量了20个最大的数字资产按市场价值估计的指数下降了19％。以太坊降至11月以来最低的25％。

Over the past 24 hours, the total liquidation across the entire network was $2.119 billion, of which $1.78 billion was on long orders and $270 million was on short orders, according to Coinglass data. A total of 718,513 people were liquidated worldwide. The largest single liquidation occurred on Binance-ETHBTC, valued at $25.635 million.

根据Coinglass Data的数据，在过去的24小时内，整个网络的总清算为21.9亿美元，其中17.8亿美元的长期订单为17.8亿美元，而2.7亿美元的短期订单则为订单。全球总共有718,513人被清算。最大的单一清算发生在Binance-EthBTC上，价值256.35亿美元。

On March 12, 2020, the crypto market experienced a short-term rapid plunge. At that time, more than 100,000 people were liquidated. According to Coin data, on March 12, within just 24 hours, more than 100,000 people were liquidated on the entire network. The largest single liquidation occurred on Huobi, with BTC worth about 58.32 million US dollars, and the total amount of liquidation on the entire network was 2.93 billion US dollars.

2020年3月12日，加密货币市场经历了短期快速跌幅。当时，有100,000多人被清算。根据硬币数据，3月12日，在短短24小时内，整个网络上清算了100,000多人。最大的一次清算发生在Huobi上，BTC价值约5832万美元，整个网络的清算总量为293亿美元。

The decline in U.S. goods came after Trump signed an order imposing a 25% tariff on Mexican and Canadian imports and a 10% tariff on China, which will take effect on Tuesday, according to CNBC. U.S. trade with the three countries is about $1.6 trillion.

据CNBC称，美国商品的下降是在特朗普签署命令后对墨西哥和加拿大进口征收25％关税的命令，并对中国征收10％的关税，这将于周二生效。美国与这三个国家的贸易约为1.6万亿美元。

Many people are asking why BTC fell so much because of the tariff news, said Jim Bianco, founder of Bianco Research. Because BTC is a speculative asset. It is 2x QQQ (if not, it is 3x). After the stock opened, the S&P futures opened down 117 points, a drop of 1.9%. Remember last Monday, Deepseek also caused the S&P index to fall 100 points, a drop of 1.5%, and NDX futures opened down 600 points, a drop of 2.95%.

Bianco Research的创始人吉姆·比安科（Jim Bianco）说，许多人问为什么BTC会因为关税新闻而跌倒。因为BTC是投机资产。它是2x QQQ（如果不是，则为3倍）。股票开盘后，标准普尔期货（S＆P Futures）下跌了117点，下降了1.9％。请记住，上周一，DeepSeek还导致标准普尔指数下跌100点，下降1.5％，NDX Futures下跌了600点，下降了2.95％。

An ongoing tariff war would be “terrific” for Bitcoin in the long run as the dollar and U.S. interest rates would eventually weaken, said Jeff Park, head of alpha strategies at Bitwise Asset Management.

Bitwise Asset Management的Alpha Strategions负责人Jeff Park表示，从长远来看，一场持续的关税战争对于比特币来说将是“很棒的”。

In Jeff Park's view, to understand the current tariff issue, we must consider two backgrounds: one is the curse of Triffin's dilemma; the other is Trump's personal goals. By analyzing these two backgrounds, the final result becomes clear: tariffs may only be a temporary measure, but the final conclusion is that Bitcoin will not only go higher, but also go faster.

杰夫·帕克（Jeff Park）认为，要了解当前的关税问题，我们必须考虑两个背景：一个是特里芬（Triffin）困境的诅咒；另一个是特朗普的个人目标。通过分析这两个背景，最终结果变得很明确：关税可能只是临时措施，但最终的结论是，比特币不仅会更高，而且更快。

First, the Triffin Dilemma: The dollar’s status as a reserve currency gives the US “exorbitant privileges” in financial transactions/trade, which has a few effects: 1) the dollar is structurally overvalued because other countries need to hold dollars as reserves in an inelastic way; 2) the US must continue to run trade deficits in order to provide these dollars to the world; 3) the US government can therefore continue to borrow at a lower rate than it should. The US wants to keep point 3 but get rid of points 1 and 2 - how? The answer is tariffs.

首先，特里芬（Triffin）困境：美元的储备货币状况使美国在金融交易/贸易中“过高的特权”，这有一些影响：1）美元在结构上被高估，因为其他国家需要将美元持有作为储备金作为储备金无弹性的方式； 2）美国必须继续经营贸易赤字，以便向世界提供这些美元； 3）因此，美国政府可以继续以比应有的比率更低。美国想保留第3点，但要摆脱第1和2 - 如何？答案是关税。

Recognize that tariffs are often temporary negotiating tools to achieve objectives. The ultimate goal is to seek a multilateral agreement to weaken the dollar, essentially a Plaza Accord 2.0. A hypothetical scenario is that the United States explicitly states that countries must reduce their dollar reserves while requiring them to further extend the duration of their holdings of US Treasuries. In other words, Trump is trying to find a "YCC, not YCC" strategy within the executive branch. Bessant no doubt agrees with this because he realizes that Yellen has left him a bag of garbage. Yellen's legacy is to almost permanently impair the Treasury's ability to manage duration by doubling the debt financing ratio (adding false liquidity), leaving the United States at the mercy of refinancing when interest rates start to rise. The cost to the US taxpayer cannot be underestimated.

认识到关税通常是实现目标的临时谈判工具。最终目标是寻求多边协议以削弱美元，本质上是广场协议2.0。一个假设的情况是，美国明确指出，各国必须减少美元储备，同时要求他们进一步延长其对美国国债的持续时间。换句话说，特朗普正试图在行政部门中找到“ YCC，而不是YCC”策略。 Bessant毫无疑问同意这一点，因为他意识到Yellen给了他一袋垃圾。耶伦（Yellen）的遗产几乎是永久性地损害财政部通过债务融资比率加倍（增加虚假流动性）来管理持续时间的能力，而当利率开始上升时，美国就受到了再融资。不能低估美国纳税人的费用。

The US is thus paving the way to the holy grail of fiat money alchemy: lower dollars and lower yields.

因此，美国正在铺平道路通往法定金钱的圣杯：较低的美元和较低的收益率。

This leads to the second point: Having said this before, Trump’s primary goal is to lower the 10-year rate because his own wealth depends on it: real estate. His obsession with Powell cutting short rates, then realizing it wasn’t working, was the catalyst. Never doubt the pure, transparent, profit-driven motives

这导致了第二点：以前说过，特朗普的主要目标是降低10年的利率，因为他的财富取决于它：房地产。他对鲍威尔（Powell）降低短率的痴迷，然后意识到这是不起作用的，这是催化剂。永远不要怀疑纯粹，透明，以利润为驱动的动机