Cryptos Experience Vicious Volatility Amidst Economic Uncertainties

在經濟不確定性中，加密經歷惡性波動

The cryptocurrency market is witnessing another episode of extreme price fluctuations, further unsettling a landscape already weakened by macroeconomic uncertainties. Solana plummeted by 14%, while XRP and Dogecoin lost over 8%, and Bitcoin dipped below $91,000. This volatility, amplified by massive liquidations, has raised questions about the resilience of digital assets in the face of global economic pressures.

加密貨幣市場正在見證另一集的極端價格波動，進一步使宏觀經濟不確定性已經削弱的景觀令人不安。 Solana暴跌了14％，而XRP和Dogecoin損失了8％以上，比特幣跌至91,000美元以下。這種波動性被大規模清算所擴大，引起了關於面對全球經濟壓力的數字資產彈性的疑問。

Altcoin Bloodbath and Bitcoin Under Duress

脅迫下的Altcoin Bloodbath和Bitcoin

The crypto market is gripped by severe turbulence. Solana (SOL) plunged by 14% in a single day, contributing to its weekly losses exceeding 20%. This plunge forms part of a broader sell-off that has also impacted XRP, Dogecoin, and Ethereum, all of which have declined by over 8%. Indeed, the CoinDesk 20 index, which tracks the top market capitalizations in the sector, reflects this downtrend with a daily decline of more than 7%.

加密貨幣市場受到嚴重動蕩的影響。 Solana（Sol）一天在一天中跌幅14％，導致其每週損失超過20％。這種暴跌構成了更廣泛的拋售的一部分，它也影響了XRP，Dogecoin和以太坊，所有這些都下降了8％以上。確實，Coindesk 20指數跟踪該行業最高的市值，每天下降超過7％，反映了這種下降趨勢。

Meanwhile, Bitcoin has dropped below $92,000 for the first time since November, potentially signaling a bearish breakout after three months of consolidating between $90,000 and $110,000. This decline has heightened tensions in the market, already battered by a lack of clear bullish signals. Jeff Mei, COO of the BTSE exchange, cautions that "the current bearish sentiment may be exaggerated," expressing optimism that forthcoming macroeconomic decisions could trigger a rebound.

同時，自11月以來，比特幣首次下跌了92,000美元，這可能表明三個月的合併在90,000美元至110,000美元之間，這可能表明了看跌的突破。這種下降的市場緊張局勢加劇了，已經受到缺乏明顯看漲信號的打擊。 BTSE Exchange的首席運營官Jeff Mei警告說，“當前的看跌情緒可能被誇大了”，表達了樂觀的態度，即即將進行的宏觀經濟決定可能會引發反彈。

Cascading Liquidations

級聯清算

Amidst the panic, liquidations have escalated. According to CoinGlass data, nearly $1 billion in positions have been liquidated within 24 hours. Of these, $277 million involved long positions on Bitcoin, evidencing a market caught off guard by the ferocity of the movement. Altcoins have not been spared, with chain liquidations exacerbating the downturn.

在恐慌中，清算升級。根據Coinglass數據，在24小時內已清算了將近10億美元的職位。其中，2.77億美元涉及比特幣的長期頭寸，表明該運動的殘酷性使市場措手不及。山寨幣尚未倖免，鏈條清算加劇了低迷。

This phenomenon is not unprecedented in a crypto market frequently dominated by leverage, where liquidations naturally amplify downward movements. However, beyond the technical impact, this correction aligns with a broader economic context that weighs heavily on riskier assets.

這種現像在經常以槓桿作用為主的加密貨幣市場中並不是前所未有的，在這種情況下，清算自然會放大向下運動。但是，除了技術影響之外，這種糾正與更廣泛的經濟環境相吻合，這對風險較高的資產產生了嚴重影響。

Indeed, Bitcoin has traded within a narrow range of $90,000 to $110,000 for almost three months, struggling to regain sustainable bullish momentum. As highlighted in the Bitfinex Alpha report dated February 24, 2025, "Bitcoin remains at a critical turning point after nearly 90 days of consolidation." Moreover, Bitfinex analysts noted that "the momentum needed for a sustainable bullish break has been lacking, leading to a period of contraction and consolidation across almost all major crypto assets."

的確，比特幣在近三個月的狹窄範圍內交易範圍為90,000至110,000美元，努力恢復可持續的看漲勢頭。正如2025年2月24日的Bitfinex Alpha報告中強調的那樣，“比特幣在固結近90天后仍然處於關鍵的轉折點。”此外，Bitfinex分析師指出：“缺乏可持續看漲的休息所需的勢頭，導致幾乎所有主要加密資產的收縮和鞏固時期。”

Within the past 24 hours, Bitcoin has shed over 4.5%, reaching a low of just under $91,000, its lowest level since late November, as per CoinGecko. Concurrently, the total crypto market capitalization has plunged by 8%, from over $3.31 trillion to approximately $3.09 trillion.

在過去的24小時內，比特幣剝出了4.5％以上，低於91,000美元，這是自11月下旬以來的最低水平，根據Coingecko。同時，加密貨幣市值的總計跌至8％，從3.31萬億美元到約3.09萬億美元。

Correlation with Traditional Markets and Capital Flight

與傳統市場和資本飛行相關

The downturn in cryptos cannot be attributed solely to internal factors. The crypto market is exhibiting increasing correlation with stock markets, which have also declined in recent days. The S&P 500 has lost 2.3% over the past week, while the Nasdaq has dropped by 4%, signaling growing risk aversion. This trend undermines capital flows into crypto, already suffering from waning institutional interest.

加密植物的低迷不能僅歸因於內部因素。加密市場與股票市場的相關性越來越高，最近幾天也有所下降。在過去一周中，標準普爾500指數損失了2.3％，而納斯達克股價下降了4％，這表明規避了風險的增長。這種趨勢破壞了資本流入加密貨幣，已經遭受了機構利益的衰落。

The decline in Bitcoin ETFs, which recorded net outflows of $552.5 million last week, serves as evidence. The waning institutional demand, which significantly bolstered the market in 2024, poses a significant concern for investors who had anticipated these new products to provide sustainable price support.

比特幣ETF的下降記錄了上週淨流出的5.525億美元，作為證據。逐漸減弱的機構需求在2024年大大加強了市場，對預期這些新產品提供可持續價格支持的投資者引起了一個重大關注。

Inflation and Economic Uncertainties: A Hostile Environment for Cryptos

通貨膨脹和經濟不確定性：加密貨幣的敵對環境

While this correction has been abrupt, it was largely anticipated. Inflationary pressures and economic slowdown have prompted a shift towards less risky assets. Augustine Fan, head of analysis at SignalPlus, emphasizes that "the sentiment of economic slowdown dominates the markets, with strengthened correlations between stocks, bonds, and cr

儘管這種更正已經突然，但基本上是預期的。通貨膨脹壓力和經濟放緩促使人們轉向較小的風險資產。 SignalPlus分析主管Augustine Fan強調，“經濟放緩的觀點在市場上占主導地位，並加強了股票，債券和CR之間的相關性