Coinbase（硬币）股票在Q1 2023中下降了30％以上，仅表现不佳。

Coinbase（Coin）的股票是美国最大的加密交易所，在年度第一季度（第1季度）的股票大幅下降，这主要是由于对美国经济的担忧及其对数字资产的影响升级。

Shares of Coinbase (NASDAQ:COIN), the largest crypto exchange in the US, have faced significant declines during the first quarter (Q1) due to escalating concerns about the US economy and their impact on digital assets.

Coinbase（NASDAQ：COIN）的股票是美国最大的加密货币交易所，由于对美国经济的担忧及其对数字资产的影响，第一季度（Q1）的股票在第一季度（Q1）的股票面临大幅下降。

Coinbase And Others Face Increased Volatility

Coinbase和其他人面临的波动性增加

According to Bloomberg, Coinbase’s stock has dropped more than 30% since the beginning of the quarter, marking its worst performance since the collapse of the FTX exchange in late 2022. This decline is rendering it the subject of significant sell-off pressure.

据彭博社称，自本季度初以来，Coinbase的股票已下跌了30％以上，这标志着自2022年后FTX交易所倒闭以来其最糟糕的表现。这种下降使其成为巨大抛售压力的主题。

The decrease in Coinbase’s share price is steeper compared to nearly all major crypto-linked stocks, including Galaxy Digital Holdings (OTC:GDMGY) (GLXY.TO), Riot Platforms (NASDAQ:RIOT), and Core Scientific (NYSE:CORZ).

与几乎所有主要的加密货币股票（包括Galaxy Digital Holdings（OTC：GDMGY）（GLXY.TO），RIOT平台（NASDAQ：RIOT）和核心科学（NYSE：CORZ）在内，Coinbase股价的下降幅度更高。

The cryptocurrency market itself is experiencing turmoil, with Bitcoin (BTC) falling over 20% from its all-time high and Ethereum (ETH) plummeting more than 45% in value. These shifts come amid President Donald Trump’s escalation of a “global trade war,” which has stirred fears about the health of the country’s economy. Economic data has exacerbated these concerns, pushing the S&P 500 Index (GSPC) toward its worst quarter since mid-2022.

加密货币市场本身正在遭受动荡，比特币（BTC）的历史高高和以太坊（ETH）的价值下降了超过45％。这些转变是在唐纳德·特朗普总统升级“全球贸易战”的情况下发生的，这激起了人们对该国经济健康的担忧。经济数据加剧了这些问题，将标准普尔500指数（GSPC）推向了自2022年中以来最糟糕的季度。

Oppenheimer analyst Owen Lau noted that many within the cryptocurrency community recognize that the current market conditions are not primarily driven by fundamental factors. Instead, Lau emphasized that macroeconomic issues—such as tariffs and the potential trade war—are influencing investor sentiment significantly.

Oppenheimer分析师Owen Lau指出，加密货币社区中的许多人都认识到，当前的市场状况并非主要由基本因素驱动。取而代之的是，劳强调，宏观经济问题（例如关税和潜在的贸易战）极大地影响了投资者的情绪。

The looming threat of a recession has reportedly added to the unease, causing higher-risk crypto-linked stocks to be even more volatile than Bitcoin itself. Lau explains that investments in companies like Coinbase carry additional risks, including the potential for bankruptcy, allegedly making them particularly susceptible to swift sell-offs.

据报道，经济衰退的迫在眉睫的威胁增加了不安，导致高风险的加密货币股票比比特币本身更波动。 Lau解释说，Coinbase等公司的投资具有额外的风险，包括破产的潜力，据称使它们特别容易受到迅速抛售的影响。

Cryptocurrency Market Struggles To Rebound

加密货币市场努力反弹

The current state of the cryptocurrency market is a stark contrast to the optimism that prevailed at the start of the year, following Trump’s election. Bitcoin reached a record high of over $109,000 on Inauguration Day.

加密货币市场的当前状态与特朗普当选后年初盛行的乐观情绪形成了鲜明的对比。在就职典礼当天，比特币达到了创纪录的109,000美元。

Earlier this month, Bitcoin prices fell after Trump announced a strategic reserve for the market’s leading crypto but did not allocate taxpayer funds to expand it. As of now, Bitcoin trades around $83,000, still above pre-election levels but far from its peak.

本月早些时候，特朗普宣布了该市场领先的加密货币的战略储备，但没有分配纳税人资金来扩大它，比特币价格下跌。截至目前，比特币的交易约为83,000美元，仍高于选举前的水平，但远离其顶峰。

While shares of various crypto-related companies surged following the election, Coinbase and crypto miners have since relinquished those gains. Notably, Micro Strategy (NASDAQ:MSTR) is among the few stocks in the sector that have managed to remain in positive territory since November 5.

尽管大选后，与加密相关的各种公司的股票飙升，但Coinbase和Crypto Miners此后已经放弃了这些收益。值得注意的是，自11月5日以来，微观战略（NASDAQ：MSTR）是该行业中少数一直保持积极领域的股票之一。

Despite the downturn, the cryptocurrency industry continues to gain influence in Washington and is moving closer to integration with traditional financial systems. However, this growing power has yet to translate into a market rebound.

尽管经济低迷，但加密货币行业仍在华盛顿增强影响力，并正在更接近与传统金融系统的融合。但是，这种不断增长的力量尚未转化为市场反弹。

Connor Loewen, a cryptocurrency analyst at 3iQ, expressed skepticism about the current state of investor sentiment, stating, “What we saw a couple of months ago, I don’t know how much crazier it can get than that. I think we’re going to have to be looking for new catalysts.”

3IQ的加密货币分析师Connor Loewen对当前的投资者情绪表示怀疑，他说：“我们几个月前我们看到的是，我不知道它会比这更疯狂。我认为我们将不得不寻找新的催化剂。”