随着美元指数（DXY）创出新高，加密货币市场连续第二天下跌

尽管美元指数本周初下跌 0.92%，随后比特币 (BTC) 突然反弹至 102,000 美元 94,934 美元，但该指数逆转了走势

Cryptocurrency markets fell for a second day on March 13 as the US dollar index (DXY) chased new highs amid rising treasury yields and investors’ concerns over the Federal Reserve’s monetary policy plan.

3 月 13 日，由于美国国债收益率上升以及投资者对美联储货币政策计划的担忧，美元指数 (DXY) 追上新高，加密货币市场连续第二天下跌。

While the DXY began the week with a 0.92% decline, which was followed by an abrupt rally to $102,000 by Bitcoin ( BTC ) on March 11, the index quickly reversed course, reaching 109.37 on Monday — hitting levels not seen since November 2022.

虽然美元指数本周初下跌 0.92%，随后比特币 (BTC) 于 3 月 11 日突然反弹至 102,000 美元，但该指数很快逆转走势，周一达到 109.37，创下 2022 年 11 月以来的最高水平。

Markets also reacted negatively to a surge in US Treasury yields, where the 10-yr note topped 4.7%, and the yield on the 30-year note rose to 4.93%.

市场也对美国国债收益率飙升做出负面反应，10年期国债收益率突破4.7%，30年期国债收益率升至4.93%。

While the catalysts for the increases are multiple and complex, they essentially reflect market participants’ concern that inflation will remain elevated as President-elect Donald Trump’s economic policies are likely to expand deficits.

虽然上涨的催化剂是多重且复杂的，但它们本质上反映了市场参与者的担忧，即由于当选总统唐纳德·特朗普的经济政策可能会扩大赤字，通胀将持续走高。

In simpler terms, the market is beginning to price in the potential for an increase in longer-dated US debt, and the incoming Trump administration’s policies are expected to send inflation higher, even if they boost growth.

简而言之，市场开始消化美国长期债务增加的可能性，而即将上任的特朗普政府的政策预计将推高通胀，即使它们会促进经济增长。

Related: 'Trump dump' risks pulling Bitcoin price down to $88K'

相关：“特朗普抛售”可能会将比特币价格拉低至 8.8 万美元

Par for the course, Bitcoin price reacted negatively to DXY strength, and analysts now anticipate that yield curve controls will become a common talking point once again.

当然，比特币价格对 DXY 走强做出了负面反应，分析师现在预计收益率曲线控制将再次成为常见话题。

DXY vs BTC 3-day chart. Source: TradingView

DXY 与 BTC 3 天图表。来源：TradingView

BTC price slipped to an intra-day low of $92,500 and analysts warned that prices could continue to fall in the short term if the $90,000 support fails to hold.

BTC 价格跌至日内低点 92,500 美元，分析师警告称，如果未能守住 90,000 美元的支撑位，价格短期内可能会继续下跌。

Speaking to Cointelegraph, Biyond co-founder Burkan Beyli said:

Biyond 联合创始人 Burkan Beyli 在接受 Cointelegraph 采访时表示：

"The recent strength in the DXY is putting pressure on Bitcoin price, and if the critical support at $90,000 fails to hold, we could see prices drop to the next support level around $85,000.”

“近期美元指数的走强给比特币价格带来了压力，如果 90,000 美元的关键支撑位未能守住，我们可能会看到价格跌至 85,000 美元左右的下一个支撑位。”

Real Vision chief crypto analyst Jamie Coutts appears to disagree with Beyli’s perspective, writing off DXY’s recent strength as less relevant than the anticipated liquidity expansion and pro-crypto stance of the incoming Trump administration.

Real Vision 首席加密分析师 Jamie Coutts 似乎不同意 Beyli 的观点，认为 DXY 最近的强势与即将上任的特朗普政府预期的流动性扩张和支持加密货币的立场相比不太重要。

According to Coutts, "The DXY move is less interesting than the crypto friendliness of the Trump administration and the liquidity expansion, which should be supportive of both crypto and equities."

Coutts 表示，“与特朗普政府对加密货币的友好态度和流动性扩张相比，DXY 的举动并不那么有趣，这应该会支持加密货币和股票。”

However, the crypto analyst also highlighted the potential for a "Trump dump" in the markets, adding that the risk of such an event is "material, especially if the administration pivots on crypto friendliness."

然而，这位加密货币分析师也强调了市场上“特朗普倾销”的可能性，并补充说这种事件的风险是“重大的，特别是如果政府以加密货币友好为中心”。

"If the administration pivots and crypto gets hit with a tax or regulation, we could see a large sell-off, and the recent strength in DXY would amplify the downside pressure," Coutts explained.

Coutts 解释说：“如果政府转向，加密货币受到税收或监管的打击，我们可能会看到大规模抛售，而 DXY 最近的走强将放大下行压力。”

The strength of the dollar index is typically viewed as a不利 factor for crypto markets, as rising DXY tends to push capital away from riskier assets. However, several crypto analysts have argued that the correlation between DXY and crypto markets has weakened in recent months.

美元指数的走强通常被视为对加密货币市场的不利因素，因为美元指数上涨往往会促使资本远离风险较高的资产。然而，一些加密货币分析师认为，近几个月来 DXY 和加密货币市场之间的相关性已经减弱。

A recent analysis by crypto exchange Bitfinex showed that the correlation between BTC and the DXY hit a low of 0.1 in February, indicating a possible decoupling between the two markets.

加密货币交易所 Bitfinex 最近的一项分析显示，2 月份 BTC 和 DXY 之间的相关性触及 0.1 的低点，表明两个市场之间可能存在脱钩。

"This development suggests that cryptocurrencies are becoming less sensitive to shifts in the US dollar, and other factors, such as institutional interest and regulatory developments, are playing a more significant role in driving crypto prices," the Bitfinex report noted.

Bitfinex 报告指出：“这一发展表明，加密货币对美元走势的敏感度越来越低，机构利益和监管发展等其他因素在推动加密货币价格方面发挥着更重要的作用。”