稳定币崩盘震撼加密市场，引发监管呼声

由于 TerraUSD 和 Tether 两种稳定币脱离美元挂钩，加密货币市场经历了 4000 亿美元的重大损失。这引起了人们对算法稳定币的担忧，并凸显了加强监管的必要性。与 TerraUSD 挂钩的 Luna 币暴跌至零，导致数十亿财富被毁。动荡也蔓延到了 Tether，在恢复平价之前曾短暂跌破锚定汇率。随着市场试图稳定下来，人们的注意力转向监管监督以及利率上升和地缘政治不确定性的潜在影响。

Crypto Market Reels from Stablecoin Collapse, Sparking Calls for Regulation

加密货币市场因稳定币崩溃而动荡，引发监管呼声

A devastating week for the cryptocurrency market witnessed a colossal loss of $400 billion, as two prominent stablecoins, TerraUSD (UST) and Tether (USDT), abruptly lost their pegs to the US dollar. The market turmoil, centered around these stablecoins' unexpected de-pegging, has shaken investor confidence and amplified demands for swifter regulatory action by Washington, according to industry experts.

加密货币市场经历了灾难性的一周，损失了 4000 亿美元，因为两种著名的稳定币 TerraUSD (UST) 和 Tether (USDT) 突然失去了与美元的挂钩。行业专家表示，围绕这些稳定币意外脱钩的市场动荡动摇了投资者的信心，并放大了对华盛顿采取更快监管行动的要求。

While Bitcoin showed signs of stabilizing above $30,000 on Friday, the crypto market endured a staggering loss of over $430 billion in valuation between Monday and Thursday, reducing its market cap to $1.12 trillion, as reported by CoinMarketCap.

据 CoinMarketCap 报道，虽然比特币周五显示出稳定在 30,000 美元以上的迹象，但周一至周四，加密货币市场的估值却遭受了超过 4300 亿美元的惊人损失，市值降至 1.12 万亿美元。

The precipitous decline of UST and its affiliated token, Luna (LUNA), brought algorithmic stablecoins into focus. These stablecoins derive their value from a combination of computer algorithms and reserve assets to maintain a peg to fiat currencies. The market turbulence also extended to Tether, briefly pushing the third-largest cryptocurrency below its $1 peg before it managed to regain parity.

UST及其附属代币Luna（LUNA）的急剧下跌使算法稳定币成为焦点。这些稳定币的价值源自计算机算法和储备资产的结合，以维持与法定货币的挂钩。市场动荡也蔓延到了 Tether，短暂地将第三大加密货币推低至 1 美元以下，然后才设法恢复平价。

"A complete loss of confidence in stablecoins would create significant challenges for the market to establish a solid footing," said Ed Moya, Senior Market Analyst at forex trading platform Oanda. "Terra's flaws were evident, while Tether has stabilized its peg, which should alleviate some concerns."

外汇交易平台 Oanda 的高级市场分析师 Ed Moya 表示：“对稳定币完全失去信心将为市场建立稳固的基础带来重大挑战。” “Terra 的缺陷很明显，而 Tether 已经稳定了其锚定汇率，这应该会减轻一些担忧。”

Bitcoin descended below $27,000 for the first time since late 2020, as investors grappled with the Terra-Luna debacle and Tether's temporary slippage. Skepticism regarding the reserve assets backing Tether's peg has persisted among investors.

随着投资者努力应对 Terra-Luna 的崩溃和 Tether 的暂时下滑，比特币自 2020 年底以来首次跌破 27,000 美元。投资者对支持 Tether 挂钩的储备资产一直持怀疑态度。

"This crypto selloff exhibited unique characteristics," said Chris Kline, COO and Co-Founder of Bitcoin IRA, citing the broader financial market context marked by escalating inflation and the ongoing conflict in Ukraine. "The experimentation with stablecoins, particularly UST, represents a novel approach with inherent vulnerabilities that were exposed and exploited."

比特币 IRA 首席运营官兼联合创始人克里斯·克莱恩 (Chris Kline) 表示：“这次加密货币抛售表现出了独特的特征。”他援引了以通胀升级和乌克兰持续冲突为标志的更广泛的金融市场背景。 “稳定币（尤其是 UST）的实验代表了一种新颖的方法，其固有的漏洞已被暴露和利用。”

As UST lost its peg, holders attempted to cash out by converting it into LUNA instead of selling UST on the open market. This prompted the creation of over 6 trillion new LUNA tokens since May 8, significantly diluting its value to a mere $0.00000953, according to CryptoCompare.

由于 UST 失去了挂钩，持有人试图通过将其转换为 LUNA 来套现，而不是在公开市场上出售 UST。根据 CryptoCompare 的数据，自 5 月 8 日以来，这促使创造了超过 6 万亿个新的 LUNA 代币，使其价值大幅稀释至仅为 0.00000953 美元。

Despite the market turmoil, CryptoCompare expressed confidence in Tether's ability to maintain its peg, attributing the contagion effects to market fear. Luna's market capitalization, which stood at an impressive $41 billion just five weeks ago, plummeted to less than $7 million this week, denoting the "greatest wealth destruction in such a short period for any crypto project," as stated by CryptoCompare.

尽管市场动荡，CryptoCompare 对 Tether 维持锚定汇率的能力表示信心，并将蔓延效应归因于市场恐惧。正如 CryptoCompare 所说，五周前 Luna 的市值还高达 410 亿美元，本周暴跌至不足 700 万美元，这意味着“在如此短的时间内，所有加密项目都遭受了最大的财富损失”。

The crypto selloff garnered the attention of Treasury Secretary Janet Yellen, who acknowledged that while current stablecoin losses do not pose immediate threats to financial stability, the risks could escalate rapidly. Fitch Ratings anticipates increased regulatory pressure on stablecoins in light of recent events.

加密货币抛售引起了财政部长珍妮特·耶伦的注意，她承认，虽然当前稳定币的损失不会对金融稳定构成直接威胁，但风险可能会迅速升级。鉴于最近发生的事件，惠誉评级预计稳定币的监管压力将会增加。

"Regulatory clarity is essential for the maturation of the crypto market," emphasized Scott Sheridan, CEO of Tastyworks, an online brokerage platform for options traders. "Clear regulatory frameworks that enable derivatives trading on US exchanges would transform the industry. Enhanced liquidity leads to tighter bid-ask spreads and overall price stability."

期权交易者在线经纪平台 Tastyworks 的首席执行官 Scott Sheridan 强调说：“监管的明确性对于加密货币市场的成熟至关重要。” “允许在美国交易所进行衍生品交易的明确监管框架将改变该行业。流动性的增强将导致买卖价差收窄和整体价格稳定。”

The crypto market's recovery may be contingent upon a sustained upswing in stock markets, given its recent correlation with the Nasdaq. Moya at Oanda believes that $30,000 serves as interim intraday resistance for Bitcoin. This level is critical for institutional investors who entered the market last year, he added. A further decline towards $20,000 would be a "devastating blow" for the industry.

鉴于加密货币市场最近与纳斯达克的相关性，加密货币市场的复苏可能取决于股市的持续上涨。 Oanda 的 Moya 认为 30,000 美元是比特币的临时盘中阻力位。他补充说，这一水平对于去年进入市场的机构投资者来说至关重要。进一步跌向 20,000 美元将对该行业造成“毁灭性打击”。