加密市场崩溃，当关税触及和通货膨胀恐惧返回

加密货币市场在周日晚些时候发生破烂之后，交易者意识到在全球股票市场周一上午开放之前不会有关税缓刑。

The crypto market crashed late Sunday night after traders realized there wouldn't be a tariff reprieve before global stock markets opened Monday morning.

在交易者意识到在全球股票市场周一上午开放之前，加密货币市场在周日晚上坠毁。

Bitcoin (CRYPTO:BTC) fell below $100,000 and looked like it could break $90,000 before bouncing a bit. As of 10:00 a.m. ET Monday, Bitcoin is down 5.7% since the market closed on Friday and 2.1% in the last 24 hours.

比特币（Crypto：BTC）下跌低于100,000美元，看起来可能会破损90,000美元，然后再弹跳。截至周一上午10:00，比特币自周五关闭以来的比特币下降了5.7％，最近24小时内的比特币下降了2.1％。

Ethereum (CRYPTO:ETH) was the big mover, dropping over 20% within an hour on Sunday night. As I'm writing, the token is down 21.3% from Friday's close and 14.8% in the past 24 hours.

以太坊（Crypto：ETH）是大动物，在周日晚上一个小时内下降了20％以上。当我写作时，代币比周五的关闭时间下降了21.3％，在过去24小时内为14.8％。

Dogecoin (CRYPTO:DOGE) was another big loser, falling 21.4% since Friday and 12.8% in the past day.

Dogecoin（加密：Doge）是另一个大失败者，自星期五以来下降了21.4％，在过去的一天下降了12.8％。

Tariffs hit crypto first

关税首先击中加密货币

The move in crypto was sparked by tariffs on goods imported from Mexico, Canada, and China that President Donald Trump announced on Saturday. That began a slew of retaliatory announcements from each country that could make exports more difficult.

唐纳德·特朗普总统在周六宣布的从墨西哥，加拿大和中国进口的商品关税引起了加密货币的关税。这开始了每个国家的一系列报复性公告，这可能会使出口更加困难。

Tariffs aren't unexpected, but the blanket tariffs of up to 25% were a surprise and so was the pace at which they will be implemented starting this week. Investors were also caught off guard that favored companies and political donors and friends were unable to avoid these tariffs.

关税并不是出乎意料，但是高达25％的毛毯关税令人惊讶，因此从本周开始实施的速度也是如此。投资者还措手不及，对公司和政治捐助者有利，朋友无法避免这些关税。

As the one market that's traded 24/7, crypto was the first to drop on the news, but the stock market has followed Monday morning.

作为交易24/7的一个市场，加密货币是第一个发布新闻的市场，但股票市场随后是周一上午。

Inflation is back in focus

通货膨胀重新焦点

A big fear for crypto investors is the potential inflationary impact of tariffs on the market. Higher inflation generally leads to higher interest rates and higher rates drive growth stocks and crypto lower.

对加密投资者的极大恐惧是关税对市场的潜在通货膨胀影响。较高的通货膨胀通常会导致较高的利率和较高的利率驱动增长库存和加密货币较低。

Cryptocurrencies like Bitcoin and Ethereum have been seen as inflation hedges, but that hasn't been the reality. In 2022 when inflation spiked, cryptocurrencies crashed in value.

像比特币和以太坊这样的加密货币已被视为通货膨胀对冲，但这并不是现实。在2022年，通货膨胀率飙升时，加密货币的价值崩溃了。

Bitcoin Price data by YCharts

YCHARTS的比特币价格数据

The better correlation for crypto historically has been growth stocks because they're higher-risk assets like cryptocurrencies. If growth stocks fall, which they are today, the market will likely hit cryptocurrencies as well.

从历史上看，加密货币的更好相关性是增长库存，因为它们是加密货币等高风险资产。如果当今的增长股票下跌，市场也可能会达到加密货币。

Where does crypto go from here?

加密从这里去哪里？

The tailwinds behind cryptocurrencies have been strong since early November, but now the rubber is hitting the road. The promise of more crypto adoption, better regulation, and more innovation needs to come to fruition.

自11月初以来，加密货币背后的尾风一直很强，但现在橡胶正在驶入道路。采用更多加密货币，更好的监管和更多创新的承诺需要实现。

If the gain in crypto was driven by speculation and that speculation unwinds, this could be a protracted decline in crypto for which tariffs were just the catalyst.

如果加密货币的收益是由猜测驱动的，而猜测则放松了，那么这可能是加密货币的持久下降，关税只是催化剂。

I think investors need to acknowledge the risks in crypto, which are similar to growth stocks, rather than viewing them as a hedge to the dollar, inflation, or the economy, which they haven't proven to be long-term.

我认为投资者需要承认加密货币类似的加密风险，而不是将其视为对美元，通货膨胀或经济的树篱，而这些对冲尚未证明是长期的。

Volatility is the name of the game

波动性是游戏的名称

Crypto continues to be a highly volatile asset class and will magnify the movement of markets overall. With stocks trading near all-time highs and valuations at levels the market doesn't normally see without a recession, there's a lot of risk in the market today. And crypto may be the first place valuations fall, particularly in altcoins and everything not named Bitcoin. It's not clear if prices will go up or down long-term, but volatility is likely to remain high.

加密货币仍然是一个高度波动的资产类别，将扩大整体市场的发展。随着股票交易的历史高潮和估值，市场通常不会在没有衰退的情况下看到，因此当今市场上有很大的风险。加密货币可能是第一个估值，尤其是在Altcoins，以及所有未命名比特币的东西。目前尚不清楚价格是否长期上涨还是下跌，但波动率很高。