随着情感变化，市场的消灭恶化

加密货币市值总资本化跌幅为12.3％，至2.85万亿美元，这是最近几个月最重要的单日损失之一。

Optimism over former President Trump's proposal for a strategic cryptocurrency reserve quickly faded as investors reassessed its feasibility, leading to widespread sell-offs and over $1 billion in liquidations.

随着投资者重新评估其可行性，对特朗普前总统对战略加密储备储备的提议的乐观情绪迅速消失，导致广泛抛售和超过10亿美元的清算。

The total cryptocurrency market capitalization tumbled by 12.3% to $2.85 trillion, marking one of the most significant single-day losses in recent months. Bitcoin (BTC) fell by 9.8% to $83,694, while Ethereum (ETH) plummeted 14.8% to $2,083. XRP also saw a steep 17.7% decline, settling at $2.30. Other major altcoins, like Solana (SOL) and Cardano (ADA), suffered losses exceeding 20%.

加密货币市值总资本化跌幅为12.3％，至2.85万亿美元，这是最近几个月最重要的单日损失之一。比特币（BTC）下跌了9.8％，至83,694美元，而以太坊（ETH）下跌了14.8％，至2,083美元。 XRP也下降了17.7％，定居于2.30美元。其他主要山寨币，例如Solana（Sol）和Cardano（ADA），损失超过20％。

The Ripple (XRP) price declined 13.64% in the last 24 hours at press time. Source: XRP Liquid Index (XRLX) via Brave New Coin

发稿时的最后24小时，波纹（XRP）的价格下跌了13.64％。资料来源：XRP液体指数（XRLX）通过勇敢的新硬币

The sudden sell-off triggered a wave of liquidations, with CoinGlass data revealing that over 311,000 traders were affected. Total liquidations reached $1.08 billion, with Bitcoin accounting for $398.49 million, Ethereum $209.73 million, Solana $70.49 million, XRP $62.89 million, and Cardano $44.15 million.

突然的抛售引发了一波清算，其中包含的数据表明，超过311,000名交易者受到了影响。总清算率达到10.8亿美元，比特币核算为3.9849亿美元，以太坊2.0973亿美元，Solana $ 7049万美元，XRP 6289万美元，Cardano 4415万美元。

Trump's Reserve Plan Stirs Debate

特朗普的后备计划激发辩论

Trump's proposal for a strategic cryptocurrency reserve was initially met with enthusiasm, particularly among Bitcoin and Ethereum supporters. His Truth Social post announced that the reserve would include Bitcoin, Ethereum, XRP, Solana, and Cardano.

特朗普对战略加密储备储备的提议最初充满热情，尤其是在比特币和以太坊支持者中。他的真相社会职位宣布，该保护区将包括比特币，以太坊，XRP，Solana和Cardano。

While Bitcoin and Ethereum were positioned as the foundation of the reserve, the inclusion of altcoins raised concerns about the plan's legitimacy and long-term viability.

虽然比特币和以太坊被定位为储备金的基础，但替代币的包括对该计划的合法性和长期可行性引起了担忧。

10x Research argues that Fed policy outweighs Trump’s crypto stance for Bitcoin’s price action. Source: 10X Research via X

10X研究认为，联邦政府的政策超过了特朗普对比特币的价格行动的加密立场。资料来源：10倍研究通过X

According to 10X Research, the market overreacted to Trump's post, and legislative approval could take months. "Rather than a genuine push for regulatory clarity, this rally appears to have been an opportunity for profit-taking," the analysts stated.

根据10倍研究，市场对特朗普的职位反应过度，立法批准可能需要几个月的时间。分析师说：“这次集会似乎不是真正的监管清晰度，而是真正的盈利机会。”

Industry Leaders Express Skepticism

行业领导人表达怀疑

Several prominent figures in the crypto industry expressed skepticism towards Trump's plan. Among them was Anthony Pompliano, founder of Professional Capital Management, who criticized the initiative in a letter to investors.

加密货币行业的几个著名人物表达了对特朗普计划的怀疑。其中包括专业资本管理的创始人Anthony Pompliano，他在给投资者的信中批评了这一倡议。

"Even though Solana is our second-largest crypto position, this decision on a broad strategic reserve is an unforced error that could ultimately harm taxpayers," he wrote.

他写道：“即使索拉纳（Solana）是我们第二大加密货币的立场，但对广泛战略储备的这一决定是一个非强制性的错误，最终可能会损害纳税人。”

Bitcoin is the only digital asset fit for a Strategic reserve, meeting the gold-like standard of hard money. Source: Tyler Winklevoss via X

比特币是唯一适合战略储备的数字资产，达到了类似金色的硬钱标准。资料来源：Tyler Winklevoss通过X

The Winklevoss twins, co-founders of Gemini, also cast doubt on the reserve's structure. "Only Bitcoin meets the necessary criteria as a reserve asset," they stated on X, suggesting that the inclusion of altcoins added unnecessary risk.

双子座的联合创始人Winklevoss双胞胎也对储备的结构产生了怀疑。他们在X上说：“只有比特币符合必要的标准作为储备资产。”这表明替代币的包含增加了不必要的风险。

"This combination of assets feels like a mashup of donor interests and economically irrational suggestions by Trump’s team. It’s economically illogical to hold illiquid, unrisky assets (gold) alongside risky, liquid assets (crypto). Both tranches should prioritize a single best-in-class asset, which is Bitcoin for the liquid tranche and potentially gold for illiquid tranche. This combo is a mess!" the twins added.

“这种资产的组合感觉就像是特朗普团队的捐助者利益和经济上不合理的建议。在经济上不合逻辑地拥有不流动的，不打算的资产（黄金）以及有风险的液体资产（加密货币）。这两个贸易都应优先考虑单个最佳级别的资产，这是对液体Tranche and Lime Limelly Is Myseiq for Myseiq for Myseiq for Myseiq for sy Is syblanch sy Is sybbor syblanch''''！”双胞胎添加了。

Peter Schiff, a long-time Bitcoin critic, went even further, calling the proposal "the biggest crypto rug pull of all time." He urged Congress to investigate whether Trump's associates or donors benefited financially from the announcement.

长期的比特币评论家彼得·希夫（Peter Schiff）走得更远，称该提案为“有史以来最大的加密地毯”。他敦促国会调查特朗普的同事或捐助者是否从宣布中受益。

Bitcoin Faces Its Worst February in a Decade

比特币面临十年来最糟糕的2月

The recent downturn adds to Bitcoin's struggles, which saw February close as one of its worst-performing months in history. Bitfinex analysts logged a 17.39% loss for Bitcoin, its steepest February drop since 2014. The decline, which saw Bitcoin fall 28.3% from its January high of $109,590, has been added to by massive withdrawals from Bitcoin ETFs, which amounted to $1.1 billion on February 25.

最近的衰退增加了比特币的挣扎，该斗争使2月成为其历史上最糟糕的几个月之一。 Bitfinex分析师对比特币的亏损17.39％，这是其2014年2月下降的最大下降。从1月份比特币的高点下降了28.3％，从109,590美元下降了28.3％，这是由于比特币ETF的大规模提款增加了，该比特币在2月25日至25年2月25日增加了11亿美元。

Bitcoin (BTC) price dropped 8.4% to $83,602 in the last 24 hours at press time. Source: Bitcoin Liquid Index (BLX) via Brave New Coin

在发稿时，比特币（BTC）的价格下跌8.4％至83,602美元。资料来源：勇敢的新硬币比特币液体指数（BLX）

Historical data shows that Bitcoin generally performed well during February, with an average increase of 13.12% since 2013. The fall this year is the largest post-halving February drop ever, and it has investors concerned about the short-term trajectory of the asset.

历史数据显示，比特币通常在2月份表现良好，自2013年以来的平均增长13.12％。今年秋季是有史以来最大的售后2月下降，它让投资者担心资产的短期轨迹。

Road to Recovery Hinges on Institutional Interest

恢复道路取决于机构利益

Bitcoin and the broader crypto market must get over the obstacle of recovering bullish momentum. Market analysts said that will depend on macroeconomic drivers,

比特币和更广泛的加密市场必须克服恢复看涨势头的障碍。市场分析师说，这将取决于宏观经济驱动力，