加密货币陷入了残酷的自由跌倒中，这反映了比特币和山寨币的市场底层低迷。

Coinbase是美国最大的加密交易所，已从11月的每股350美元跌至190美元。这种下降使市值从860亿美元增加到480亿美元，这笔380亿美元消失了。

Crypto stocks are caught in a brutal free fall, mirroring the market-wide slump in Bitcoin and altcoins.

加密货币陷入了残酷的自由跌倒中，这反映了比特币和山寨币的市场底层低迷。

Coinbase (NASDAQ:COIN), the biggest crypto exchange in the U.S., has crashed from nearly $350 per share in November to $190. This decline has brought its market cap down from $86 billion to $48 billion-a $38 billion wipe out.

Coinbase（NASDAQ：COIN）是美国最大的加密交易所，已从11月的每股350美元跌至190美元。这种下降使其市场上限从860亿美元下降到480亿美元，即380亿美元消失。

Among the biggest crypto losers is Michael Saylor’s (NYSE:MATA) Strategy (NASDAQ:STLY), which has seen billions of dollars in value shed. Its market cap slipped from a high of $106 billion last year to $79 billion today. The company, formerly known as MicroStrategy, has continued to accumulate Bitcoin and now holds 499,226 Bitcoins in its balance sheet.

最大的加密失败者之一是迈克尔·塞勒（NYSE：MATA）战略（纳斯达克：统治），该战略已经看到了数十亿美元的价值棚。它的市值从去年的10060亿美元下跌至今天的790亿美元。该公司以前称为MicroStrategy，一直在积累比特币，现在在其资产负债表中拥有499,226个比特币。

Chart of Bitcoin price over the past 12 months.

比特币价格的图表在过去12个月中。

Meanwhile, the price of Bitcoin (BTC) has dropped from over $109,300 in January to $85,000 at last check. Most altcoins have done worse. For example, Solana (CRYPTO:SOL) meme coins have seen over $18 billion in value slip as their collective market cap sank.

同时，比特币（BTC）的价格从一月份的109,300美元下降到了上次支票的85,000美元。大多数山寨币的情况都更糟。例如，索拉纳（Crypto：Sol）Meme硬币的价值打滑超过180亿美元，因为他们的集体市值沉没了。

Bitcoin, altcoin prices plummet

比特币，替代币价格暴跌

These crypto stocks have dropped because of the ongoing decline of Bitcoin and other altcoins. According to CoinMarketCap, the market cap of all cryptocurrencies has dropped from over $3.7 trillion in 2024 to $2.7 trillion today.

由于比特币和其他山寨币的持续下降，这些加密股票已经下降。根据CoinMarketCap的数据，所有加密货币的市值已从2024年的3.7万亿美元下降到今天的2.7万亿美元。

These crypto stocks and coins have dropped despite the Trump administration’s pledge to be highly supportive of the sector via initiatives like a Strategic Bitcoin Reserve.

尽管特朗普政府承诺通过战略比特币储备等倡议高度支持该行业，但这些加密货币和硬币仍下降了。

The Securities and Exchange Commission has also enacted some friendly policies and ended most of the lawsuits in the industry. It has ended lawsuits brought on companies like Coinbase, Ripple Labs, and Kraken.

美国证券交易委员会还制定了一些友好的政策，并结束了行业中的大多数诉讼。它结束了诉讼，涉及Coinbase，Ripple Labs和Kraken等公司。

Whether these crypto stocks will bounce back remains to be seen. Crypto analysts have a mixed outlook on the industry. Some observers expect Bitcoin’s price to recover, with Standard Chartered predicting it will hit $500,000 over time.

这些加密货币是否会反弹还有待观察。加密分析师对该行业的看法不同。一些观察家预计比特币的价格将会恢复，标准包机预测它将随着时间的推移达到500,000美元。

Ki Young Ju, CryptoQuant’s founder, estimates that the crypto bull run has ended, noting that all indicators were bearish.

CryptoQuant的创始人Ki Young Ju估计Crypto Bull Run已经结束，并指出所有指标都是看跌。