随着加密货币市场的变化，比特币下跌20,000美元

绝大多数加密货币市场的表面上是平坦的，该行业的领导者比特币（Bitcoin）克服了多年的怀疑，并一次又一次证明了其恢复能力，在上个月的价格上涨了20,000美元。

The vast majority of the cryptocurrency market is flat on its face, and Bitcoin (BTC), the industry’s leader that has overcome years of skepticism and proven its recovery abilities time and again, has lost $20,000 in its price in the last month.

绝大多数加密货币市场的面貌都持平，而比特币（BTC）是该行业的领导者克服了多年的怀疑，并一次又一次地证明了其恢复能力，在上个月的价格上涨了20,000美元。

BTC prices have been struggling since earlier this month, but dramatic plunges were more prominent recent days as various factors—from geopolitical woes to trade wars—beat down financial markets and in turn, affected crypto.

自本月初以来，BTC的价格一直在挣扎，但是最近几天，由于地缘政治困境到贸易战争的各种因素，剧烈的暴跌是更加突出的，却陷入了金融市场，并影响了加密货币。

Bitcoin's Dramatic Plunge from ATH

比特币的戏剧性暴跌

It was during the inauguration of U.S. President Donald Trump on Jan. 20 when Bitcoin hit its all-time high above $108,700 amid high hopes that the new administration will be much kinder to the crypto industry than its predecessor.

正是在1月20日美国总统唐纳德·特朗普（Donald Trump）的就职典礼上，当时比特币高于108,700美元以上，希望新政府对加密货币产业比其前任更加友善。

Ahead of inauguration, BTC already logged successive new all-time highs (ATH) until it settled for the Inauguration Day ATH.

在就职典礼之前，BTC已经登录了连续的新历史高峰（ATH），直到它定居为就职日ATH。

As things started to unravel with the new government and Trump reawakened his trade wars with several countries, Bitcoin’s price started to slow down, as per data from CoinGecko.

根据Coingecko的数据，随着新政府的情况开始消失，特朗普与几个国家一起唤醒了他的贸易战，比特币的价格开始放缓。

By Feb. 20, exactly a month after hitting its ATH, Bitcoin was down to $95,000 and by Monday, the world’s largest cryptocurrency by market cap made it clear it was on a path further down.

到2月20日，碰到ATH的一个月后，比特币降至95,000美元，到周一，全球最大的加密货币划分为市值，这显然已经走上了一条路。

As of early Wednesday, BTC is trading at around $88,000, some $20,000 down from its all-time high over a month ago.

截至周三初，BTC的交易价格约为88,000美元，一个月前的历史最高点下降了约20,000美元。

Why is Crypto Down?

为什么加密货币会下降？

Some analysts have said the reactions of the broader financial market to Trump’s tariffs, geopolitical tensions over Ukraine, and other political unrest in the U.S., could be to blame for the market downturn.

一些分析师表示，更广泛的金融市场对特朗普的关税，对乌克兰的地缘政治紧张局势以及美国其他政治动荡的反应可能是对市场下滑的责任。

However, crypto derivatives exchange FTX's head of institutional products, Canium D'Angelo, told Block in a recent interview that it’s "too early to tell" what factor is most influential in the market movements.

但是，加密衍生品交换了FTX机构产品负责人D'Angelo Can an Angelo在最近的一次采访中告诉Block，“太早说出”了哪些因素在市场上最有影响力。

D'Angelo isn't completely right or wrong. Crypto has suffered similar massive red days over the past decade, including the “crypto winter” after the collapse of crypto exchange FTX late in 2022. On the other hand, it could be safe to say the current market conditions may be prolonged or cut short depending on incoming huge, positive developments on crypto policy and big projects.

D'Angelo不是完全对还是错。在过去的十年中，加密货币遭受了类似的大规模红色日子，包括2022年底加密交易所FTX倒闭后的“加密冬季”。另一方面，可以肯定地说，当前的市场状况可能会延长或缩短取决于加密政策和大型项目的巨大，积极的发展。

It remains to be seen whether crypto will repeat history—plunging hard only to skyrocket to unprecedented highs—and if Bitcoin will see major shifts amid the U.S. Securities and Exchange Commission's (SEC) recent pivot toward a better crypto regulatory approach.

加密货币是否会重复历史（努力飞行到前所未有的高点）以及在美国证券交易委员会（SEC）最近对更好的加密监管方法的枢纽中看到重大转变还有待观察。