加密货币股票大屠杀：抛售何时最终结束？

在动荡的市场中，包括 MicroStrategy 和 Coinbase 在内的主要加密货币相关股票大幅下跌。 MicroStrategy 最近的股价暴跌-15%，而 Coinbase 的跌幅甚至更大，引发了人们对大量投资数字资产的公司未来的担忧。更广泛的加密生态系统也经历了市值的大幅损失，比特币和以太坊面临大幅下跌。

Crypto Stock Slaughter: When Will the Sell-Off End?

加密股票屠杀：抛售何时结束？

In a brutal turn of events, crypto stock heavyweights have been decimated, with MicroStrategy crashing by 15% and Coinbase plummeting even further. Marathon Digital Holdings, a leading crypto mining company, has also suffered a downward spiral, losing over 28% of its share value. The message is clear: companies involved in digital assets are facing an unprecedented onslaught.

在事态的残酷转变中，加密货币重量级股票遭受重创，MicroStrategy 暴跌 15%，Coinbase 跌幅更大。领先的加密货币挖矿公司 Marathon Digital Holdings 也遭遇了螺旋式下滑，股价下跌超过 28%。信息很明确：涉足数字资产的公司正面临前所未有的冲击。

The broader crypto economy has shed a staggering $420 billion in market value over the past month, with Bitcoin and Ethereum witnessing double-digit declines. The sell-off has been relentless, sending shockwaves throughout the industry.

过去一个月，更广泛的加密经济市值已缩水 4200 亿美元，其中比特币和以太坊的跌幅达到两位数。抛售持续不断，给整个行业带来了冲击。

MicroStrategy Stock Crash: A Cautionary Tale

MicroStrategy 股票崩盘：一个警示故事

MicroStrategy's stock crash has been particularly alarming, given the company's aggressive stance towards accumulating Bitcoin. CEO Michael Saylor, a staunch Bitcoin advocate, has himself reduced his stake in the company, raising questions about his confidence in its stock value.

鉴于 MicroStrategy 在积累比特币方面采取了积极的立场，该公司的股价暴跌尤其令人担忧。首席执行官迈克尔·塞勒(Michael Saylor)是比特币的坚定拥护者，他本人也减少了在该公司的股份，这引发了人们对他对其股票价值信心的质疑。

The high multiples at which Microstrategy trades, including 45.73 times its GAAP-measured earnings, have raised concerns among investors. They may question whether it is more prudent to directly purchase Bitcoin or a spot Bitcoin ETF, rather than investing in MicroStrategy's stock.

Microstrategy 的高市盈率（包括 45.73 倍的 GAAP 衡量收益）引起了投资者的担忧。他们可能会质疑直接购买比特币或现货比特币 ETF 是否比投资 MicroStrategy 的股票更谨慎。

Coinbase: A Grim Outlook

Coinbase：前景黯淡

Coinbase, the leading cryptocurrency exchange, has not been spared the carnage. Its stock has recently experienced a bearish crossover, with the 20-day moving average dropping below the 200-day moving average, a technical signal often interpreted as a "death cross." This suggests that Coinbase may face prolonged downward pressure.

领先的加密货币交易所 Coinbase 也未能幸免于难。该股最近经历了看跌交叉，20日移动平均线跌破200日移动平均线，这一技术信号通常被解读为“死亡交叉”。这表明Coinbase可能面临长期下行压力。

Stagflationary Woes and Geopolitical Tensions

滞胀困境和地缘政治紧张局势

The crypto market has been battered by a barrage of negative economic data, indicating slowing growth alongside accelerating inflation. These stagflationary conditions have dampened expectations for U.S. Federal Reserve rate cuts, which has further pressured crypto assets.

加密货币市场受到一系列负面经济数据的打击，这些数据表明经济增长放缓，通胀加速。这些滞胀状况削弱了对美联储降息的预期，这进一步给加密资产带来压力。

Geopolitical tensions have also weighed heavily on the crypto market, adding to the uncertainty and volatility. The ongoing war in Ukraine and rising tensions between the U.S. and China are creating a risk-averse environment, which tends to discourage investment in cryptocurrencies.

地缘政治紧张局势也严重影响了加密货币市场，增加了不确定性和波动性。乌克兰持续的战争以及中美之间日益紧张的局势正在营造一种规避风险的环境，这往往会阻碍对加密货币的投资。

When Will the Sell-Off End?

抛售何时结束？

The end of the crypto sell-off remains a matter of speculation. However, analysts are cautious in their outlook. The combination of economic headwinds and geopolitical tensions is likely to continue to weigh on crypto assets in the near term.

加密货币抛售的结束仍然是一个猜测。然而，分析师对前景持谨慎态度。经济逆风和地缘政治紧张局势的结合可能会在短期内继续对加密资产构成压力。

Investors may consider reducing their exposure to crypto stocks and allocating their funds towards more stable assets until the market conditions improve. Those who choose to remain invested in crypto should prepare for continued volatility and the potential for further losses.

投资者可以考虑减少对加密货币股票的投资，并将资金分配给更稳定的资产，直到市场状况改善。那些选择继续投资加密货币的人应该为持续的波动和进一步损失的可能性做好准备。

Conclusion

结论

The crypto stock slaughter has exposed the significant risks associated with investing in digital assets. Companies like MicroStrategy and Coinbase have been dealt a heavy blow, raising questions about the long-term viability of their business models.

加密货币股票的屠杀暴露了与投资数字资产相关的重大风险。 MicroStrategy 和 Coinbase 等公司受到了沉重打击，引发了对其商业模式长期可行性的质疑。

Stagflationary economic conditions and geopolitical tensions are creating a hostile environment for crypto. Investors should exercise extreme caution and consider their risk tolerance carefully before investing in crypto stocks or digital assets. The end of the sell-off remains uncertain, and the market is likely to remain volatile for the foreseeable future.

滞胀的经济状况和地缘政治紧张局势正在为加密货币创造一个敌对的环境。投资者在投资加密股票或数字资产之前应格外谨慎，并仔细考虑自己的风险承受能力。抛售的结束仍不确定，在可预见的未来市场可能仍将波动。