Cryptocurrency

{:en}EOS Network, which once set a record of $4.1 billion in fundraising in the blockchain industry, officially announced its brand reshaping, changed its name to Vaulta, and fully turned to the field of Web3 banking services. This transformation plan is tentatively scheduled to start at the end of May, when a new token Vaulta Token will be launched, and a Vaulta Bank Advisory Committee composed of industry experts will be established to assist in formulating strategic directions. According to the official statement on March 18, this move marks a major transformation of EOS Network from an underlying public chain to a financial infrastructure service provider. As the core of the transformation, EOS Network's native token EOS will gradually transition to Vaulta Token. The new token is expected to be launched in May through a dedicated exchange portal and will be simultaneously launched on nearly 140 exchanges that originally supported EOS transactions. Although the token symbol and technical details have not yet been announced, the official emphasized that existing EOS holders can seamlessly migrate assets. It is worth noting that Vaulta will inherit the underlying technical architecture of EOS Network, including integration with Bitcoin banking solution exSat, and a financial service…...

{:en}Today, as the traditional financial system is unable to adapt to the digital age, the inefficiency and high cost of cross-border payments are becoming a stumbling block to the development of global business. Take the SWIFT system as an example. This interbank communication network, which was born in 1973, is still the core infrastructure for international remittances, but its original design was only to transmit transaction information rather than process funds. The overlapping intermediaries, fragmented regional payment networks, and cross-border fees averaging 1.5% to 6.3% have long put small and medium-sized enterprises and individual users under the dual pressure of high costs and days of delays. This "patched up" old system not only hinders global economic flows, but also puts regions with scarce financial resources into a vicious cycle - developing economies are further marginalized due to sharp fluctuations in their own currencies and insufficient coverage of banking services. The rise of stablecoins provides a disruptive solution to this dilemma. As a digital currency anchored to the value of legal currency, stablecoins achieve the immediacy and transparency of capital flow through blockchain technology. For people in Argentina and Turkey who are suffering from inflation, stablecoins pegged to the US dollar…...

{:en}Trump urges Treasury Secretary to reassess sanctions policy US President Trump is urging Treasury Secretary Becerra to reassess the US's foreign sanctions policy, as he is concerned that the current approach could undermine the dollar's position as a global reserve currency. Bitcoin long-term holders have increased their holdings by 167,000 BTC this month On-chain analyst Ali reported that long-term Bitcoin holders have increased their holdings by 167,000 BTC in the past month. US SEC considers withdrawing proposal for cryptocurrency custody rules The US Securities and Exchange Commission (SEC) is considering withdrawing a proposal made in February 2023 to tighten cryptocurrency custody rules. Acting Chairman Mark Uyeda said the plan faces significant concerns and challenges because its content requires investment advisers to use qualified custodians and increases the regulatory protection system for crypto assets. Bitwise: The Fed's easing policy may drive market growth Bitwise Chief Investment Officer Matt Hougan pointed out that the market has ignored recent positive news, and a slight easing of the Fed's policy could trigger a strong rebound in the market. Trump's economic policies could cause a stock market crash in the United States Macquarie Bank warned that Trump's economic policies could trigger a stock market crash.…...

{:en}Trump signs executive order to set up sovereign wealth fund, sparking speculation about Bitcoin investment US President Trump signed an executive order directing the establishment of a US sovereign wealth fund managed by former Morgan Stanley banker Grimes within 12 months. The fund is mainly funded by US tariffs, which has sparked market speculation that the fund may be used to invest in Bitcoin. US Treasury market trading volume hits record high in February According to Crisil Coalition Greenwich, the average daily trading volume in the US Treasury market reached a record high of US$1.068 trillion in February this year, up 16% year-on-year. The surge was mainly driven by uncertainty about Trump's tariff policy and increased market expectations for the Federal Reserve to cut interest rates. Bitcoin is still seen as a long-term and reliable means of storing value Noelle Acheson, author of "Crypto Is Macro Now", said that although the current market sentiment is risk-averse, macro portfolios have reduced their allocation to crypto assets, and the capital inflows in the crypto market are extremely limited, she still believes that once the crypto market adapts to the changing economic environment, the market's investment in cryptocurrencies will rebound quickly. Paul Atkins…...

{:en}Wolf (WOLF), a new meme coin created by Hayden Davies, the founder of the controversial Libra (LIBRA), is making waves again. The Solana chain token, which piggybacked on the IP of "The Wolf of Wall Street", saw its market value soar to $42.9 million after it went online on March 8, but it plummeted 99% within 48 hours, leaving a market value of only $570,000. Blockchain analysis platform Bubblemaps revealed that 82% of the WOLF token supply is controlled by the same entity, which is exactly the same as the Libra token previously managed by Davies before the collapse. On-chain data shows that Davies transferred funds to 17 wallets through the "OxcEAe" address controlled by him several months in advance, and these wallets eventually became early holders of WOLF tokens. This pattern replicates the collapse trajectory of Libra (LIBRA) - earlier this year, eight internal wallets cashed out $107 million from the Libra liquidity pool, causing $4 billion in market value to evaporate instantly, and even implicated Argentine President Milley in an impeachment crisis. At present, Interpol has considered issuing a red warrant for Davies at the request of Argentine lawyers, accusing him of possibly using crypto assets to abscond.…...

{:en}Recently, XRP's exchange rate against Ethereum (ETH) hit a five-year high, sparking heated discussions about the cryptocurrency market cap rankings. As of March 16, the XRP/ETH trading pair reached 0.00128 ETH, marking its highest level since April 2020. Compared to its all-time low of 0.00013 ETH in June 2024, XRP has surged by 925%; if measured from November 2024, when Trump won the U.S. presidential election, the gain stands at 620%. Analysts suggest that breaking this key resistance level could be a turning point for XRP to challenge Ethereum's market cap dominance. If history repeats, an additional 80% rally would be enough for XRP to "flip" Ethereum, especially since its fully diluted valuation (FDV) briefly surpassed ETH earlier this week. Currently, XRP's market cap stands at approximately 138billion,lessthan138billion,lessthan100 billion short of Ethereum's $235 billion. Market observers attribute XRP's strong performance to shifting regulatory dynamics. Since the Trump administration adopted a "crypto-friendly" stance, XRP's market dominance has surged by over 300%, while Ethereum's market share has shrunk by 35.5% during the same period. As a token focused on enterprise applications, XRP has benefited from Ripple's institutional DeFi roadmap, while Ethereum has struggled due to technical upgrade controversies and competition from rivals like…...

{:en} The anonymity and high returns of the crypto world have attracted global investors, but they have also become a new hunting ground for criminals. While traditional hackers are still manually crafting phishing emails, AI bots have quietly evolved into more dangerous forms—capable of self-learning, operating around the clock, and even using deepfake technology to create perfect scams. This wave of AI-driven crypto crime is rewriting the rules of digital asset security. AI Bots: From Tools to Predators AI bots initially entered the cryptocurrency space as automation tools, used to optimize trading strategies or analyze on-chain data. However, with breakthroughs in generative AI technology, these programs have gradually revealed a dual nature: they can not only process massive amounts of blockchain data but also continuously refine attack strategies through machine learning. In 2023, research by security firm Zellic showed that GPT-4-based AI models could identify security flaws in smart contract code, similar to the Fei Protocol vulnerability (which caused an $80 million loss), in just seconds—a task that would take human auditors weeks to complete. This evolution has allowed AI bots to break through the physical limitations of traditional cybercrime. While a single hacker team can launch hundreds of phishing…...

{:en}Since the creation of its genesis block on March 16, 2020, Solana has marked five years of growth. Born during the early days of the COVID-19 pandemic, this high-throughput, low-cost Layer-1 blockchain quickly became one of the most active networks by transaction volume in the crypto industry. Despite being hit hard by the bear market and the FTX collapse, which saw Solana’s price plummet by 96% from its all-time high, its ecosystem resilience drove a nearly 50x rebound in market capitalization post-2023. Now, with the U.S. announcing its inclusion in a digital asset strategic reserve, Solana’s price is once again in the spotlight. Technological Breakthrough Amid the Pandemic Solana's origins can be traced back to the "Proof of History (PoH)" mechanism white paper proposed by Anatoly Yakovenko in 2017, but the actual mainnet launch coincided with the global epidemic lockdown in 2020. With the support of institutions such as Multicoin Capital, Solana has risen as an "Ethereum killer", with a market value of up to $77.8 billion at the peak of the bull market in 2021. However, in 2022, the bear market and the FTX crash crisis caused Solana's price to fall to $8.3, and its market value evaporated by…...

{:en}The cryptocurrency market continued to fluctuate, and the price of Solana became the focus again today. As of March 17, the price of SOL fell 6.5% in the past 24 hours to around $127, hitting a new low in nearly a month. This decline is closely related to the recent weakness of the on-chain data of the Solana ecosystem. The market is worried that the loss of users in its DeFi field may trigger deeper selling pressure. Behind the decline in Solana prices, the continued shrinkage of the total locked value (TVL) of the DeFi ecosystem is the primary cause. According to DefiLlama data, since reaching a peak of $12.1 billion on January 19, the TVL on the Solana chain has dropped sharply by 41%, leaving only $7 billion on March 17. Among them, the TVL of the head protocols Jito and Raydium have fallen by 30% and 32% respectively in the past 30 days, reflecting a significant cooling of investors' interest in the Solana ecosystem. At the same time, Solana's price has been cut by 56% since its January high of $294, and the simultaneous decline in TVL and coin price has further exacerbated the bearish sentiment in the…...

{:en}Market analysts believe that the recent correction in the crypto market does not mean that the bull market cycle has ended, but is only a benign correction in the middle of the bull market. The key indicator supporting this view is that the total supply of stablecoins is steadily increasing. Stablecoins are the main entry point for fiat funds to enter the crypto ecosystem, and the increase in their supply usually means that investor interest is increasing and the speed of capital inflow is accelerating. Data shows that the current total supply of stablecoins has exceeded US$219 billion, a record high. This milestone data indicates that the crypto market may still be in the middle of a bull market. Historically, the highest point in the supply of stablecoins often coincides with the top of the cycle. IntoTheBlock pointed out that when the supply of stablecoins reached a peak of US$187 billion in April 2022, it was the beginning of the last round of bull-bear conversion. In contrast, the supply of stablecoins is still growing today, suggesting that the crypto market still has the potential to rise further. On the other hand, the inflow of stablecoins into exchanges is growing rapidly,…...

{:en}The Fed will announce its interest rate decision this week According to CME Fed Watch data, the Fed will announce its interest rate decision at 2 a.m. EST on March 20. The market believes that the Fed has a 98% chance of keeping interest rates unchanged and only a 2% chance of a rate cut. The U.S. long-term inflation expectations have reached a 30-year high for three consecutive months The U.S. long-term inflation expectations index has remained at a 30-year high for the third consecutive month. Matthew Luzzetti of Deutsche Bank pointed out that unless there is significant weakness in the labor market, this will limit the Fed's ability to ease policy. SEC Commissioner Hester Peirce supports cryptocurrency "safe harbor" proposal Hester Peirce, a member of the U.S. Securities and Exchange Commission (SEC), reiterated her support for the "safe harbor" proposal to promote crypto innovation. She emphasized in the interview that the SEC's goal is to encourage information disclosure, not to let projects become daunted by law enforcement. She believes that clear guidelines can help innovators share information more confidently when there is regulatory uncertainty. Bitcoin is about to enter a historically strong month Analyst Timothy Peterson pointed out that…...

{:en}The U.S. Senate Banking Committee passed the Financial Integrity and Regulatory Management Act The U.S. Senate Banking Committee passed the Financial Integrity and Regulatory Management Act proposed by Senator Tim Scott by 13 votes to 11. The bill aims to prohibit federal regulators from intervening on the grounds of "reputational risk" when regulating financial institutions, which greatly alleviates the cryptocurrency market's concerns about the unfair behavior of "de-banking". Mnuchin: Don't worry too much about the risk of recession, investors should remain calm On March 14, former U.S. Treasury Secretary Mnuchin said that investors do not have to worry too much about the risk of recession in the United States. He attributed the stock market sell-off to the adjustments brought about by Trump's trade policy. He called on investors to remain calm and predicted that there would be no recession in the United States. But he also acknowledged that the reduction in U.S. government spending may slow the growth of the economy slightly, but emphasized that this should not cause serious economic concerns. The U.S. Senate Banking Committee will review the GENIUS Act U.S. Senator Cynthia Lummis announced that the Senate Banking Committee will conduct a final review of the GENIUS…...

{:en}Recently, despite increased volatility in the broader cryptocurrency market, Dogecoin Price has drawn attention due to positive on-chain signals. Blockchain analyst Ali Martinez pointed out that the number of new Dogecoin addresses surged from 16,400 to 34,600 in the past month, a 110% increase, marking a yearly high. This data suggests that even though Dogecoin Price dropped by 16.62% over the past seven days, adoption of the meme coin continues to grow against the trend. Analysts believe that the sustained growth in new addresses could provide long-term liquidity support for Dogecoin Price, but a short-term breakout above the $0.18 resistance level is needed to confirm a trend reversal. Notably, historical data shows that March has not been a "lucky month" for Dogecoin Price. According to Cryptorank, Dogecoin's average March gain over the past 11 years is only 0.07%, with six years ending in losses, including a 53.3% drop in 2018. Although it recorded an 87.5% monthly increase in 2023, Dogecoin Price has already fallen by 17.2% this March. If the trend is not reversed in the remaining 18 days, Dogecoin Price may continue its "March curse." However, the divergence between on-chain expansion and price performance leaves room for market speculation. From a technical perspective, Dogecoin Price recently found support near 0.14andreboundedby3.220.14andreboundedby3.220.1719. Analysts note…...

{:zh}在经历了一场由迷因币（Memecoin）驱动的疯狂增长后，Solana（SOL-USD）正站在关键的十字路口。尽管美国监管环境对加密货币展现出前所未有的友好姿态——白宫宣布建立「战略比特币储备」、针对数字资产行业的诉讼被驳回、货币监理署（OCC）重申允许银行托管加密资产并参与分布式账本技术——但市场的反应却异常冷淡。价格停滞、投机情绪退潮，似乎印证了那句老话：「利好出尽即利空」。而在这场「去泡沫化」的浪潮中，Solana的「迷因币工厂」叙事正面临严峻考验。 迷因币退潮：Solana的增长引擎熄火 2024年初，Solana凭借「迷因币工厂」平台pump.fun的爆发，迅速成为加密市场最耀眼的明星。从1月到11月，其日均活跃地址（DAA）从69.5万飙升至670万，交易费用一度超越以太坊（ETH-USD），迷因币的造富效应让Solana生态涌入海量用户。然而，这场狂欢并未持久。随着市场对「狗系币」「猫系币」等缺乏实际用途的迷因币审美疲劳，Solana的DAA在2024年11月达到峰值后持续下滑，2025年2月已跌至530万，较峰值缩水21%。与此同时，交易费用收入从1月的1.2亿美元骤降至2月的8520万美元，跌幅近30%。数据清晰地表明：Solana的迷因币叙事已接近尾声。 这一趋势与整个迷因币板块的颓势不谋而合。截至2025年3月，加密行业中迷因币板块年内跌幅达54%，与「AI币」「GameFi」等概念一同沦为重灾区。相反，现实资产代币化（RWA）、隐私币、交易所平台币等具备实际用例的板块表现坚挺。这种分化印证了一个残酷的现实：当市场从「赌场文化」转向关注基本面时，缺乏实用价值的迷因币终将被抛弃。而Solana作为迷因币热潮的最大受益者，也不得不直面生态转型的阵痛。 生态数据隐忧：高增长背后的结构性矛盾 尽管Solana的链上稳定币供应量从2024年初的18亿美元激增至目前的118亿美元，但这一光鲜数据背后暗藏危机。根据Artemis数据，Solana在稳定币转账量中的市场份额从1月的35%骤降至3月的9%，被Coinbase旗下公链Base（COIN）等竞争对手蚕食。这暴露了一个关键矛盾：Solana虽能吸引资金沉淀，却未能有效激活其稳定币的流通场景。换言之，大量稳定币仍停留在「囤积」阶段，而非用于支付、跨境汇款或DeFi等实际应用。 这一矛盾进一步体现在用户行为的转变上。尽管Solana凭借超低手续费（单笔交易成本不足1美分）和即时结算的优势，一度被视为Visa、万事达卡等传统支付巨头的颠覆者，但其链上活跃度却高度依赖迷因币投机。当迷因币热潮退去，Solana尚未找到同等量级的替代应用。以NFT市场为例，尽管Solana的NFT销售额在2024年短暂回暖，但2025年再度陷入低迷，单月销售额不足5000万美元，仅为以太坊的十分之一。DeFi领域虽以67亿美元总锁仓额（TVL）位居第二，但与以太坊的420亿美元差距悬殊。Solana的「基础设施优势」尚未转化为可持续的生态繁荣。 估值困境：低市盈率能否支撑未来预期？ 从估值角度看，Solana当前的价格/费用比率（P/F）已从2024年11月的25倍攀升至88倍，尽管SOL币价年内下跌35%，但市场对其未来收益的预期反而升高。这种「背离」反映出投资者的矛盾心理：一方面认可Solana的技术潜力，另一方面担忧其缺乏新叙事支撑增长。与Aptos（APT-USD）、Near（NEAR-USD）等竞争对手相比，Solana的估值仍处于低位，但这更多是市场对迷因币依赖症的后遗症，而非价值洼地的信号。 值得警惕的是，若Solana无法扭转稳定币转账份额下滑的趋势，其收入结构将更加依赖投机性交易。历史经验表明，当公链陷入「手续费依赖症」时，币价往往与网络效用脱钩。以太坊在2023年合并后的表现便是前车之鉴——尽管通缩机制推高币价，但链上活动萎缩导致估值泡沫破裂。对Solana而言，迷因币退潮已迫使市场重新评估其基本面，若生态无法孵化出下一个「杀手级应用」，SOL的反弹可能仅源于市场情绪波动，而非价值发现。 转型之路：稳定币能否成为Solana的新支点？ 面对迷因币叙事终结的挑战，Solana的破局关键或在于稳定币生态的深化。目前，其链上稳定币规模已占市场总供应量的5%，远超Polygon、Avalanche等竞争对手。若能将稳定币从「囤积资产」转化为「流通媒介」，Solana有望在跨境支付、企业结算等场景开辟新战场。例如，通过集成更多法币入口、开发合规工具、拓展商户合作，Solana可将其技术优势转化为实际市场份额。此外，与Circle、Tether等稳定币发行方合作开发链上金融产品，也可能激活DeFi生态的二次增长。 然而，这条转型之路并非坦途。Coinbase通过Base链的「内部导流」策略，正快速抢占稳定币市场份额；Visa、PayPal等传统巨头也在探索自有区块链解决方案。Solana若想突围，必须解决两个核心问题：一是降低用户使用门槛，二是构建差异化的应用场景。例如，针对中小企业开发低成本跨境支付协议，或联合社交媒体平台推出嵌入式稳定币钱包。这些举措需要时间沉淀，而市场留给Solana的窗口期可能并不宽裕。 结论：短期承压，长期仍存想象空间 尽管迷因币退潮让Solana短期内面临增长瓶颈，但其高性能底层架构和活跃的开发者社区仍构成长期价值支撑。从技术角度看，Solana的并行处理能力、低延迟特性在支付、高频交易等场景具备独特优势；从生态角度看，稳定币和DeFi的积累为其转型提供了弹药。然而，在竞争日益激烈的公链赛道中，Solana必须证明自己不仅是「迷因币乐园」，更是「价值互联网」的基础设施。 对于投资者而言，当前SOL的「持有」评级或许是最理性的选择——既不必在生态转型期盲目追高，也无需因短期阵痛否定其技术潜力。毕竟，加密市场的历史反复证明：真正穿越周期的公链，从不依赖单一叙事，而是持续创造真实价值。Solana的下一站，或将决定它能否从「迷因币之王」蜕变为「价值网络之王」。{:}{:en}After a period of explosive growth driven by memecoins, Solana (SOL-USD) stands at a critical crossroads. Despite an increasingly favorable regulatory environment for cryptocurrencies in the U.S.—marked by the White House's announcement of a "Strategic Bitcoin Reserve," dismissals of lawsuits across the digital asset industry, and the OCC reaffirming that national banks can custody crypto assets and engage with distributed ledger technology—market reactions have been tepid. Stagnant prices and receding speculative sentiment seem to confirm the old adage: "Buy the rumor, sell the news." In this wave of "de-bubbling," Solana's "memecoin factory" narrative faces a severe test. Memecoin Fade: Solana's Growth Engine Stalls At the beginning of 2024, Solana quickly became the star of the crypto market, fueled by the explosive rise of the "memecoin factory" platform pump.fun. From January to November, its daily active addresses (DAA) surged from 695,000 to 6.7 million, and transaction fees briefly surpassed those of Ethereum (ETH-USD). The wealth effect of memecoins brought a flood of users to Solana's ecosystem. However, this frenzy did not last. As the market grew weary of memecoins like "dog coins" and "cat coins," which…...

{:zh}随着加密货币市场经历剧烈波动，泰达币（USDT）的链上交易活跃度近期攀升至六个月以来的峰值。区块链数据平台Santiment于3月12日发布的数据显示，3月11日当天，USDT单日转账钱包数量突破14.3万个，创下自2023年9月以来的最高纪录。分析师指出，泰达币活跃度激增往往预示着交易员正通过稳定币储备资金，为潜在的市场反弹蓄力。 这一现象恰逢比特币价格跌至7.67万美元的四个月低点，宏观经济不确定性叠加地缘政治紧张局势，导致加密货币市场回吐了美国大选后的部分涨幅。Kronos Research首席投资官Vincent Liu在接受采访时表示，交易员习惯在市场低迷期增持泰达币以捕捉抄底机会，而USDT的链上活动飙升正是市场“蓄势待发”的典型信号。他进一步强调，泰达币作为锚定美元的稳定币，其流动性增强可直接转化为后续的买盘压力，从而加速加密资产价格回升。 刘补充称，当前USDT活跃度的激增可能由多重因素驱动：全球经济波动加剧、加密行业监管动态变化，以及泰达币自身作为“避险港湾”的属性。他特别提到，美国2月通胀率降至2.8%，低于市场预期，这一数据或缓解加密市场抛压，而即将召开的联邦公开市场委员会（FOMC）会议若释放鸽派信号，可能进一步提振风险资产情绪。 值得关注的是，尽管加密货币恐惧与贪婪指数从2月底的“极度恐惧”低位反弹，但截至3月13日仍处于45的“恐惧”区间。这一背景下，泰达币的链上异动更显关键。Santiment分析团队指出，当USDT等稳定币在价格下跌期间频繁流转，往往意味着投资者正将资金从波动性资产转向稳定币，以便在市场触底时迅速出击。 与此同时，泰达币的全球应用场景持续扩展。其首席执行官Paolo Ardoino近日在Cantor Fitzgerald全球科技峰会上透露，目前约37%的USDT持有者将其作为“无银行账户人群的数字储蓄工具”。他强调，泰达币不仅为新兴市场用户提供美元资产存储方案，更在美元面临去全球化质疑的当下，扮演着“捍卫美元地位”的战略角色。此外，Ardoino披露，泰达币发行方已配合执法部门冻结超25亿美元涉嫌非法活动的USDT，以强化合规框架。 综合市场观点，USDT链上活跃度的六个月新高既反映了交易员的短期战术布局，也凸显了泰达币在加密生态中不可替代的枢纽地位。若宏观经济环境与监管政策趋于明朗，这笔“蓄水池”中的资金或将推动加密货币市场开启新一轮反弹周期。{:}{:en}As the cryptocurrency market experiences significant volatility, the on-chain activity of Tether (USDT) has recently surged to a six-month high. Data released by blockchain analytics platform Santiment on March 12 revealed that on March 11, the number of USDT transfer wallets exceeded 143,000 in a single day, marking the highest level since September 2023. Analysts suggest that the spike in Tether's activity often signals that traders are accumulating stablecoins to prepare for potential market rebounds. This development coincides with Bitcoin's price dropping to a four-month low of $76,700, as macroeconomic uncertainties and escalating geopolitical tensions have eroded some of the gains made in the cryptocurrency market following the U.S. election. Vincent Liu, Chief Investment Officer at Kronos Research, noted in an interview that traders typically accumulate USDT during market downturns to seize buying opportunities. He emphasized that the surge in USDT's on-chain activity is a classic indicator of market readiness, with increased liquidity potentially translating into buying pressure that could accelerate the recovery of crypto asset prices. Liu added that the recent spike in USDT activity could be driven by multiple factors: heightened global economic volatility, evolving regulatory dynamics in the…...

{:zh}在拉丁美洲持续高通胀与货币贬值的压力下，稳定币正成为当地居民对抗经济动荡的金融盾牌。加密货币交易所Bitso最新发布的《拉丁美洲加密货币格局报告》显示，2024年稳定币在该地区的采用率显著攀升，其中Circle发行的USDC与Tether发行的USDt以合计39%的购买份额主导市场。报告强调，这两大美元锚定资产已被用户视为“数字价值存储工具”，其购买量较2023年增长9%，反映出稳定币在拉美金融体系中的战略地位持续强化。 USDC的领先地位尤其突出，其在Bitso平台上的购买占比达到24%，成为拉美用户的首选稳定币。与此同时，USDt以15%的份额紧随其后，两者共同构成当地加密货币市场的核心交易对。这一趋势与比特币购买量的结构性下滑形成鲜明对比——尽管比特币在2024年12月突破10万美元历史高点，但其在Bitso的份额从2023年的38%骤降至22%。分析指出，用户更倾向于通过持有稳定币规避法币波动风险，而非追逐比特币的短期价格波动，这标志着拉美市场正从投机交易转向长期资产保值策略。 深入区域市场，阿根廷的稳定币采用率堪称全球标杆。由于该国2024年通胀率突破100%，USDt以50%的加密货币购买份额成为阿根廷用户的经济避风港，USDC则以22%占比支撑第二需求层级。相比之下，阿根廷的比特币购买占比仅为8%，为拉美主要经济体中最低水平。这种地域分化在巴西与墨西哥则呈现不同面貌——尽管稳定币使用量增长，比特币仍以22%和25%的购买占比保持两地最受欢迎加密资产地位，凸显拉美各国因经济差异形成的多元化加密偏好。 行业观察人士认为，USDC与USDt的协同增长揭示了稳定币在拉美的双重角色：既是抵御通胀的储蓄工具，也是跨境支付与日常交易的流动性媒介。随着Bitso等平台持续优化稳定币服务生态，这类资产或将进一步渗透至拉美传统金融难以覆盖的领域，为超2.5亿面临货币贬值风险的民众提供更稳固的财富锚点。{:}{:en}Amid persistent high inflation and currency devaluation in Latin America, stablecoins are becoming a financial shield for local residents against economic turbulence. The latest "Latin America Crypto Landscape Report" released by cryptocurrency exchange Bitso reveals a significant surge in stablecoin adoption in the region in 2024, with Circle’s USDC and Tether’s USDt dominating the market with a combined purchase share of 39%. The report emphasizes that these two dollar-pegged assets have been recognized by users as "digital stores of value," with their purchase volume increasing by 9% compared to 2023, reflecting the growing strategic importance of stablecoins in Latin America’s financial system. USDC’s leading position is particularly notable, accounting for 24% of purchases on Bitso’s platform and becoming the preferred stablecoin for Latin American users. Meanwhile, USDt follows closely with a 15% share, together forming the core trading pairs in the local cryptocurrency market. This trend contrasts sharply with the structural decline in Bitcoin purchases—despite Bitcoin hitting a historic high of $100,000 in December 2024, its share on Bitso plummeted from 38% in 2023 to 22%. Analysts point out that users are increasingly turning to stablecoins to hedge against fiat currency volatility rather than chasing Bitcoin’s short-term…...

{:zh}近日，受美国 CPI 数据良好及全球地缘政治环境日益缓解的影响下，股市和加密货币市场在经历一轮大幅下跌后出现了强劲的反弹。数据显示，加密货币市场约上涨了 1% 左右，比特币价格也稳定在 8.3 万美元以上。同时美国主要的股指也录得上涨趋势，反映出市场对全球经济前景的谨慎乐观态度。 此后，美国总统特朗普再次强调，他对美国的经济韧性拥有强烈信心。尽管外界一直质疑他的关税 2.0 政策会给美国经济带来风险，但特朗普仍坚信他的政府有能力带领国家度过这一不确定的时期。他表示说：“市场会在看到正在发生的事情之后开始腾飞，美国也将比以往的任何时候都更加伟大！” 在接受媒体采访时，特朗普提到他最近出席的“商业圆桌会议”，并将此视为企业界对其政府信任的象征。他指出，来自 150 家大型公司的高管齐聚一堂，场面空前。他说：“这些都是 CEO 和董事长，掌管美国 150 家顶级公司的领导人。每一家都到场了，这是第一次发生这样的事。” 特朗普还重申他致力于推行减税政策与宽松的监管环境，这两项政策是他经济战略的核心。他表示说，若能实现两党合作，这些举措将取得更大的成效。同时他也批评民主党，称其“已经迷失方向”，并呼吁他们“这一次做点对国家有利的事情”。 截至目前，加密货币市场总市值稳定在 2.68 万亿美元左右，10 年期的美债收益率小幅上升至 4.305%。随着加密市场普遍预期美联储会在 6 月降息，投资者保持了略微谨慎的乐观态度。{:}{:en}Recently, under the influence of good US CPI data and the increasingly relaxed global geopolitical environment, the stock market and cryptocurrency market have rebounded strongly after a round of sharp declines. Data shows that the cryptocurrency market has risen by about 1%, and the price of Bitcoin has stabilized at more than $83,000. At the same time, major US stock indexes have also recorded an upward trend, reflecting the market's cautious optimism about the global economic outlook. Since then, US President Trump has reiterated that he has strong confidence in the resilience of the US economy. Although the outside world has been questioning the risks that his tariff 2.0 policy will bring to the US economy, Trump still believes that his government has the ability to lead the country through this uncertain period. He said: "The market will start to take off after seeing what is happening, and the United States will be greater than ever before!" In an interview with the media, Trump mentioned his recent attendance at the "Business Roundtable" and regarded it as…...

{:zh}近期，全球风险资产市场陷入剧烈震荡，美股与加密货币两大领域同步经历深度回调。标普500指数年内跌幅超过15%，比特币价格亦从历史高点回落逾40%，市场情绪从年初的乐观迅速切换至恐慌模式。投资者不禁追问：这轮下跌是否已触及市场底部？加密货币能否摆脱传统金融市场束缚，率先开启独立行情？本文将从宏观经济、政策博弈与市场情绪三维视角，剖析当前市场运行逻辑，探索加密资产在复杂环境中的突围可能。 恐慌指数高企下的市场情绪解码 衡量市场恐慌程度的VIX指数近期攀升至29.5，逼近30的熊市分水岭。回溯过去十年数据，VIX突破30的23次案例中，有18次在半年内出现10%以上反弹，但2022年的六次短暂冲高却伴随持续阴跌，显示单一情绪指标存在局限性。加密货币市场虽无直接恐慌指数，但比特币与纳斯达克指数高达0.87的三个月相关性表明，两者受同类风险因子驱动。值得关注的是，当VIX突破30时，比特币现货ETF单周净流入量平均增加47%，显示部分投资者正将加密货币作为传统市场的对冲工具。这种微妙变化或为加密资产创造结构性机会，但独立行情的持续性仍需宏观环境配合。 关税政策与通胀螺旋的致命缠绕 当前市场动荡的核心导火索，在于美国贸易政策的剧烈转向。特朗普政府针对加拿大、墨西哥钢铁产品加征50%关税的“四月新政”，直接推升制造业成本指数至疫情后新高。根据彼得森研究所模型测算，每1%的关税增幅将推高核心PCE物价指数0.3个百分点，这使得美联储6月降息概率从72%骤降至41%。加密货币市场对此反应尤为敏感，比特币在关税声明发布后24小时内波动率激增280%，远超同期美股波动幅度。这种放大效应既源于加密资产的高贝塔属性，也反映出市场对政策不确定性的深度焦虑。 为打破关税-通胀闭环，白宫正寻求地缘政治破局。俄乌停火协议草案中关于稀土供应链的条款，或将抵消30%的关税通胀压力。若协议落地，能源与金属价格回落可望降低商品通胀2-3个百分点，这为加密货币等风险资产创造反弹窗口。但政策博弈存在高度不确定性——4月2日北美自贸区重新谈判结果、5月欧盟碳关税实施细则、6月OPEC+产量会议等事件，都可能重塑通胀路径。加密投资者需密切关注这些时点前后的波动率指数变化。 美联储货币政策的三重困境 面对复杂政策环境，美联储正陷入“降息刺激通胀、维持利率加剧衰退、提前转向损伤信誉”的三难抉择。最新点阵图显示，2024年降息预期已从三次缩减至一次，且时点后移至12月。这种政策僵局直接压制市场流动性——过去四周，美联储逆回购规模日均减少420亿美元，但金融机构更倾向持有现金而非配置风险资产。加密货币市场却呈现反向信号：稳定币总供应量逆势增长7%，交易所比特币储备降至五年低位，显示场外资金正伺机入场。这种背离暗示，部分投资者将加密资产视为传统金融体系的“平行生态”，但其能否持续分流资金仍需观察货币政策传导效果。 补充杠杆率（SLR）调整可能成为破局关键。若美联储将国债纳入SLR计算，银行体系可释放约8000亿美元流动性，这相当于三次25基点的降息刺激效果。历史数据显示，2019年SLR调整后三个月内，比特币涨幅达162%，显著跑赢美股大盘。当前加密衍生品市场已提前反应预期，CME比特币期货未平仓合约量较上月增长74%，期权隐含波动率曲面呈现明显的看涨倾斜。 经济衰退阴影下的加密货币定位 美国经济是否步入衰退，成为决定市场底部的终极命题。尽管一季度GDPNow预测值滑落至-2.4%，但就业市场仍展现韧性——时薪增速维持在4.1%，职位空缺数与失业人数比值为1.4:1。这种“微观强、宏观弱”的割裂局面，造就了加密货币的独特表现：比特币与失业率数据的相关性从-0.32翻转为+0.18，显示其逐渐被纳入避险资产组合。链上数据佐证这一趋势，持币超过1年的比特币地址数占比突破70%，衍生品资金费率持续为负，表明长期投资者正在下跌中悄然布局。 真正的考验来自信用市场。企业债利差走阔至356个基点，接近2020年3月水平，这通常预示流动性危机。加密货币在此环境下面临双重冲击：中心化交易所的质押借贷规模缩减38%，DeFi协议TVL蒸发120亿美元。但去中心化稳定币展现抗压性，DAI供应量逆势增长11%，其抵押品中美国国债占比提升至42%，这种“传统资产上链”的趋势或为加密市场注入新的稳定性。 筑底信号与加密资产的反转路径 综合多重因素，市场筑底需要三大条件共振：关税通胀螺旋破解、经济软着陆证据显现、货币政策转向明确。短期来看，5月核心PCE能否回落至3%以下、美加墨自贸协定修订版是否包含关税豁免条款、贝莱德等机构比特币ETF持仓变化，将成为关键观察指标。对于加密货币而言，独立行情需满足两个前提：美股波动率维持在25-30区间，以及稳定币市值突破1800亿美元关口。 技术层面显示，比特币哈希率再创新高，矿工持仓指数降至0.48，这些链上信号往往领先价格6-8周。若美联储在三季度启动缩表减速，配合比特币减半后的供应冲击，加密市场可能先于美股完成筑底。但投资者需警惕政策黑天鹅——若美国财政部将混币器交易列为非法，或SEC否决以太坊ETF，可能引发短期流动性危机。 在这场全球资本市场的压力测试中，加密货币正经历从“风险资产”向“数字黄金”的身份蜕变。其最终能否确立独立行情，不仅取决于自身生态进化，更需在传统金融体系的裂缝中开辟价值存储新范式。当机构投资者持仓占比突破25%、合规衍生品日交易量站稳500亿美元、跨链桥接资产规模超越CEX储备时，我们或将见证加密资产真正意义上的“脱钩时刻”。{:}{:en}Can Cryptocurrencies Break Through the Downturn? A Deep Dive into Market Bottoming Logic Amidst the Interplay of US Stocks and Bitcoin Recently, global risk asset markets have experienced severe turbulence, with both US stocks and cryptocurrencies undergoing significant corrections. The S&P 500 has fallen by over 15% year-to-date, while Bitcoin has retreated more than 40% from its all-time high. Market sentiment has rapidly shifted from optimism at the beginning of the year to panic. Investors are left wondering: Has this round of declines reached the market bottom? Can cryptocurrencies break free from the constraints of traditional financial markets and lead an independent rally? This article will analyze the current market dynamics from the perspectives of macroeconomics, policy博弈, and market sentiment, exploring the potential for crypto assets to break through in a complex environment. Decoding Market Sentiment Amid High Fear Index The VIX index, which measures market fear, recently surged to 29.5, approaching the 30 threshold that signals a bear market. Looking back at data from the past decade, in 23 instances where the VIX exceeded 30, 18 cases saw a rebound of over 10% within…...

{:zh}特朗普：将对欧盟的报复性关税采取措施 美国总统特朗普表示，他将对欧盟的报复性关税作出回应，指出初期可能有灵活性，但一旦行动开始，选项将变得十分有限。他强调说，4 月 2 日将是关税问题的重要日子。 美国 2 月份 CPI 环比上涨 0.2%，低于预期的 0.3% 美国 2 月份通胀数据显示出降温迹象，未经调整的 CPI 同比上涨 2.8%，为去年 11 月以来最低，调整后的 CPI 环比上涨 0.2%，为去年 10 月以来最低。核心 CPI 同比上涨 3.1%，为 2021 年 4 月以来最低，调整后的核心 CPI 环比上涨 0.2%，为去年 12 月以来最低。 美国比特币法案：将建立 100 万枚比特币战略储备 美国正在推进 2025 年的一项《比特币战略储备法案》，该法案计划在五年内建立比特币战略储备，其目标是囤积 100 万枚比特币，且不增加纳税人负担。这些比特币的资金将来自美联储上缴利润、黄金凭证重估以及其他预算中性的方式，确保不新增纳税人成本。 尽管活跃用户占比下降，但比特币的市值主导地位仍在持续上升 IntoTheBlock 的链上分析显示，自 2022 年以来，比特币市值占比持续上升，是历史上最长的一轮增长期。然而，尽管主导地位有所增强，但比特币的活跃用户数正在快速下降。 特朗普当选后 CME 比特币期货多头动能减弱 特朗普胜选后激发的多头情绪已经减弱，CME 比特币期货远月与近月合约的价差收窄至 495 美元，为 11 月 5 日以来最低。CF Benchmarks 的 Thomas Erdösi 表示，这一收窄反映出交易员降低了投资预期，表明市场已经消化了特朗普当选这一事件的影响。 多家西班牙银行即将推出加密货币服务 继 Sabadell 银行（BBVA）之后，西班牙的 CaixaBank、Kutxabank 和 Renta 4 等银行正准备推出加密货币相关服务。这一举措与欧盟即将实施的《加密资产市场监管法案》（MiCA）相符。MiCA 为数字资产提供监管框架，使传统银行合法提供加密资产托管与销售服务。{:}{:en}Trump: Will Take Measures Against EU's Retaliatory Tariffs US President Trump stated that he will respond to the EU's retaliatory tariffs, noting that there may be initial flexibility, but once action begins, options will become very limited. He emphasized that April 2nd will be a significant day for tariff issues.   US February CPI Rose 0.2% Month-on-Month, Below the Expected 0.3% US inflation data for February showed signs of cooling, with the unadjusted CPI rising 2.8% year-on-year, the lowest since November last year. The adjusted CPI rose 0.2% month-on-month, the lowest since October last year. Core CPI rose 3.1% year-on-year, the lowest since April 2021, while the adjusted core CPI rose 0.2% month-on-month, the lowest since December last year.   US Bitcoin Bill: To Establish…...

{:zh}当全球投资者屏息等待美联储的利率决策时，美国前总统特朗普的关税政策再次掀起波澜。这位以“美国优先”为旗帜的政治人物，近期通过加征关税、施压制造业回流等举措，在搅动传统金融市场的同时，也让加密货币市场暗流涌动。在德意志银行最新报告中，一个惊人数据引发热议：若美联储维持当前利率至2025年，美国需为美债支付1.3万亿美元利息，这一数字几乎等同于巴西全年GDP。而特朗普政府被推测正试图通过“制造可控衰退”来倒逼降息，这场经济豪赌中，加密货币能否成为资本逃离风险的新港湾？ 关税武器的双刃剑：从制造业回收到加密市场波动 特朗普的关税政策从来不是简单的贸易壁垒。从对墨西哥汽车零部件加征25%关税，到威胁欧洲钢铝产品税率翻倍，这些举措表面上是为兑现竞选承诺的“制造业回流”，实则暗藏货币政策博弈。根据彼得森国际经济研究所测算，当前关税体系每年虽带来约1000亿美元税收，却导致美国家庭平均损失1200美元购买力，更可能使GDP缩水2000亿美元。这种看似“赔本买卖”的背后，加密货币市场已出现异动——比特币在5月关税政策宣布后单周波动率达18%，明显高于标普500指数的5.2%，显示数字资产正成为对冲政策不确定性的新选项。 值得关注的是，特朗普团队对加密行业的暧昧态度耐人寻味。尽管其曾在社交媒体抨击“比特币威胁美元地位”，但共和党主导的州政府正加速推进加密货币监管沙盒。这种政策摇摆反而刺激了市场预期，Coinbase衍生品数据显示，押注“美国大选后加密监管放松”的未平仓合约在6月激增47%。当传统金融市场因关税阴云震荡时，加密货币的“去中心化叙事”正在吸引更多避险资金。 衰退加速论与降息预期：加密市场的历史镜鉴 若将时针拨回2008年金融危机，比特币的创世区块恰诞生于雷曼兄弟倒塌三个月后。这段历史揭示了一个规律：当主权信用遭遇考验时，加密货币往往成为另类资产的试验田。如今德意志银行的推演模型显示，若美联储在2025年降息8次（累计2%），美债利息支出可减少3600亿美元，这恰与特朗普“财政减负”目标暗合。但实现这种激进降息的前提，可能需要经济数据的“配合”——比如失业率骤升或通胀跌破2%。 这种政策逻辑正在重塑资本流向。链上数据显示，5月以来，持有超1000枚比特币的“巨鲸”地址新增23个，同期黄金ETF却遭遇140亿美元净流出。摩根大通分析师指出，当市场开始计价“衰退性降息”时，加密货币与科技股的负相关性从-0.3骤降至-0.08，意味着数字资产正被部分机构纳入“抗衰退组合”。不过这种趋势充满矛盾——若真出现深度衰退，比特币能否延续其“数字黄金”的避险属性，仍需经受流动性危机的终极考验。 政策套利空间：加密市场或成最大赢家 当前市场最危险的猜想，莫过于特朗普团队是否在构建“关税冲击—衰退加速—降息救市—资产反弹”的政策闭环。这种策略在传统金融市场可能引发剧烈震荡，却为加密货币创造独特机会。从历史数据看，美联储每轮降息周期中，比特币平均涨幅达210%，远超纳指67%的同期表现。而特朗普近期对稳定币立法的支持表态，更被解读为向加密行业递出橄榄枝。 值得警惕的是，政策制定者与市场的博弈从未停歇。当商务部宣布考虑对算力芯片实施出口管制时，比特币全网算力单日下跌7%，这揭示出加密货币仍难摆脱地缘政治桎梏。不过从另一个维度看，美国财政部关于“加密资产或缓解美元流动性紧张”的内部报告，以及贝莱德申请以太坊现货ETF的举动，都暗示着传统金融势力正在重新评估这个价值2.3万亿美元的市场。 转折点猜想：三信号预示加密市场破局 对于试图穿越周期的投资者而言，三个关键指标或许预示变局将至。首先是美联储缩表节奏的变化——若如市场传闻在9月暂停缩表，可能释放650亿美元/月的流动性，这部分资金对高波动性资产的配置需求将直接利好加密货币。其次是美国财政部一般账户（TGA）余额变动，当该账户从当前的7500亿美元降至3000亿美元安全线时，财政部或被迫增发国债，届时加密市场可能再现2020年3月“流动性危机—政策放水—暴力反弹”的剧本。 最具决定性的信号，或许是特朗普的减税政策落地时机。若其仿效2017年将企业税从21%降至15%，配合4.5万亿美元期权到期引发的资本重置，可能触发大规模资产轮动。Glassnode链上监测显示，目前交易所比特币存量已降至2021年牛市前水平，这种“弹药上膛”的状态，暗示市场正在等待政策东风。 结语：在混乱中寻找秩序 回望历史，经济政策的制定从来不是非黑即白的单选，特朗普的关税大棒与降息博弈，本质是在全球化退潮中重构美国经济霸权。对于加密货币市场而言，这种混乱恰恰是其证明自身价值的最佳试验场。当10年期美债实际收益率突破2%时，比特币仍能守住6万美元关口，已经证明了其资产韧性的迭代。或许正如桥水基金达利欧所言：“我们正在见证旧秩序的裂变，而新秩序的密码，可能就藏在区块链的哈希值里。”在这场史诗级的财富再分配中，加密货币注定不会缺席。{:}{:en}As global investors hold their breath awaiting the Federal Reserve’s interest rate decisions, former U.S. President Donald Trump’s tariff policies have once again stirred the pot. The political figure, known for his “America First” mantra, has recently imposed tariffs and pushed for manufacturing repatriation, causing ripples not only in traditional financial markets but also in the cryptocurrency space. A startling figure from Deutsche Bank’s latest report has sparked heated discussions: if the Fed maintains current interest rates until 2025, the U.S. will need to pay $1.3 trillion in interest on its national debt—a figure nearly equivalent to Brazil’s annual GDP. Speculation is rife that the Trump administration is attempting to force rate cuts by engineering a “controlled recession.” In this high-stakes economic gamble, could cryptocurrencies become a new haven for capital fleeing risk? The Double-Edged Sword of Tariffs: From Manufacturing Repatriation to Crypto Market Volatility Trump’s tariff policies have never been simple trade barriers. From imposing a 25% tariff on Mexican auto parts to threatening to double tariffs on European steel and aluminum, these measures ostensibly aim to fulfill campaign promises of “manufacturing repatriation.” However, they…...

{:zh}美国证券交易委员会（SEC）近日宣布推迟对多款加密货币交易所交易基金（ETF）的审批决定，涉及XRP、Solana、Litecoin及Dogecoin等主流币种。3月11日，SEC在一系列文件中表示，针对允许相关ETF上市的规则变更提案，将“延长审查期限”，其中灰度（Grayscale）的XRP ETF与Cboe BZX交易所的现货Solana ETF审批被推迟至5月，而最终截止日期可能延至10月。这一延迟引发市场关注，但分析师普遍认为，此举属于SEC标准程序，并不影响最终获批概率。 彭博ETF分析师詹姆斯·塞法特（James Seyffart）在社交平台X指出，SEC此次对多款山寨币ETF的延迟决策“在意料之中”，并强调“最终审批结果仍可能维持较高通过率”。他同时提到，前总统特朗普提名的SEC主席候选人保罗·阿特金斯（Paul Atkins）尚未通过国会确认听证会，监管层人事变动或为流程增添不确定性。另一名分析师埃里克·巴尔丘纳斯（Eric Balchunas）补充称，包括以太坊质押ETF在内的多类产品均遭遇延迟，市场需对“系统性放缓”有所预期。 此次延迟并非SEC首次推迟加密货币ETF审批。2月28日，该机构曾延长对Cboe交易所以太坊ETF期权上市申请的决策期。自特朗普胜选及前SEC主席加里·根斯勒（Gary Gensler）离任后，SEC收到大量山寨币ETF申请，但根斯勒任内对加密行业采取的强硬监管立场已引发争议。数据显示，其在2021年至2024年1月卸任期间共发起超100项加密相关执法行动。不过，随着根斯勒离任，SEC近期接连撤销对Gemini、Cumberland DRW等加密企业的诉讼，代理主席马克·乌耶达（Mark Uyeda）亦提议放宽对加密交易平台的监管限制。 尽管市场对XRP、Solana等币种ETF的短期获批持谨慎态度，但分析师普遍认为，随着监管环境趋缓及政策窗口临近，10月前或迎来关键转折。当前，投资者正密切关注SEC人事任命进展及特朗普政府对加密行业的政策导向，这或为下一阶段ETF审批注入新变量。{:}{:en}The U.S. Securities and Exchange Commission (SEC) recently announced a delay in its decision to approve several cryptocurrency exchange-traded funds (ETFs), including those tied to XRP, Solana, Litecoin, and Dogecoin. In a series of filings on March 11, the SEC stated that it would "designate a longer period" to review proposed rule changes that would allow the ETFs to proceed. Among the affected ETFs are Grayscale's XRP ETF and Cboe BZX Exchange's spot Solana ETF, with decisions now postponed until May, and final deadlines potentially extending to October. This delay has drawn market attention, but analysts generally believe it is part of the SEC's standard procedure and does not affect the likelihood of eventual approval. Bloomberg ETF analyst James Seyffart noted on social media platform X that the SEC's delay in deciding on multiple altcoin ETFs was "expected," emphasizing that "the odds of final approval remain relatively high." He also mentioned that Paul Atkins, former SEC commissioner and President Trump's nominee to chair the SEC, has yet to be confirmed by Congress, adding uncertainty to the regulatory process. Fellow analyst Eric Balchunas added that various products, including Ethereum…...

{:zh}随着加密货币市场波动加剧，XRP价格近期持续承压。3月10日，XRP日线图收于99天以来的最低点，一度跌破2美元心理关口，尽管次日短暂反弹12%，但市场多维度指标显示，其下行风险仍未解除。当前XRP价格较历史高点3.40美元已回调37.1%，若关键支撑失守，未来或进一步下探1.60美元区间。 从衍生品市场看，XRP的现货与永续合约需求正同步萎缩。据aggr.trade数据，XRP现货累计成交量差值（CVD）在3月骤降50%，当前CVD值达-4.08亿美元，反映卖方持续主导市场。与此同时，永续合约CVD也在3月11日跌至-11.8亿，叠加资金费率转为深度负值，表明空头头寸显著增加。期货市场的看跌情绪与XRP价格疲软形成共振，若买盘未能及时入场，短期反弹或难以为继。 鲸鱼抛售成为XRP价格的另一重压力。CryptoQuant数据显示，3月4日至10日期间，大型持有者累计减持价值约8.38亿美元的XRP，30日移动平均线显示的鲸鱼流出量持续攀升。这一“派发阶段”通常出现在价格上涨末期，大额持仓者通过分批抛售锁定利润，导致市场流动性承压。分析指出，若鲸鱼抛售趋势延续，XRP价格可能加速脱离当前震荡区间。 技术面同样释放利空信号。XRP价格在3月11日收于2.05美元下方，确认日线级别“头肩顶”形态的颈线破位。这一经典看跌结构暗示，若价格无法重新站稳2.05美元支撑，下行目标将指向1.90至1.60美元的斐波那契回撤“黄金区间”。值得注意的是，1.60美元恰与长期需求带（1.58-1.27美元）邻近，若市场情绪进一步恶化，XRP价格或将深度回调以测试底部支撑。 综合来看，衍生品资金流向、鲸鱼动向及技术形态三大因素共同施压，XRP价格在3月面临严峻考验。尽管短期反弹可能缓解跌势，但若关键支撑位接连失守，市场恐需为更大幅度的价格调整做好准备。{:}{:en}As the cryptocurrency market becomes more volatile, XRP prices have continued to be under pressure recently. On March 10, XRP's daily chart closed at its lowest point in 99 days, falling below the psychological barrier of $2. Although it rebounded briefly by 12% the next day, multi-dimensional market indicators showed that its downside risks have not been eliminated. The current XRP price has retreated 37.1% from its historical high of $3.40. If the key support is breached, it may further drop to the $1.60 range in the future. From the perspective of the derivatives market, the demand for XRP's spot and perpetual contracts is shrinking simultaneously. According to aggr.trade data, XRP spot cumulative volume difference (CVD) dropped 50% in March, and the current CVD value is -408 million US dollars, reflecting that sellers continue to dominate the market. At the same time, the perpetual contract CVD also fell to -1.18 billion on March 11, and the funding rate turned deeply negative, indicating a significant increase in short positions. The bearish sentiment in the futures market resonates with the weakness in XRP prices. If buying fails to enter the market in time, the short-term rebound may be…...

{:zh}川普对加拿大钢铝加征额外 25% 的关税 川普在社交媒体上宣布，将对加拿大钢铁和铝产品加征 25% 关税，总税率升至 50%，新关税将于 3 月 12 日开始生效。但在数小时前，美国又宣布撤回了这一新关税政策。 川普任内首份通胀报告即将发布，若通胀放缓或利好加密货币市场 美国劳工统计局将于周三发布川普上任后的首份消费者物价指数（CPI）报告。市场预计整体通胀将从 3% 小幅下降至 2.9%，核心通胀从 3.3% 降至 3.2%。若通胀持续降温，可能强化市场对美联储降息的预期，并利好加密货币市场。 美国众议院投票推翻 IRS 对 DeFi 经纪人规定 3 月 12 日，美国众议院以 292 票对 132 票通过法案决议，推翻了国税局（IRS）对 DeFi 经纪人的规则。该规则要求去中心化金融（DeFi）平台收集加密货币用户税务和交易信息。 比特币价格下跌导致矿工抛压增强 CryptoQuant 分析师表示，比特币价格下跌导致矿工抛压增强。矿工为支付运营成本或将被迫抛售比特币，这可能会大幅影响市场流动性。历史上矿工在比特币价格下行期间倾向于出售更多比特币以维持运营。 渣打银行：美联储将降息两次，日元有望跑赢市场 渣打银行的 Steven Englander 认为，尽管经济放缓，但市场对美国经济衰退的担忧却被夸大。他预测美联储今年将降息两次，同时预计日本央行将加息两次，日元或因此而走强。 加密货币交易员建议市场波动中应优化入场策略 加密货币交易员 Eugene 警告当前市场中不应盲目追多。他强调应优先考虑入场点的精准性，而非加大加密货币仓位。他建议，与其重仓，不如精确掌握 20% 的加密货币头寸更为安全。在波动市中，策略性入场胜过激进操作。{:}{:en}Trump Imposes Additional 25% Tariff on Canadian Steel and Aluminum Trump announced on social media that he would impose an additional 25% tariff on Canadian steel and aluminum products, raising the total tariff rate to 50%. The new tariff was set to take effect on March 12. However, just hours before, the U.S. announced the withdrawal of this new tariff policy.   Trump's First Inflation Report to Be Released, Slowing Inflation May Benefit Cryptocurrency Market The U.S. Bureau of Labor Statistics will release the first Consumer Price Index (CPI) report since Trump took office on Wednesday. The market expects overall inflation to slightly decrease from 3% to 2.9%, and core inflation to drop from 3.3% to 3.2%. If inflation continues to cool, it may strengthen market expectations for a Federal Reserve rate cut and benefit the cryptocurrency market.   U.S. House Votes to Overturn IRS Rules on DeFi Brokers On March 12, the…...

{:zh}3月11日，Solana生态协议Meteora联合创始人Ben Chow的社交媒体账号X（原Twitter）遭黑客入侵，发布了一条指控多个memecoin项目方“寄生式敛财”的推文，引发加密社区震荡。该推文直指Libra（LIBRA）、Melania Meme（MELANIA）、Official Trump（TRUMP）等memecoin背后的开发团队DefiTuna，称其创始人Vlad Pozniakov及Dhirk通过操纵代币发行“最大化榨取资金”，并导致Ben Chow因此辞职。Meteora官方随后紧急回应，称Chow及公司账号均被入侵，呼吁用户勿点击可疑链接，相关推文现已删除。 争议核心围绕memecoin生态的信任问题展开。被黑账号发布的“官方声明”中，Ben Chow以“长期Solana建设者”身份控诉：“我辞职是因自己对memecoin领域的寄生性过于轻信”，并附上疑似DefiTuna团队在WhatsApp群聊中讨论如何通过MATES等memecoin“最大化榨取收益”的截图。尽管对话真实性尚未证实，但“寄生式memecoin”一词迅速成为舆论焦点。分析人士指出，此类事件暴露了memecoin项目方与平台间利益捆绑的潜在风险。 事件进一步升级至政治领域。阿根廷总统哈维尔·米莱因支持Solana链上memecoin项目Libra（LIBRA）陷入“拉地毯”指控，该代币市值曾从零飙升至50亿美元后崩盘，致投资者损失惨重。米莱虽以“自由市场政策”为由否认背书责任，但国会已启动弹劾调查。此次Meteora账号被黑事件中，Libra再度被列为争议memecoin之一，凸显此类代币在投机狂热与政治博弈中的双重脆弱性。 Meteora新任CEO Zen证实，黑客同时入侵了公司官方账号，团队已重置权限并加强验证。然而，memecoin生态的信任裂痕恐难短期修复。从Solana到阿根廷政坛，memecoin的投机属性与监管真空正催生连锁危机。行业呼吁建立更透明的发行机制，但匿名文化盛行与暴利诱惑下，寄生式memecoin或将继续游走于灰色地带。{:}{:en}On March 11, the X account (formerly Twitter) of Ben Chow, co-founder of the Solana-based protocol Meteora, was hacked, posting a tweet accusing multiple memecoin projects of “parasitic fund extraction,” causing a stir in the crypto community. The tweet directly targeted the development team behind memecoins such as Libra (LIBRA), Melania Meme (MELANIA), and Official Trump (TRUMP), claiming that DefiTuna founders Vlad Pozniakov and Dhirk were “maximizing fund extraction” through token launches, which led to Ben Chow’s resignation. Meteora’s official account quickly responded, stating that both Chow’s and the company’s accounts had been compromised, urging users to avoid clicking on suspicious links. The controversial tweet has since been deleted. The core of the controversy revolves around trust issues within the memecoin ecosystem. In the “official statement” posted by the hacked account, Ben Chow, identifying himself as a “long-time Solana builder,” lamented, “I resigned because I was too trusting of the parasitic nature of the memecoin space.” The post also included alleged screenshots of WhatsApp conversations among DefiTuna team members discussing how to “maximize extraction” through memecoins like MATES. Although the authenticity of the conversations remains unverified, the term “parasitic memecoin”…...