伴随着包括美国在内的多国股市熔断，比特币价格也在24小时内腰斩。
With the collapse of multinational stock markets, including in the United States, bitcoin prices were cut off within 24 hours.
3月12日晚，比特币价格开始跳水，从7300美元一路走低，最低跌破6000美元，创五年来最大单日跌幅。到了3月13日，盘中一度跌破4000美元，最低至3800美元，24小时跌幅一度接近50%，再次刷新单日跌幅纪录。与此同时，币安等多个交易所出现宕机情况，多数矿机开机即亏损，24小时内11万人爆仓，涉及总金额近33亿美元。
On the night of March 12, Bitcoin prices began to jump, falling down from $7,300 to $6,000, the largest single-day fall in five years. On March 13, the table fell by $4,000, to $3,800, and the 24-hour fall was close to 50%, again refreshing the record of single-day falls.
是什么导致了比特币价格腰斩？原因不一而足，有人说与全球资本市场动荡有关，有人则表示与从去年兴起的质押业务和杠杆交易有关。
What led to the bitcoin price cut-off? For a variety of reasons, some say it is related to the volatility of global capital markets and others to pledge operations and leverage transactions that have emerged since last year.
比特币价格一日腰斩 头部交易所进出量大幅增加
大跌之后，比特币价格有所反弹。截至发稿时间，比特币价格在5000美元左右震荡。
Bitcoin prices rebounded after a big fall. By the time of the release, bitcoin prices had shaken around $5,000.
事实上，自2019年4月以来，比特币价格上升的趋势已“归零”。如果与2019年12549美元的最高点相比，比特币价格已跌去近60%。上一次比特币跌至4000美元下方还要追溯到2018年11月末，当时比特币价格在10天时间缩水3000美元，而这次仅用了不到20小时。
Indeed, since April 2019, the upward trend in bitcoin prices has been “zero”. If compared to the peak of $12,549 in 2019, bitcoin prices have fallen by nearly 60%. The last time Bitcoins fell below $4,000 goes back to the end of November 2018, when bitcoin prices fell by $3,000 in 10 days, and this time it took less than 20 hours.
3月12日比特币的突然暴跌，引发了链上数据和交易所比特币进出异动。链安Chainsmap监测系统发现，当日100比特币以上的大额转账数达2371次，创去年11月22日以来最高。
The sudden collapse of Bitcoin on 12 March triggered the movement of data from and into the chain and the exchange of bitcoin. The chain's Chainsmap surveillance system found that there were 2371 large transfers of more than 100 bits of currency on that day, the highest since 22 November last year.
同时，币安、火币等头部交易所进出比特币大幅增加，币安全天流入13549.53BTC，流出21482.54BTC，净流出7933BTC，币安热钱包甚至由于阶段性用户大量提币，出现了仅剩22枚比特币的少有场面。昨日，火币交易所净流入3363枚比特币。其中从币安交易所提出的比特币，有2167枚流向火币，排名第一，紧随其后的是Bitfinex，获得1420BTC。而火币流出的比特币，流向Bitfinex的达1433枚，位居第一，流向币安的为1273枚，位居第二 。
At the same time, there was a significant increase in the number of first-hand exchanges in and out of Bitcoin, the safe passage of currency into 13549.53 BTC, the safe flow out of 21482.54 BTC, the net outflow out of 7933 BTC, and the spread of hot wallets, even as a result of the large number of coins raised by stage users, resulted in only 22 bitcoins remaining. Yesterday, the price exchange netted 3363 bitcoins. Of these, 2,167 bitcoins flowed from the currency deal, ranked first, followed by Bitfinex, which received 1420 bitcoins. The amount of bitcoins that flowed out of the currency was 1,433 to Bitfinex, first, and second, 1273 to the currency.
实际上，从2月下旬开始，比特币的价格就开始下跌。彼时比特币价格达到2020年的峰值10415美元，而到了3月6日，跌破9000美元；3月8日，跌破8000美元；3月13日，一度直接跌破4000美元。
In fact, the price of bitcoin began to fall in late February. The price of bitcoin peaked at $10415 in 2020, and fell to $9,000 on 6 March; $8,000 on 8 March; and $4,000 on 13 March.
受比特币影响，全球加密货币市场同样下行，目前市值前二十位的币种中，有17只币种跌幅均超20%。
Under the influence of bitcoin, the global market for encrypted currencies has also fallen, with 17 of the current top 20 currencies falling by more than 20 per cent.
本次暴跌再次引发对于比特币避险属性的讨论。“投资者正纷纷撤出任何高风险资产，” 加密货币交易平台Luno驻新加坡的业务发展主管维贾伊?阿亚尔公开表示，“尽管有人认为比特币是像黄金一样的安全避险资产，但它的渗透率非常低，目前这种资产的持有风险甚至更高。”
“Investigators are withdrawing from any high-risk asset,” Wijay Arar, the business development manager of the encrypted money trading platform Luno in Singapore, stated publicly, “Although Bitcoin is thought to be a safe haven like gold, its penetration is very low, and the risk of holding such an asset is even higher today.”
为何暴跌？除了资本市场动荡，还与大量被迫抛出的债仓有关
Why did you crash? Besides the turbulence in the capital market, it's also connected to a large stock of debt that was forced out.
比特币价格暴跌，有从业者说是因为全球资本市场的动荡，导致投资者倾向于抛售手中资产换取现金。也有从业者表示是此前比特币价格稳步上升，业内兴起质押业务和杠杆交易，导致价格下跌后出现大量被迫抛出的债仓。
Bitcoin prices fell sharply, some said because of the turmoil in global capital markets, which led investors to sell their assets in exchange for cash. Others said that the price of bitcoins had risen steadily before, with pledge operations and leverage trading in the industry, leading to a large stock of debt that had to be thrown out after the price had fallen.
当地时间2019年3月5日，波兰克拉科夫，一家比特币交易商店。
“全世界金融市场已经陷入了严重的恐慌，这种情况下交易员在恐慌性抛售一切资产以获得现金。目前，现金的多少可能会决定机构的生死存亡，因此，抛售（比特币）不会考虑任何的收益逻辑。投资基金的抛售很可能是比特币大幅下跌的重要原因之一。”比特币从业者于磊（化名）告诉新京报记者。
“The world’s financial markets are already in a state of serious panic, in which traders are panicking to sell all their assets to get cash. At present, the amount of cash may determine the survival of the institution, so that selling (bitcoin) does not take into account any profit logic.
据路透社报道，芝加哥High Ridge Futures金属交易主管也持类似观点，其表示，交易员和投资者正在出售各种资产类别，这是急于套现和轻度的恐慌性举动。
According to Reuters, a similar view was shared by the head of the High Ridge Foundation metal trading in Chicago, who stated that traders and investors were selling various asset classes, which was a rush to present and light panic.
另外一位从业者王欣（化名）则表示，恐慌性抛售对比特币价格的影响，没有币圈自身场外配资、加杠杆模式带来的连锁反应大。
Another practitioner, Wang Xin (aliasing) said that the effects of the panic selling of the price of bitcoin, without the currency’s own off-the-shelf financing, had a strong chain reaction from the leverage model.
她表示，从去年起，随着比特币价格一路走高，币圈兴起了虚拟币质押业务。大户看好币价上涨，就将手中的比特币质押出来，拿这笔钱再去加杠杆。如果行情上涨，用杠杆业务赚的钱可以赎回比特币。但杠杆业务有平仓价格、有质押率，一旦价格下跌，触及平仓线，就会产生被动抛盘，导致大量被迫抛出的债仓出现。
She said that since last year, with the price of bitcoins going up, currency circles have developed into virtual currency pledge business. Large households have been looking at the price rises, they've got the bitcoins in their hands, and they're taking the money out to leverage it.
根据币Coin数据显示，24小时内全网爆仓总金额32.8亿美元，约合229亿元人民币，爆仓人数超11万人。其中最大单笔爆仓单出现在火币，价值5832万美元。排名前三的爆仓币种分别为BTC(爆仓1.5亿美元)、ETH(爆仓1880万美元)、EOS(爆仓3114万美元)。过去30天，全网爆仓金额达78.8亿美元，绝大部分都是多仓爆单。
According to Coin data, a total of $3.28 billion, or RMB 22.9 billion, was destroyed in 24 hours, with over 110,000 people. The largest single explosion bill was found in the tender, valued at $5.832 million. The top three of them were BTC ($150 million), ETH ($18.8 million) and EOS (31.14 million). Over the last 30 days, the full explosion was $7.88 billion, the vast majority of which was multiple.
在市场恐慌情绪下，12日晚间，火币、OKEx及币安等多家数字货币交易所在出现宕机情况，波及范围涵盖了场内外交易。币安创始人兼CEO赵长鹏发推称，币安平台的系统负荷能力已比此前所有巅峰期高出五倍。
During the night of 12, several digital money exchanges, such as the gun, the OKEx, and the currency, were in a state of disarray, covering both internal and external transactions. The founder of the currency and CEO, Chang Peng, assumed that the system capacity of the money security platform was five times higher than that of all previous peaks.
王欣表示，比特币价格的下跌还来自一部分矿工的抛压，因为比特币产量将减半，币价又上不去，矿工入不敷出，就要卖币换取现金流。“在这场大波动中，只有良好现金流的矿工、矿场才能活下去。”她说。
Wang Xin said that the fall in the price of bitcoin was also due to the pressure of some miners, whose production would be halved, whose prices would not go up, and who would have to sell in exchange for cash flows. “In this great volatility, only good cash-flow miners and mines would survive.” She said.
随着比特币价格暴跌至5000美元左右，新一代7nm矿机电费占比已过半，包括蚂蚁矿机T17、神马M20以及芯动T3系列等多数矿机则已处于关机状态，开机即亏损。
As the price of Bitcoin plunged to around $5,000, the electricity costs of the new generation of the 7nm mine were more than halfway through, with most of the machines, including the ant mine T17, the magic M20 and the core T3 series, being shut down and lost.
值得注意的是，在2月24日，巴菲特在接受CNBC采访时再次表示，“加密货币毫无价值，并未持有比特币及任何加密货币，也永远不会持有。”
It is worth noting that, on 24 February, in an interview with the CNBC, Buffett again stated that “encrypted currency is worthless, does not hold bitcoin and any encrypted currency and will never be held”.
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