Cryptos Experience Vicious Volatility Amidst Economic Uncertainties

在经济不确定性中，加密经历恶性波动

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.

加密货币市场正在见证另一集的极端价格波动，进一步使宏观经济不确定性已经削弱的景观令人不安。 Solana暴跌了14％，而XRP和Dogecoin损失了8％以上，比特币跌至91,000美元以下。这种波动性被大规模清算所扩大，引起了关于面对全球经济压力的数字资产弹性的疑问。

Altcoin Bloodbath and Bitcoin Under Duress

胁迫下的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%.

加密货币市场受到严重动荡的影响。 Solana（Sol）一天在一天中跌幅14％，导致其每周损失超过20％。这种暴跌构成了更广泛的抛售的一部分，它也影响了XRP，Dogecoin和以太坊，所有这些都下降了8％以上。确实，Coindesk 20指数跟踪该行业最高的市值，每天下降超过7％，反映了这种下降趋势。

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.

同时，自11月以来，比特币首次下跌了92,000美元，这可能表明三个月的合并在90,000美元至110,000美元之间，这可能表明了看跌的突破。这种下降的市场紧张局势加剧了，已经受到缺乏明显看涨信号的打击。 BTSE Exchange的首席运营官Jeff Mei警告说，“当前的看跌情绪可能被夸大了”，表达了乐观的态度，即即将进行的宏观经济决定可能会引发反弹。

Cascading Liquidations

级联清算

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，清算升级。根据Coinglass数据，在24小时内已清算了将近10亿美元的职位。其中，2.77亿美元涉及比特币的长期头寸，表明该运动的残酷性使市场措手不及。山寨币尚未幸免，链条清算加剧了低迷。

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.

这种现象在经常以杠杆作用为主的加密货币市场中并不是前所未有的，在这种情况下，清算自然会放大向下运动。但是，除了技术影响之外，这种纠正与更广泛的经济环境相吻合，这对风险较高的资产产生了严重影响。

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."

的确，比特币在近三个月的狭窄范围内交易范围为90,000至110,000美元，努力恢复可持续的看涨势头。正如2025年2月24日的Bitfinex Alpha报告中强调的那样，“比特币在固结近90天后仍然处于关键的转折点。”此外，Bitfinex分析师指出：“缺乏可持续看涨的休息所需的势头，导致几乎所有主要加密资产的收缩和巩固时期。”

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.

在过去的24小时内，比特币剥出了4.5％以上，低于91,000美元，这是自11月下旬以来的最低水平，根据Coingecko。同时，加密货币市值的总计跌至8％，从3.31万亿美元到约3.09万亿美元。

Correlation with Traditional Markets and Capital Flight

与传统市场和资本飞行相关

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仅归因于内部因素。加密市场与股票市场的相关性越来越高，最近几天也有所下降。在过去一周中，标准普尔500指数损失了2.3％，而纳斯达克股价下降了4％，这表明规避了风险的增长。这种趋势破坏了资本流入加密货币，已经遭受了机构利益的衰落。

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.

比特币ETF的下降记录了上周净流出的5.525亿美元，作为证据。逐渐减弱的机构需求在2024年大大加强了市场，对预期这些新产品提供可持续价格支持的投资者引起了一个重大关注。

Inflation and Economic Uncertainties: A Hostile Environment for Cryptos

通货膨胀和经济不确定性：加密货币的敌对环境

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

尽管这种更正已经突然，但基本上是预期的。通货膨胀压力和经济放缓促使人们转向较小的风险资产。 SignalPlus分析主管Augustine Fan强调，“经济放缓的观点在市场上占主导地位，并加强了股票，债券和CR之间的相关性