过去几周的欣喜突然变成了加密投资者的崩溃。

在短短的24小时内，已清算了超过十亿美元的职位，从而带来了长期的市场反弹的希望。

The euphoria of the last few weeks has abruptly transformed into a debacle for crypto investors. In just 24 hours, over one billion dollars in positions were liquidated, carrying away the hopes for a prolonged market rebound. Behind this shock are new waves of economic uncertainties, amplified by the decision of the United States to impose 25 % tariffs on Canada and Mexico. An announcement that triggered a sudden drop in traditional markets, but also a collapse of Bitcoin and the major cryptos.

过去几周的欣喜突然变成了加密投资者的崩溃。在短短的24小时内，已清算了超过十亿美元的职位，从而带来了长期的市场反弹的希望。这种冲击的背后是新的经济不确定性浪潮，这是由于美国对加拿大和墨西哥征收25％关税的决定所扩大的。这一宣布导致了传统市场突然下降，但比特币和主要加密货币也崩溃了。

A market in crisis : the figures of a swift collapse

危机市场：迅速崩溃的数字

The last 24 hours have been a true nightmare for crypto derivatives traders. According to CoinGlass data, over one billion dollars in positions were liquidated on futures and derivatives platforms. Among the affected tokens, bitcoin saw nearly 300 million dollars in positions liquidated, while altcoins were not spared: holders of Solana (SOL), XRP, and Cardano (ADA) alone suffered over 150 million dollars in losses.

对于加密衍生品交易员来说，过去24小时一直是一场真正的噩梦。根据Coinglass数据，在期货和衍生品平台上清算了超过10亿美元的职位。在受影响的代币中，比特币在销售的位置上看到了近3亿美元，而Altcoins却没有幸免：Solana（Sol），XRP和Cardano（ADA）仅遭受了超过1.5亿美元的损失。

This shock comes in an already feverish climate. Indeed, on March 4, Donald Trump announced the implementation of new trade taxes, which hastened the fall of the S&P 500, one of the main American stock indices, which plunged nearly 2 % in morning trading. The reaction was swift on the crypto market. After a spectacular surge, investors were caught off guard by this announcement, triggering a cascade of automatic liquidations. Such events remind us how extremely sensitive cryptos are to external shocks.

这种震惊是一种已经发烧的气候。的确，3月4日，唐纳德·特朗普（Donald Trump）宣布实施新的贸易税，这加快了美国主要股票指数之一标准普尔500指数的沦陷，在早晨交易中跌倒了近2％。加密货币市场上的反应迅速。经过壮观的激增，这一宣布使投资者措手不及，引发了一系列自动清算。这样的事件提醒我们，对外部冲击的敏感加密非常敏感。

A turning point for the market : the end of the “Trump effect”?

市场的转折点：“特朗普效应”的终结？

Beyond a simple technical correction, this episode could mark a real change in trend. Since the U.S. presidential election, Bitcoin and the crypto market in general have enjoyed a bullish momentum, largely attributed to Donald Trump’s promises to support the sector. The price of Bitcoin went from $69,374 in November to a record $108,786 in January, in a climate of optimism bolstered by the prospect of a pro-crypto policy from the new administration.

除了简单的技术校正之外，这一集可以标志着趋势的真正变化。自从美国总统大选以来，比特币和加密货币市场一般都享有看涨的势头，这在很大程度上归因于唐纳德·特朗普（Donald Trump）支持该行业的承诺。比特币的价格从11月的69,374美元上升到了1月的创纪录的108,786美元，这是一个乐观的气氛，这受到新政府的亲克莱普托政策的前景。

However, recent events show that macroeconomic dynamics have now taken precedence over the Trump effect. The prospect of a trade war between the United States and its partners has swept away investors’ enthusiasm and reintroduced significant downward pressure on cryptos. This new situation raises a crucial question: can cryptos still be considered safe havens, or have they become dependent on global economic tensions?

但是，最近的事件表明，宏观经济动态现在已经优先于特朗普效应。美国及其合作伙伴之间发生贸易战的前景席卷了投资者的热情，并重新引入了对加密货币的巨大下降压力。这种新情况提出了一个至关重要的问题：加密货币是否仍被视为安全避风港，还是依赖全球经济紧张局势？

The coming days will be crucial to measure the impact of this correction and to see if the market can stabilize. Between regulatory uncertainties, fluctuating economic policies, and a fragile market sentiment, volatility is likely to be present again. One certainty remains: this shock reminds all investors that, in the world of cryptos, nothing is ever guaranteed.

未来几天对于衡量这种纠正的影响并查看市场是否可以稳定至关重要。在监管不确定性，波动的经济政策和脆弱的市场情绪之间，可能会再次出现波动。确定的仍然存在：这种冲击使所有投资者都想起，在加密货币世界中，没有任何保证。