利率不确定性抑制涨势，比特币下跌

周五，比特币从近期跌势中部分恢复，交易价格为 66,120.5 美元。然而，其复苏受到对美国利率担忧的阻碍，由于地缘政治紧张局势、台湾地震以及利率持续走高的可能性，美元和其他避险资产仍然受到青睐。

Bitcoin Stumbles as Persistent Uncertainty Over Interest Rates Dampens Recovery

由于利率的持续不确定性阻碍了复苏，比特币陷入困境

In a tumultuous trading session marked by heightened global uncertainty, Bitcoin's recovery from recent losses faltered on Friday. The world's largest cryptocurrency, which had briefly rallied earlier in the week, retreated as the specter of higher-for-longer U.S. interest rates continued to weigh on sentiment.

在全球不确定性加剧的动荡交易时段中，比特币从近期跌势中恢复的势头在周五出现了动摇。由于美国利率长期走高的担忧继续打压市场情绪，本周早些时候曾短暂上涨的全球最大加密货币出现回落。

Geopolitical Jitters and Hawkish Fed Comments Weigh Down Risk Appetite

地缘政治不安和美联储鹰派言论打压风险偏好

The market's flight to safety was evident as an earthquake in Taiwan, escalating tensions in the Middle East, and relentless hawkish rhetoric from Federal Reserve officials eroded investor appetite for risk. The dollar strengthened, while gold prices hovered near record highs as investors sought haven assets.

随着台湾地震、中东紧张局势升级以及美联储官员无情的强硬言论削弱了投资者的风险偏好，市场明显转向避险资产。美元走强，而随着投资者寻求避险资产，金价徘徊在历史高位附近。

Bitcoin's Weekly Decline Looms on Horizon

比特币每周下跌即将来临

Over the past five days, Bitcoin has shed approximately 3%, putting it on track for a weekly loss. This downward spiral reflects the broader weakness in equity markets and other risk assets, which have stumbled in the face of heightened volatility.

过去五天里，比特币下跌了约 3%，有望每周下跌。这种螺旋式下降反映了股市和其他风险资产的普遍疲软，这些资产在波动性加剧的情况下陷入了困境。

ETF Momentum Slows, Nonfarm Payrolls Exceed Expectations

ETF势头放缓，非农就业人数超出预期

The initial surge in capital inflows into recently approved Bitcoin exchange-traded funds (ETFs) has waned in recent weeks, mirroring a decline in trading activity. This trend has contributed to Bitcoin's inability to sustain its momentum.

最近几周，流入最近批准的比特币交易所交易基金（ETF）的资本最初激增，这反映出交易活动的下降。这种趋势导致比特币无法维持其势头。

However, the key catalyst for Friday's downturn was the release of nonfarm payroll data that exceeded market expectations. The U.S. economy added a robust 303,000 jobs in March, significantly surpassing the forecast of 200,000. This economic strength raises the prospect of continued monetary tightening, which weighs heavily on Bitcoin's price.

然而，周五经济低迷的关键催化剂是超出市场预期的非农就业数据。美国经济 3 月份新增就业岗位 30.3 万个，大幅超过预期的 20 万个。这种经济实力增加了货币持续紧缩的可能性，这对比特币的价格造成了沉重压力。

Ethereum Lags, XRP Rebounds Amid Regulatory Scrutiny

以太坊滞后，XRP 在监管审查中反弹

In the altcoin space, Ethereum underperformed its peers, declining by 2.6%. The Securities and Exchange Commission (SEC) is reportedly preparing its decision on spot ETFs for Ethereum, while also investigating whether the cryptocurrency qualifies as a security.

在山寨币领域，以太坊的表现落后于同行，下跌了 2.6%。据报道，美国证券交易委员会 (SEC) 正在准备对以太坊现货 ETF 做出决定，同时还在调查该加密货币是否符合证券资格。

XRP, on the other hand, rebounded from a one-month low, gaining 0.7%. However, the token's outlook remains clouded by the ongoing legal battle between the SEC and Ripple Labs.

另一方面，XRP 从一个月低点反弹，上涨 0.7%。然而，由于 SEC 和 Ripple Labs 之间正在进行的法律斗争，该代币的前景仍然蒙上阴影。

Crypto Derivatives Trading Hits Record High, But Market Share Declines

加密货币衍生品交易创历史新高，但市场份额下降

Despite the overall market weakness, crypto derivatives trading volumes surged to a record high of $6.18 trillion in March. This meteoric rise suggests a shift towards more sophisticated trading strategies.

尽管市场整体疲软，但 3 月份加密货币衍生品交易量仍飙升至 6.18 万亿美元的历史新高。这种迅速增长表明转向更复杂的交易策略。

However, despite the growth in derivatives volumes, their market share declined for the sixth consecutive month, falling to 67.8%. This trend indicates a growing preference for spot trading, where cryptocurrencies are exchanged immediately.

然而，尽管衍生品交易量有所增长，但其市场份额连续第六个月下降，降至 67.8%。这一趋势表明人们越来越倾向于现货交易，因为加密货币可以立即进行交易。

Conclusion

结论

The persistent uncertainty over U.S. interest rates and the broader geopolitical turmoil have cast a pall over the cryptocurrency market, halting Bitcoin's recovery. Ethereum's underperformance and regulatory scrutiny of XRP add to the challenges facing the industry. While derivatives trading has reached new heights, it remains to be seen whether this trend can offset the decline in market share and support the long-term growth of the crypto asset class.

美国利率的持续不确定性和更广泛的地缘政治动荡给加密货币市场蒙上了阴影，阻碍了比特币的复苏。以太坊的表现不佳和 XRP 的监管审查增加了该行业面临的挑战。尽管衍生品交易已达到新的高度，但这种趋势是否能够抵消市场份额的下降并支持加密资产类别的长期增长还有待观察。