随着加密货币市场下跌，比特币努力保持其信誉

随着比特币努力在受灾投资者面前保持信誉，整个加密货币市场正陷入令人担忧的螺旋式趋势。

As bitcoin price struggles to regain credibility with distressed investors, the crypto market is plunging into a worrying spiral. The total capitalization at a level not seen since November 2021 attests to a multifaceted crisis.

随着比特币的价格努力恢复不良投资者的信誉，加密货币市场正陷入令人担忧的螺旋式上。自2021年11月以来未见水平的总资本化证明了多方面的危机。

General crash: hacking, memecoins, and macroeconomic panic

一般崩溃：黑客，成员和宏观经济恐慌

The drop is staggering. In 24 hours, bitcoin lost 8%, hovering around $86,700, its lowest since November 2021. Ether, Solana, and XRP are following the same trajectory, with declines of 8 to 10%.

下降令人惊叹。在24小时内，比特币损失了8％，徘徊在86,700美元左右，是2021年11月以来最低的。Ether，Solana和XRP遵循相同的轨迹，下降了8％至10％。

But behind these figures lie key events. Last Friday, the Lazarus group, the cyber arm of North Korea, siphoned $1.5 billion in ETH and tokens from Bybit – the largest hack of a centralized platform. A shock for an already fragile ecosystem.

但是这些数字的背后是关键事件。上周五，朝鲜的网络部门拉撒路集团（Lazarus Group）从北韩国的网络部门（ETH）偷偷地获得了15亿美元的ETH，并从拜比特（Bybit）（bybit）（中央集中式平台最大的黑客攻击）中汲取了资金。对已经脆弱的生态系统的震惊。

In the wake, memecoins, those speculative cryptocurrencies based on memes, have imploded. The LIBRA, promoted by Argentine President Javier Milei, lost 95% of its value in just a few hours, wiping out $4.5 billion.

在临近的情况下，模因，基于模因的那些投机加密货币已经崩溃了。天秤座由阿根廷总统贾维尔·米利（Javier Milei）促进，在短短几个小时内损失了其价值的95％，消耗了45亿美元。

A tough blow for retail investors, often drawn to these high-risk assets. “What the market is digesting is the end of the memecoin era,” analyzes Matt Hougan, CIO of Bitwise. A finding shared by Binance: “Corrections are moments when seasoned investors reposition themselves,” tempers Richard Teng, CEO of the exchange.

对于零售投资者来说，这是一个艰难的打击，通常被这些高风险资产所吸引。 Bitwise的CIO Matt Hougan分析：“市场正在消化的是模因时代的终结。” Binance分享的这一发现：“更正是经验丰富的投资者本身重新定位的时刻，”交易所首席执行官Tempers Richard Teng。

But the crisis does not stem only from crypto. Donald Trump’s statements about new tariffs have triggered widespread risk aversion. U.S. Bitcoin ETFs are recording $516 million in net outflows in a single day, and liquidations on futures contracts reached $227 million on Monday – the third record in six months.

但是危机并不仅仅源于加密货币。唐纳德·特朗普（Donald Trump）关于新关税的陈述引发了普遍的风险规避。美国比特币ETF在一天之内记录了5.16亿美元的净流出，期货合约的清算周一达到2.27亿美元，这是六个月内的第三次记录。

Bitcoin in resistance: strengthened dominance in a bloodless market

抵抗的比特币：在无流血市场中加强优势

Despite the turmoil, bitcoin shows relative resilience. Its dominance has risen from 41% in 2021 to 61% today, according to CoinGecko. A trend that underscores its status as a safe haven amidst the collapse of altcoins. Non-top 10 assets have seen their market share collapse from 25% to 9% in three years. Evidence that investors are fleeing speculation to retreat to the king asset.

尽管动荡，比特币表现出相对的弹性。根据Coingecko的数据，它的主导地位已从2021年的41％增加到61％。这种趋势强调了其在山寨币崩溃中作为避风港的地位。非顶级10资产的市场份额在三年内从25％降至9％。投资者逃离国王资产的证据。

This strength, however, hides a less glorious reality. Bitcoin is caught between the fall of memecoins and macroeconomic mistrust. Hopes are now pinned on institutional adoption, stablecoins, and a DeFi 2.0. But these levers struggle to compensate for the collapse of speculative niches.

然而，这种力量隐藏了一个不太光荣的现实。比特币陷入了纪念因素和宏观经济的不信任之间。希望现在可以固定在机构采用，稳定币和DEFI 2.0上。但是这些杠杆努力弥补投机壁ches的崩溃。

Another glimmer of hope: regulators seem to be loosening the vise. The SEC has closed its investigations into Uniswap Labs, Coinbase, and Robinhood – a positive signal after years of tug-of-war. A crucial development to restore confidence, but one that comes late in the face of the capital hemorrhage.

另一个希望：监管机构似乎正在放松虎钳。 SEC已关闭了对Uniswap Labs，Coinbase和Robinhood的调查，这是拔河数年后的积极信号。恢复信心的关键发展，但面对首都出血后很晚。

The 12% of bitcoin investors at a loss are just the tip of the iceberg. The market is undergoing a necessary purge, sweeping away excesses and hollow promises. Memecoins, hacks, and macroeconomic shocks have exposed the vulnerabilities of an still immature ecosystem, while China injects 300 billion yuan into its banking system through an MLF operation.

亏损的12％的比特币投资者只是冰山一角。市场正在经历必要的清除，扫除过剩和空心承诺。纪念因素，黑客和宏观经济冲击暴露了仍然不成熟的生态系统的脆弱性，而中国通过MLF运营将3000亿元人民币注入其银行系统。

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Fascinated by Bitcoin since 2017, Evariste has continuously researched the subject. While his initial interest was in trading, he now actively seeks to understand all advances centered on cryptocurrencies. As an editor, he strives to consistently deliver high-quality work that reflects the state of the sector as a whole.

自2017年以来，Evariste着迷于比特币，不断研究该主题。尽管他最初的兴趣是交易，但他现在积极寻求了解以加密货币为中心的所有进步。作为一名编辑，他努力始终如一地提供反映整个行业状态的高质量工作。