March继续作为市场情感坦克的加密货币幻灯片

加密货币市场继续降低后降落，3月下降了4.4％，在贸易紧张局势升级和持续的不确定性之中

The crypto market continued its post-tariff collapse, dropping 4.4% in March, amid escalating trade tensions and ongoing uncertainty around a potential Fed rate cut, with market sentiment on cryptos sinking to a new low.

加密货币市场继续其后的宣布后崩溃，3月下降了4.4％，这是由于贸易紧张局势升级和潜在的税收降低率持续的不确定性，而加密货币的市场情绪下降到了新的低点。

The March drop continues the crypto sector’s February price slump, which saw the sector lose 20.2% in market cap, leading crypto exchange platform Binance revealed in its latest monthly market update.

3月下降延续了加密货币部门的2月份价格低迷，该行业的市值损失了20.2％，领先的加密交易所平台Binance在其最新的每月市场更新中揭示了。

This is, however, still well off the 2022 price crash, with crypto’s value sinking by 65% over a successive three-month Q2 decline.

但是，这仍然远远超过了2022年的价格崩溃，在连续三个月的第二季度下降的情况下，加密货币的价值下降了65％。

Total crypto market capitalisation has dropped an estimated 25.9% from January highs — wiping out around US$1 trillion in value, which, according to Binance, has underscored its sensitivity to macroeconomic instability.

总加密市值比一月份的高点估计下降了25.9％ - 削弱了约1万亿美元的价值，根据Binance的说法，这已经强调了其对宏观经济不稳定的敏感性。

The March 2025 drop saw Bitcoin lose nearly a quarter (19.1%) of its value since the Trump Administration flagged the introduction of tariffs, while Ethereum, the second-most popular crypto coin, was down 44%. Bitcoin is currently valued at US$80,637 (AU$129,134) per coin, while Etherum is currently at US$1,541 (AU$ 2,467).

自特朗普政府标记关税的引入以来，2025年3月下降的比特币损失了近四分之一（19.1％），而第二个受欢迎的加密货币币以太坊下跌了44％。比特币目前的价值为80,637美元（AU $ 129,134），而Etherum目前为1,541美元（AU $ 2,467）。

However, altcoins were the biggest losers over this period, with Memecoin, Artificial Intelligence, and Layer 2 all losing more than half their value in this period.

但是，在此期间，AltCoins是最大的失败者，在此期间，Memecoin，人工智能和第2层都失去了一半以上的价值。

Bucking the trend was Toncoin (TON), created by Telegram Messager app founder Nikolai Durov, which surged 17.1% last month following a disclosure by the TON Foundation that over US$400 million in TON had been purchased from early investors by blockchain focused venture capital firms including Sequoia, Ribbit, and Benchmark, alongside a significant rise in native accounts, (up four million to 41 million over the past year).

Telegram Messager App创始人尼古拉·杜罗夫（Nikolai Durov）在上个月披露，该基金会披露，该趋势是吨币（吨），该公司在吨基金会的披露中飙升了17.1％，该基金会披露了超过4亿美元的吨位，由Blockchain集中的风险投资公司从早期投资者那里购买了超过4亿美元的投资者，包括Quetoia，Ribbit和Benchmark和Benchmark和Benchmark，以及一定的本地账户，超过400亿美元（400亿亿1,100亿美元）。

“The broad selloff has erased early-year gains across much of the crypto market, pushing even BTC into negative territory year-to-date (YTD) as of early April — despite its strong performance in 2024,” Binance noted.

Binance指出：“广泛的抛售已经消除了加密货币市场的早期增长，尽管在2024年的表现强劲，但截至4月初，甚至将BTC逐渐陷入了消极的领土（YTD）。”

Doge coin (-17.6%), Solana (-15.8%) and Link (-9.7%) also saw notable price retreats.

Doge Coin（-17.6％），Solana（-15.8％）和Link（-9.7％）也看到了值得注意的价格撤退。

Locally, however, Australian traders largely stuck with Bitcoin, with Ripple and Cardano seeing gains off the back of Trump’s announcement of a Strategic Crypto Reserve (which includes these coins). Others being considered for inclusion in the Reserve also saw modest increases in value.

然而，在当地，澳大利亚商人在很大程度上被比特币困住了，波纹和卡达诺（Ripple）和卡尔达诺（Cardano）看到特朗普宣布战略加密保护区（其中包括这些硬币）的收益。其他被考虑将其纳入储备的人也看到价值不大。

Since the first round of tariffs, announced in early February, the crypto sector has lost more than a quarter of its value (25.9%), following the drop in the S&P 500, which declined 17.1% over the same period.

自2月初宣布的第一轮关税以来，加密货币部门的价值损失了四分之一以上（25.9％），因为标准普尔500指数下降，同期下降了17.1％。

Binance notes that crypto assets have moved “largely in lockstep with equities, with both experiencing cooling demand, broad selloffs, and a slide into correction territory”.

Binance指出，加密资产“在很大程度上以股票为单位，都经历了冷却需求，广泛的抛售和滑入更正领域的趋势”。

Meanwhile, gold, the traditional safe haven asset during times of economic tumult, has rallied to 10.3%, breaking successive all-time highs.

同时，在经济骚动时期，传统的避风港资产黄金（Gold）已上涨至10.3％，破坏了连续的历史高潮。

The tariff tensions bubbled over in March, with the imposition of trade imposts on Canada and Mexico, contributing to a US$1 billion crypto liquidation in cryptocurrency derivative markets on 4 March.

关税紧张局势在3月起冒泡，对加拿大和墨西哥施加了贸易犯罪，在3月4日在加密货币衍生品市场进行了10亿美元的加密货币清算。

March has seen market sentiment turn decidedly cautious on crypto, Binance wrote in its update, with investors displaying “classic ‘risk-off’ behaviour”.

Binance在更新中写道，三月的市场情绪在加密货币上非常谨慎，投资者展示了“经典的“风险”行为”。

This sentiment was reflected in a recent fund manager survey, Binance found, with only 3% of respondents stating they would allocate to Bitcoin in the current environment (that is, in the current trade war). This is in sharp contrast to gold, which was favoured by 58%.

Binance发现，这种情绪反映在最近的基金经理调查中，只有3％的受访者表示他们将在当前环境中分配给比特币（即当前的贸易战）。这与黄金形成鲜明对比，黄金受到58％的青睐。

The US Dollar (favoured by just 15% of investors), 30-Year Treasury bonds (9%) and 3-month T-bills (4%) were similarly in disfavour.

美元（仅15％的投资者青睐），30年的国库券（9％）和3个月的T-Bills（4％）同样在Disfavour中。

Binance, which trades around half the global crypto spot trading volume, notes that crypto markets are behaving increasingly like risk assets.

Binance交易大约是全球加密货币交易量的一半，指出加密市场的行为越来越像风险资产。

“A prolonged trade war could continue to weigh on capital flows and dampen demand for digital assets in the near term.

“长时间的贸易战争可能会继续在短期内权衡资本流量和对数字资产的需求。

“As a result, capital that might have entered crypto is either staying on the sidelines or shifting into perceived safe havens like gold.”

“因此，可能进入加密货币的资本要么呆在场边，要么像黄金一样转移到诸如黄金之类的避风港。”