狗狗幣（DOGE）、萊特幣（LTC）等都是這現象的受害者

The cryptocurrency market is no stranger to volatility, but the recent sharp decline in prices took many by surprise. This sudden drop came on the heels of a prolonged period of low volatility, with most assets reaching significant lows in this metric. Such calm before the storm made the ensuing price plunge all the more unexpected.

加密貨幣市場對波動並不陌生，但最近價格的大幅下跌讓許多人感到驚訝。這次突然下跌是在長期的低波動性之後發生的，大多數資產的這項指標都達到了顯著的低點。暴風雨前的寧靜使得隨後的價格暴跌更加出乎意料。

In the midst of this downturn, two notable cryptocurrencies, Dogecoin (DOGE) and Litecoin (LTC), have been particularly affected. As of recent data, Dogecoin is trading at $0.062505, while Litecoin stands at $65.07. Both of these assets, along with several others, have been victims of a phenomenon that is currently shaping the crypto landscape.

在這次經濟衰退中，兩種著名的加密貨幣——狗狗幣（DOGE）和萊特幣（LTC）——受到的影響尤其嚴重。截至最新數據，狗狗幣的交易價格為 0.062505 美元，而萊特幣的交易價格為 65.07 美元。這兩種資產以及其他幾種資產都是目前正在塑造加密貨幣格局的現象的受害者。

1/ A sudden, strong drop in crypto prices has followed a prolonged period of low volatility. Most assets were reaching significant lows in volatility, making this large move unexpected to many.#Bitcoin #cryptocrash pic.twitter.com/ebRvNlmz7R
— IntoTheBlock (@intotheblock) August 18, 2023
1/ 在長期的低波動性之後，加密貨幣價格突然大幅下跌。大多數資產的波動性已達到顯著低點，使得這一大幅波動出乎許多人的意料。#Bitcoin #cryptocrash pic.twitter.com/ebRvNlmz7R - IntoTheBlock (@intotheblock) 2023 年 8 月 18 日

A closer look at market activity reveals a spike in transactions valued over $1 million. Specifically, there has been an increase of approximately 700 such transactions, which closely aligns with the timing of the downward price movement. This pattern strongly suggests that, in the current market scenario characterized by lower liquidity, these large transactions are the primary catalysts driving volatility.

仔細觀察市場活動就會發現，價值超過 100 萬美元的交易激增。具體而言，此類交易增加了約 700 筆，這與價格下跌的時機密切相關。這種模式強烈表明，在當前流動性較低的市場環境下，這些大額交易是推動波動的主要催化劑。

The implications of this are significant. With large transactions having such a pronounced impact on price, it underscores the influence of whales or large holders in the current market environment. Their actions, whether selling or buying in large volumes, can sway the market in noticeable ways, especially when liquidity is thin.

這意義重大。由於大額交易對價格產生如此顯著的影響，這凸顯了鯨魚或大持有者在當前市場環境中的影響力。他們的行為，無論是大量出售還是大量購買，都會以明顯的方式影響市場，尤其是在流動性稀薄的情況下。

For assets like Dogecoin and Litecoin, this phenomenon presents both challenges and opportunities. On one hand, the influence of large transactions can lead to rapid price declines, as witnessed recently. On the other, it also means that positive market sentiment and large buy orders can lead to swift recoveries.

對於狗狗幣和萊特幣等資產來說，這種現象既帶來了挑戰，也帶來了機會。一方面，如最近所見，大額交易的影響可能導致價格快速下跌。另一方面，這也意味著積極的市場情緒和大量買單可以導致迅速復甦。

It is also worth noting external factors that might be influencing the market. The preapproval of the Ethereum futures ETF and issues like the 1,000+ ETH stuck in the Shibarium bridge have added to the market's uncertainty.

也值得注意的是可能影響市場的外部因素。以太坊期貨ETF的預先批准以及1000+ETH滯留在Shibarium橋等問題增加了市場的不確定性。