诸如加密货币之类的风险资产正处于压力下，因为特朗普先生的关税和政府解雇将鱼雷生长增长

比特币在3月11日滑行至11月10日以来最低，约为77,000美元。

Risk assets like crypto were hit on March 11 amid anxiety that US President Donald Trump’s tariffs and government firings will torpedo growth in the world’s largest economy.

诸如加密货币之类的风险资产于3月11日遭到袭击，因为焦虑于美国总统唐纳德·特朗普的关税和政府解雇将在世界上最大的经济体中捕捞。

US equities slid and Treasuries rallied as investors sought a refuge.

随着投资者寻求避难所，美国股票滑行和国库会集会。

“While Trump’s strategic crypto reserve announcement initially drove optimism, the rally quickly unraveled amid aggressive selling linked to worsening macro conditions,” said Nikolay Karpenko, director at crypto firm B2C2.

加密公司B2C2公司董事Nikolay Karpenko说：“尽管特朗普的战略加密储备公告最初引起了乐观的兴趣，但由于与宏观条件恶化有关的积极销售，这次集会很快就揭露了。”

Bitcoin slid to its lowest since November 10, reaching around US$77,000.

比特币滑至11月10日以来最低，达到77,000美元。

Solana, Cardano and XRP, all tokens that Trump had mentioned as possible candidates for a digital asset stockpile but were not cited in his executive order, each slumped even more.

索拉纳（Solana），卡尔达诺（Cardano）和XRP，特朗普（Trump）都提到的所有代币都作为数字资产库存的候选人，但并未以其行政命令引用，每个人都跌倒了。

Crypto-linked stocks such as Coinbase Global posted its biggest decline since July 2022, while entrepreneur Michael Saylor’s heavily leveraged Bitcoin proxy Strategy also fell.

Coinbase Global等与加密货币相关的股票自2022年7月以来的最大下降，而企业家Michael Saylor的大量利用比特币代理策略也下降了。

Trump’s crypto-friendly stance, including an order to create a US Bitcoin reserve and a separate stockpile of other tokens, along with a high-profile summit with industry executives in Washington last week, has done little to lift market sentiment.

特朗普对加密货币友好的立场，包括建立美国比特币储备和其他代币的单独库存的命令，以及上周与华盛顿的行业高管进行的备受瞩目的峰会对提升市场情绪的影响很少。

While the administration pledged to capitalise the reserve with crypto seized in legal proceedings, the absence of fresh capital commitments disappointed investors.

尽管政府承诺在法律程序中抓住了加密货币，但没有新的资本承诺使投资者失望。

“The market perceived the summit as underwhelming and top cryptocurrencies dropped after it was revealed that the widely anticipated crypto reserve would hold only existing government holdings,” said Jeff Mei, chief operating officer at crypto exchange BTSE.

Crypto Exchange BTSE首席运营官Jeff Mei表示：“市场认为，众多加密货币的竞选活动被揭示出了广泛的加密货币，这一峰会被揭示出了广泛预期的加密货币储备只能持有现有的政府持股。”

The US currently owns about US$17 billion worth of Bitcoin and about US$400 million worth of several other tokens, largely attributable to asset forfeitures related to civil and criminal cases.

美国目前拥有价值约170亿美元的比特币和约4亿美元的其他几个代币，这在很大程度上归因于与民事和刑事案件有关的资产没收。

Investors are rationally more bullish on crypto given recent developments like the reduced US Securities and Exchange Commission (SEC) enforcement, but other factors are more nuanced or even negative, said Ari Paul, co-founder of BlockTower Capital.

Blocktower Capital的联合创始人Ari Paul说，鉴于美国证券交易委员会（SEC）的执法减少，但其他因素更加细微甚至是负面，投资者对加密货币的看法更为看好。

“The apparent capricious favouritism in the administration’s selection of assets for the strategic reserve – especially after the launching of Trump and Melania coins – is a strong deterrent to investors,” Paul said in a message.

保罗在一份消息中说：“在政府选择战略储备的资产中，尤其是在特朗普和梅拉尼亚硬币推出后，显然具有反复无常的偏爱是对投资者的强烈威慑力。”

“It’s created the impression that the Trump administration is engaged in lobbying-based selection and promotion of ‘insider’ assets, and that the cryptocurrency market today is largely a short-term trading casino.”

“这给人留下了这样的印象，即特朗普政府从事基于游说的选择和促进'Insider'资产的选择，而当今的加密货币市场在很大程度上是一个短期的交易赌场。”

Since February, investors have withdrawn a net US$4.4 billion from the group of US Bitcoin ETFs, which played a key role in the token’s record run in 2024.

自2月以来，投资者已从美国比特币ETF中撤回了44亿美元的净净资金，该公司在2024年的代币纪录中发挥了关键作用。

The largest crypto asset is currently down about 28 per cent from its record high of US$109,241 and the broader crypto market has lost over US$1 trillion in market capitalisation from its peak, according to CoinGecko.

根据Coingecko的说法，最大的加密资产目前比其创纪录的109,241美元的创纪录高度下降了约28％，而更广泛的加密货币市场从高峰起就损失了超过1万亿美元的市值。

“Bitcoin could very well drop to the US$70,000-$80,000 range in the coming week. Only when this tariff war ends and the Fed resumes cutting rates will top cryptocurrencies resume trending towards previous all-time highs,” added Mei.

“在下周，比特币很可能会跌至70,000美元至80,000美元。只有当这场关税战争结束并且美联储恢复削减速度时，最高加密货币才能恢复以前的历史高潮的趋势。” MEI补充说。