The price of bitcoin and other cryptocurrencies moved sharply lower on Wednesday, following trends in the stock market and as the macroeconomic environment continues to weigh on risk appetite.

随着股票市场的趋势，随着宏观经济环境的趋势，比特币和其他加密货币的价格急剧下降。

The bitcoin price fell by 3.2% over the last 24 hours to trade at $79,100 per bitcoin by 04:30 ET (08:30 GMT). The world’s largest cryptocurrency has lost around $1 trillion of value since March 1, in an unrestrained rout that has seen the bitcoin price fall to lows of $70,000.

在过去的24小时内，比特币价格下跌了3.2％，以每比特币79,100美元的价格到04:30 ET（GMT 08:30）。自3月1日以来，全球最大的加密货币损失了约1万亿美元的价值，在不受约束的溃败中，比特币的价格下跌至低点70,000美元。

The latest drop in the bitcoin price came as chief executive of the world’s largest asset manager BlackRock warned that U.S. president Donald Trump’s trade policies will stoke inflation.

比特币价格的最新下跌是因为全球最大的资产经理贝莱克（Blackrock）警告说，美国总统唐纳德·特朗普（Donald Trump）的贸易政策将使通货膨胀发生通货膨胀。

The Federal Reserve is expected to begin cutting interest rates through 2025, but economists at Goldman Sachs and Yardeni Research have signaled a possibility of a recession in the next 12 months due to Trump's administration's actions.

预计美联储将在2025年开始降低利率，但高盛和Yardeni研究的经济学家表明，由于特朗普政府的行动，未来12个月可能会衰退。

What Happened

发生了什么

Chief executive of the world’s largest asset manager BlackRock warned on Wednesday that inflation could make a come back in 2025, potentially hitting the bitcoin price and crypto market as the Federal Reserve dials back its planned interest rate cuts.

全球最大的资产经理贝莱克（Blackrock）周三警告说，通货膨胀可能会在2025年回来，随着美联储拨打其计划的削减利率，可能会达到比特币价格和加密货币市场。

"I think if we all are becoming a little more nationalistic—and I’m not saying that’s a bad thing, you know, it does resonate with me—that it’s going to have elevated inflation," BlackRock’s Larry Fink told CeraWeek conference attendees, it was reported by Reuters.

贝莱德（BlackRock）的拉里·芬克（Larry Fink）告诉塞维克（Larry Fink）告诉塞瓦克（Ceraweek）会议，我认为，如果我们所有人都变得更加民族主义，我并不是说这是一件坏事，这确实会引起我的通货膨胀。”

03/13 update: U.S. inflation has slowed to 2.8% in February from a year earlier, boosting the case for the Federal Reserve to cut interest rates but failing to offset fears that U.S. president Donald Trump’s global tariff trade war will push up prices through 2025.

03/13的更新：美国通货膨胀率从一年前开始放缓至2月的2.8％，这增加了美联储降低利率的案子，但未能抵消担心美国总统唐纳德·特朗普的全球关税贸易战将在2025年提高价格。

The latest consumer price index (CPI) reading came in below January’s 3% and the 2.9% expected by economists, according to a Reuters poll.

根据路透社的一项民意测验，最新的消费者价格指数（CPI）的阅读量低于1月份的3％，经济学家预期的2.9％。

"Today’s lower-than-expected CPI should be bullish, signaling faster rate cuts, but crypto hasn't reacted strongly," Youwei Yang, chief economist at BIT Mining, said in emailed comments.

Bit Mining的首席经济学家Youwei Yang在电子邮件的评论中说：“当今的CPI比预期的是看涨，降低速度更快，但加密货币的反应并没有强烈反应。”

"Weeks of market fear require more than a single good print to regain confidence. The real issue is Trump’s aggressive tariffs, which risk making inflation stickier while also crashing markets and triggering layoffs, particularly by the Doge department of government efficiency. This puts the Fed in a bind: High inflation from tariffs makes rate cuts harder. Market crashes and job losses pressure the Fed to cut rates sooner. Cutting too early could reignite inflation, making future policy tougher. Stocks are bouncing back, but crypto remains sluggish. Investors want stronger support from the White House or Fed, especially after last week’s crypto summit failed to reassure markets. Until clearer signals emerge, fear and uncertainty will weigh on crypto market sentiment."

“几周的市场恐惧需要不仅仅需要一个好的印刷品才能恢复信心。真正的问题是特朗普的积极关税，这种关税风险使通货膨胀率更高，同时又崩溃了市场并触发了裁员，尤其是政府效率部门效率部门的裁员。这使美联储陷入困境：高额通货膨胀率很高的税率使市场变得更加危险，使率更加稳定地降级。越来越多地减少了越来越多的危机，因此很快就会加重行动。弹跳，但加密货币仍然迟钝。

The latest U.S. inflation data in the form of the consumer price index (CPI) will drop on Wednesday, with consumer prices expected to have ticked up in February, according to Bloomberg, highlighting the Fed’s slow progress on battling inflation and potentially raising the specter of stagflation—characterized by an economic slowdown coupled with spiraling price rises.

根据彭博社的说法，美国最新的以消费者价格指数（CPI）形式的美国通货膨胀数据将在周三下降，预计消费者价格将在2月提高，彭博社（Bloomberg）的说法将在2月提高，突出了美联储在与通货膨胀作斗争的缓慢进展，并有可能提高雄鹿的观点，从而通过经济放缓的速度与螺旋式的价格上升的价格提高了速度稳定性。

"This market downturn is largely driven by broader economic concerns, including fears of a U.S. recession and persistent inflation," Sean Dawson, head of research at decentralized options trading platform Derive.xyz, said in emailed comments.

分散式期权交易平台Derive.xyz的研究负责人Sean Dawson在电子邮件的评论中说：“这个市场的低迷在很大程度上是由更广泛的经济问题驱动的，包括对美国衰退和持续通货膨胀的担忧。”

“The market is facing significant challenges as the macroeconomic environment worsens, and crypto assets are no exception. With bearish sentiment building, traders are turning to downside hedging strategies, especially as volatility surges across both traditional and crypto markets. The coming weeks will be critical for assessing how the broader economic situation impacts digital asset prices and trading behavior."

“随着宏观经济环境恶化，市场面临重大挑战，加密资产也不例外。随着看跌情绪的建设，贸易商正在转向下行对冲策略，尤其是在传统和加密市场的波动激增时。接下来的几周对于评估更广泛的经济状况如何影响数字资产价格和交易行为至关重要。”