The Crypto Market Crash: A Deeper Dive

加密市場崩潰：更深入的潛水

The crypto market has experienced a substantial sell-off, eroding over $400 billion in market value within 24 hours. Major cryptocurrencies such as Bitcoin, Ethereum, XRP, and Dogecoin have all suffered losses, with some declining by nearly 20%.

加密市場經歷了大量拋售，在24小時內侵蝕了超過4000億美元的市場價值。比特幣，以太坊，XRP和Dogecoin等主要加密貨幣都遭受了損失，其中有些下降了近20％。

Key Factors Driving the Turmoil

驅動動蕩的關鍵因素

Trade War Sparks Fear

貿易戰激發恐懼

The recent geopolitical tensions and trade disputes have played a significant role in the market's decline. Former U.S. President Donald Trump's imposition of tariffs under the International Emergency Economic Powers Act has raised concerns about higher trade barriers, inflation, and economic instability.

最近的地緣政治緊張局勢和貿易糾紛在市場下降中發揮了重要作用。美國前總統唐納德·特朗普（Donald Trump）根據《國際緊急經濟大國法案》對關稅徵收關稅，這引起了人們對更高的貿易障礙，通貨膨脹和經濟不穩定的擔憂。

Slowdown in Bitcoin Network Activity

比特幣網絡活動放緩

In addition to external factors, Bitcoin's network activity has witnessed a sharp decline. Reduced transaction volume and low transaction fees indicate a drop in demand for block space. This is the lowest level of activity since 2024.

除了外部因素外，比特幣的網絡活動還急劇下降。交易量減少和交易費用降低表明對塊空間的需求下降。這是自2024年以來的最低活動水平。

Mass Liquidations

質量清算

The market has witnessed a surge in liquidations, with over $2.18 billion worth of crypto positions wiped out, impacting more than 715,000 traders. Long traders bore the brunt of the losses, while short traders experienced smaller losses.

該市場目睹了清算的激增，淨化了價值超過21.8億美元的加密貨幣頭寸，影響了715,000多個交易員。長期交易者首當其衝，而短交易者遭受了較小的損失。

Strengthening U.S. Dollar

加強美元

The rise in the U.S. Dollar Index (DXY) and Treasury yields has exerted downward pressure on Bitcoin. Historically, Bitcoin's price has exhibited an inverse relationship with the dollar, indicating that a stronger dollar can lead to lower BTC prices.

美元指數（DXY）和國庫收益率的上升對比特幣施加了向下壓力。從歷史上看，比特幣的價格與美元表現出反比關係，表明較高的美元可以導致BTC價格降低。

Critical Support Level for Bitcoin

比特幣的關鍵支持水平

Bitcoin is currently hovering around the $93,000 level. A breach below $90,000 could trigger further declines, while a recovery above $95,000 could restore its bullish momentum. The Crypto Fear & Greed Index has shifted to a "Fear" sentiment, reflecting the current market uncertainty.

比特幣目前徘徊在$ 93,000的水平左右。低於$ 90,000的違規行為可能會觸發進一步的下降，而回收率超過95,000美元可以恢復其看漲勢頭。加密恐懼和貪婪指數已轉變為“恐懼”情緒，反映了當前市場的不確定性。