股市下跌，加密货币飙升

周一标志着加密货币看涨势头的复苏，比特币 (BTC) 突破 70,000 美元，众多山寨币出现两位数涨幅。相比之下，股市在开盘时面临压力，标准普尔、道指和纳斯达克等主要指数收盘下跌。 BTC/美元升至 71,000 美元上方高位，目标是 73,865 美元的历史高点。尽管人们担心波动性和收益率上升，但比特币仍表现出了韧性，这可能是受到现货 ETF 资金流入和地缘政治因素的支撑。

Are Cryptos Back on a Bull Run?

加密货币又回到牛市了吗？

After a lackluster performance in Q1, Bitcoin (BTC) has regained its momentum, soaring above $70,000. Altcoins have also joined the party, with many posting double-digit gains, rekindling excitement among crypto enthusiasts.

经过第一季度的低迷表现后，比特币 (BTC) 重新恢复势头，飙升至 70,000 美元以上。山寨币也加入了这一行列，许多山寨币都实现了两位数的涨幅，重新点燃了加密货币爱好者的兴奋之情。

Stocks: A Tale of Woe

股票：一个悲惨的故事

In contrast to the crypto market's buoyancy, stocks have been under pressure, falling at the market open to start the final week of Q1. The major indices have been setting new highs amidst sticky inflation, but this week's downturn has cast a shadow over the quarter's gains.

与加密货币市场的繁荣形成鲜明对比的是，股市一直面临压力，在第一季度最后一周开盘时下跌。在通胀高涨的情况下，主要股指屡创新高，但本周的低迷给本季度的涨幅蒙上了阴影。

Bitcoin's Next Target: All-Time High

比特币的下一个目标：历史新高

Data from TradingView reveals that Bitcoin bulls have been relentless, pushing the top crypto to an afternoon high above $71,000. Their sights are now set on Bitcoin's all-time high of $73,865, eager to propel King Crypto into uncharted territory.

TradingView 的数据显示，比特币多头一直在坚持不懈，将顶级加密货币推至午后高点 71,000 美元以上。他们现在将目光瞄准了比特币 73,865 美元的历史高点，渴望将 King Crypto 推向未知领域。

Volatility on the Rise

波动性上升

Kaiko Research has highlighted the recent increase in Bitcoin's volatility, with flash crashes occurring at least twice in the past few weeks. The report attributes these extreme price drops to the low liquidity and fragmentation of the cryptocurrency market, as well as potential manipulation attempts.

Kaiko Research 强调了近期比特币波动性的增加，过去几周至少发生了两次闪电崩盘。该报告将这些极端的价格下跌归因于加密货币市场的低流动性和分散性，以及潜在的操纵企图。

Bitcoin's Resilience Amidst Rising Yields

比特币在收益率上升中的韧性

Despite the rise in real yields in the U.S., Bitcoin has shown remarkable resilience. Kaiko notes that historically, rising yields have dampened Bitcoin prices, making risk assets less attractive. However, this year, BTC has defied this trend, gaining 50% YTD.

尽管美国的实际收益率有所上升，但比特币却表现出了非凡的弹性。 Kaiko 指出，从历史上看，收益率上升抑制了比特币价格，导致风险资产吸引力下降。然而，今年 BTC 却一反这一趋势，年初至今上涨了 50%。

Altcoins Paint the Market Green

山寨币为市场涂上绿色

The altcoin market has been a vibrant sea of green, with only two tokens in the top 200 posting losses. Polymesh (POLYX) led the charge with a 56.4% surge, followed by Reserve Rights (RSR) and Yield Guild Games (YGG) with gains of 44% and 38.5%, respectively.

山寨币市场一直是一片生机勃勃的绿色海洋，前 200 名中只有两种代币出现亏损。 Polymesh (POLYX) 以 56.4% 的涨幅领跑，Reserve Rights (RSR) 和 Yield Guild Games (YGG) 紧随其后，分别上涨 44% 和 38.5%。

The Halving: A Potential Consolidation Zone

减半：潜在的盘整区

Market analyst Rekt Capital believes that the current cycle has been characterized by "Re-Accumulation Ranges." He suggests that further consolidation at highs may occur before the Halving, in line with historical price tendencies. If Bitcoin can establish $69,000 as support, this idea could be invalidated, paving the way for price expansion.

市场分析师Rekt Capital认为，当前周期的特点是“重新吸筹区间”。他认为，减半之前可能会在高位进一步盘整，这与历史价格趋势一致。如果比特币能够建立 69,000 美元的支撑位，这个想法可能会失效，为价格扩张铺平道路。

Overall Market Health

整体市场健康状况

The overall cryptocurrency market cap has reached $2.68 trillion, with Bitcoin's dominance rate hovering around 52.2%. The return of bull market momentum for cryptos has injected optimism into the market, while stocks have faced headwinds. As the quarter draws to a close, investors will be watching closely to see if the crypto rally can sustain its momentum or if stocks can recover their losses.

加密货币整体市值已达2.68万亿美元，比特币的主导率徘徊在52.2%左右。加密货币牛市势头的回归为市场注入了乐观情绪，而股市则面临逆风。随着本季度接近尾声，投资者将密切关注加密货币涨势能否维持其势头，或者股市能否收复失地。