作者：余继超
Author: Surplus & nbsp;
在美联储加息背景下，美元升值对风险资产贬值压力加大，虚拟币价格下跌是必然的，成交量、流动性下滑也是必然的。
In the context of the Fed’s interest increase, the appreciation of the United States dollar has increased its pressure on the depreciation of risky assets, and the fall in virtual currency prices is inevitable, as is the decline in turnover and liquidity. & nbsp;
以比特币、以太坊为代表的虚拟货币本身属于风险资产，在美联储加息的大背景下，美元升值对风险资产贬值压力加大，因此虚拟币价格下跌是必然的，成交量、流动性下滑也是必然的。
The virtual currency, represented by bitcoin and by the Tails, is itself a risky asset, and in the larger context of the Fed’s interest increase, the appreciation of the dollar has increased its pressure on the depreciation of the risk asset, so that the fall in the price of the virtual currency is inevitable, as is the decline in turnover and liquidity. & nbsp;
虚拟币再现暴跌行情！截至6月13日17时47分，比特币（BTC）跌破2.4万美元，以太坊（ETH）跌破1300美元，24小时跌幅分别为12.97%和16.56%。随着BTC、ETH暴跌，BNB（币安币）、ADA（艾达币）、XRP（瑞波币）、SOL（索拉纳）、DOGE（狗狗币）等多个虚拟币种跟跌，24小时跌幅均超10%。
Virtual currency drops again! At 1747 hours on 13 June, Bitcoin (BTC) fell by $240 million, and in the Taiwan (ETH) by $1,300, with a 24-hour drop of 12.97% and 16.56%, respectively. With BTC, ETH, BNB, ADA, XRP, SOL (Solana), DOGE, and so on, the 24-hour fall was over 10%. & nbsp;
（视频制作：王尊君）
(Video Production: Your Majesty) & nbsp;
对于虚拟币本轮暴跌行情，业内人士普遍认为，在美联储加息的大背景下，美元和相关资产的升值对虚拟币形成挤压效应，虚拟币被作为优先抛售的高风险资产是大概率事件。“如果今年美国的通胀数据持续超预期，引发美联储进一步加快紧缩步伐，虚拟币在未来一段时间内仍然有较大概率进一步走弱”。
With regard to the collapse of the virtual currency in the current round, it is widely believed that the appreciation of the United States dollar and related assets has a crushing effect on the virtual currency in the larger context of the US Federal Reserve interest increase, and that it is likely that the virtual currency will be sold as a high-risk asset on a priority basis. “If inflation data in the United States continue to exceed expectations this year, causing the Fed to further accelerate the pace of austerity, the virtual currency will remain more likely to weaken for some time to come.” & nbsp
虚拟币价格再次暴跌
Virtual currency prices fell again & nbsp;
“今天上午看盘，比特币跌穿2.6万美元，下午再看时已经跌破2.5万美元，傍晚再看已经跌破2.4万美元……真是跌跌不休！”一位币圈人士向《国际金融报》记者感叹道。
“This morning, Bitcoin fell over $26,000, and in the afternoon it fell over $25,000, and in the evening it fell over $240 million, which is a real fall!” A currency-circumstancer lamented to an international finance journalist. & nbsp;
近几日，币圈主基调就是“跌跌不休”。英为财情数据显示，截至6月13日17时47分，BTC跌破2.4万美元，报23978.6美元，24小时跌幅达12.97%，7日跌幅达23.15%；ETH更是跌破1300美元，报1223.96美元，24小时跌幅达16.56%，7日跌幅达35.45%，创下年内新低。
In recent days, the dominant tone of the currency circle has been “fall and fall.” According to British financial data, at 1747 hours on 13 June, BTC had fallen by $240 million, at $23978.6, at 12.97 per cent in 24 hours and 23.15 per cent in 7 days; the ETH had fallen by $1,300, at $1223.96, at 16.56 per cent in 24 hours, and 35.45 per cent in 7 days, at a low rate of 35.45 per cent in the year.
随着比特币、以太坊等主流虚拟币暴跌，其他虚拟币也不能幸免。其中，币安币（BNB）、艾达币（ADA）、瑞波币（XRP）、索拉纳（SOL）、狗狗币（DOGE）、波场币（TRX）等多个虚拟币种24小时跌幅超10%，7日跌幅超23%。
With the collapse of mainstream virtual currencies like Bitcoin, Etheria, etc., other virtual currencies were not spared. Among them, several virtual currencies, such as BNB, Aida, XRP, Solana, Doge, TRX, fell by more than 10% in 24 hours and by more than 23% in 7 days.
记者注意到，虚拟币在今年2月也曾暴跌。截至北京时间2月24日16时47分，比特币、以太坊等主流虚拟货币悉数下跌，其中比特币24小时跌幅达7.46%，以太坊24小时跌幅达12.45%、币安币24小时跌幅达11.43%。
Journalists noted that the virtual currency also fell sharply last February. As of February 24, Beijing time, at 1647 hours, the mainstream virtual currency of Bitcoin and Etheria fell by 7.46 per cent in 24 hours, 12.45 per cent in 24 hours and 11.43 per cent in 24 hours in 24 hours.
实际上，以比特币为代表的虚拟币暴跌已不是新鲜事。今年初，比特币曾向下触及43000美元/枚，日内跌幅达6.16%。今年1月20日23时至1月21日11时，比特币从43325.2美元跌至38465.3美元，12小时跌了4859.9美元。
In fact, the fall in the virtual currency, represented by bitcoin, was not new. At the beginning of the year, Bitcoin had touched $43,000 a day down, with a 6.16% drop. Between 23 January and 11 January 21, Bitcoin fell from $43,325.2 to $38,465.3 and $4,859.9 in 12 hours.
2021年12月4日午间，比特币曾短时跌破42000美元，24小时跌幅超20%。截至当天20时，过去的24小时内共有41.7万人爆仓，虚拟货币全网合约爆仓金额达到25.84亿美元，其中比特币24小时内的爆仓金额超过10亿美元。
By midday, 4 December 2021, Bitcoin had fallen short of $42,000, or by more than 20% in 24 hours. By 2000 that day, there had been 417,000 blasts in the last 24 hours, with a virtual full-currency contract explosion amounting to $2,584 million, of which Bitcoins had exploded more than $1 billion in 24 hours.
美联储加息是主因？
The Fed's interest increase is the main cause?
对于虚拟币本轮暴跌，业内人士普遍认为，在美联储加息的大背景下，美元和相关资产的升值对虚拟币之类高风险标的形成挤压效应，虚拟币被抛售导致暴跌。
In the case of the collapse of the virtual currency wheel, it is widely believed that the appreciation of the United States dollar and related assets has had a crushing effect on high-risk targets such as the virtual currency, which has been thrown out and has fallen sharply in the wider context of the US Federal Reserve interest increase. & nbsp;
浙江大学国际联合商学院数字经济与金融创新研究中心联席主任、研究员盘和林对《国际金融报》记者分析指出，比特币和以太坊的跌势是因为这些虚拟货币本身属于风险资产，而在美联储加息的大背景下，美元升值对风险资产贬值压力加大，所以当前虚拟币在一轮跌势当中。在美联储加息过程中，加密币下跌是必然的，成交量、流动性下滑也是必然的。
The co-director of the Center for Research on Digital Economy and Financial Innovation of the United Business School of Zhejiang University and Lin, in their analysis of International Journal of Finance journalists, pointed out that the fall in Bitcoin and Ether was due to the fact that the virtual currency itself was a risky asset and that, in the context of the Fed’s high interest rate, the appreciation of the dollar had increased its pressure on the depreciation of the risky asset, so the virtual currency was in a downward spiral. During the Fed’s interest increase, the decline in the encrypt currency was inevitable, as was the decline in turnover and liquidity.
一位涉虚拟币企业高管高鸿（化名）告诉《国际金融报》记者，最近几个月，虚拟币市场的走势与全球通胀的关联性进一步增加。影响全球资产定价的美国基准利率可能在2022年出现方向性的转变。投资者发现美联储的措辞更加鹰派，引发市场对于Taper（缩减资产购买规模）节奏加快、加息次数增加、加息时间提前的担忧。
The US benchmark interest rates that affect global asset pricing are likely to change in direction in 2022. Investors find that the Fed’s language is more falconic, causing the market to worry about the faster pace of Taper (reduced asset purchases), higher interest rates, and earlier interest times.
“从一些指标来看，市场短期内出现超跌的情况，比特币在目前价格上震荡的概率比较高。但是，如果今年美国的通胀数据持续超预期，引发美联储进一步加快紧缩步伐，虚拟币在未来一段时间内仍然有较大概率进一步走弱。”高鸿表示。
“In terms of some indicators, there is a short-term collapse in the market, and Bitcoin’s probability of shocks in current prices is high. But, if inflation data in the United States continue to outpace expectations this year, triggering further tightening by the Fed, the virtual currency will still have a greater probability of further weakening for some time to come.” & nbsp states;
盘和林提醒，国内对于虚拟币是禁止状态，当前虚拟币交易所多是套代码行为，本身门槛很低，虚拟币交易收割虚拟币发行人，虚拟币发行人又收割散户，一环扣一环，对于这种虚假的虚拟币交易所，其风险不仅仅是贬值风险，很可能交易的虚拟币就是不存在的代码。
In the case of virtual currency exchanges, the risk is not only the risk of devaluation, but also that the virtual currency that is traded is a non-existent code. & nbsp;
盘和林建议，国家要明确监管态度，把住“金融机构不得为虚拟货币相关业务活动提供账户开立、资金划转和清算结算等服务”的红线；对于难以监管的个人虚拟币交易行为，法律要明确二级市场交易行为不受保护，并向参与者表明监管态度。
It was suggested that the State should adopt a clear regulatory approach to the red line of “financial institutions should not provide account opening, transfer of funds and clearing services for virtual currency-related operations”; in the case of individual virtual currency transactions that are difficult to regulate, the law should make clear that secondary market transactions are not protected and provide participants with a regulatory attitude. & nbsp;
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