Dogecoin (DOGE) and ether (ETH) cratered 9% in the past 24 hours as bitcoin (BTC) tumbled 4.5%, dipping below $80,000 and leading a brutal sell-off that wiped out $700 million in long positions.

在过去的24小时内，比特币（BTC）下跌了4.5％，下降到80,000美元以下，并导致残酷的抛售率降低了7亿美元的长位置。

Leveraged traders betting on a rally got torched with $420 million in BTC longs and $150 million in ETH longs being liquidated, alongside $30 million in DOGE long losses. Solana (SOL) shed 8%, and XRP slipped 7%, with the broader CoinDesk 20 (CD20) falling more than 6.5%.

杠杆交易者下注的集会上有4.2亿美元的BTC渴望和1.5亿美元的Eth Longs被清算，以及3,000万美元的Doge Long Most。 Solana（Sol）降低了8％，XRP下跌了7％，较宽的Coindesk 20（CD20）下降了6.5％以上。

Open interest in BTC futures dropped 7% to $45 billion, signaling forced exits as margin calls hit.

BTC期货的开放兴趣下降了7％至450亿美元，随着保证金的打击，强迫退出。

“Investors are taking a risk-off approach as the chances for a Federal Reserve interest rate cut diminished after a stable jobs report and anticipation that February's CPI report will follow similarly to January's reading,” Nick Ruck, director at LVRG Research, told CoinDesk in a Telegram message.

LVRG Research的董事尼克·鲁克（Nick Ruck）在一份电报消息中告诉Coindesk。

“Traders may sideline and offset risk in their portfolios until the US economic situation becomes clearer and the need for a rate cut becomes stronger, which may not happen until later this year,” Ruck added.

Ruck补充说：“交易者可能会局限于其投资组合中的风险，直到美国的经济状况变得更加清晰，并且对降低税率的需求变得更强大，这可能要到今年晚些时候才会发生。”

Monday’s losses extended a two-week downward spiral exacerbated by shaky global sentiment, with the S&P 500 down 2% and the Nasdaq off 3% at the start of the week. The sell-off was driven by renewed fears of the impact of U.S. trade tariffs that are set to kick in next month and renewed fears of a recession after a Donald Trump interview on Sunday.

周一的损失扩大了两周的螺旋式向下，由于摇摇欲坠的全球情绪加剧了，标准普尔500指数下跌了2％，而纳斯达克股票则在本周初期下降了3％。抛售是由于对美国贸易关税的影响的重新担心，这些关税将在下个月开始，并在周日的唐纳德·特朗普（Donald Trump）采访后，对衰退的担忧更加担心。

That was the biggest one-day drop in U.S. equities since September 2022, with the so-called ‘Magnificent 7’ cohort losing $830 billion in market capitalization.

这是自2022年9月以来美国股票中最大的一日股票下降，所谓的“宏伟的7”同伙损失了8300亿美元的市值。

Besides, a stronger U.S. dollar, and a hawkish Federal Reserve signal in late February — with plans of fewer rate cuts in 2025 — and a flight to safe-haven assets gold and Japanese yen have further dented hopes of a recovery in the short term.

此外，2月下旬的一美元和鹰队的美联储信号（2025年降低税率较少）以及飞往避风付款资产黄金和日元日元的航班进一步掩盖了短期恢复的希望。

One contrarian sentiment indicator, however, presents limited hope for bulls looking for short-term relief. The Crypto Fear & Greed Index is hovering at 15 — deep in “extreme fear” territory — suggesting that capitulation could set the stage for a relief rally.

然而，一个逆势情绪指标给希望短期救济的公牛带来了有限的希望。加密恐惧和贪婪指数正徘徊在15点，深处是“极端恐惧”领域 - 表明投降可以为救济集会奠定基础。

Singapore-based QCP Capital said watching Treasury yields and dollar strength present cues for further positioning.

总部位于新加坡的QCP Capital表示，观看财政部收益率和美元实力提示进一步定位。

“Despite the market turmoil, not all signals are bearish. This wave of risk-off sentiment has driven 10-year Treasury yields down by around 60 bps and weakened the U.S. dollar — a historically positive factor for USD-denominated risk assets like U.S. equities and crypto,” QCP said in its Tuesday market broadcast.

“尽管市场动荡，但并非所有信号都是看跌。 QCP在周二的市场广播中说：“这一风险的情感使10年的财政部收益下降了约60个基点，并削弱了美元 - 历史上以美国股票和加密货币（如美国股票和加密货币）为基础的积极因素。”

“Lower yields also provide a reprieve for the U.S. government, easing borrowing costs at a time when refinancing needs are massive. This comes at a critical moment as Trump's policy roadmap, particularly proposed tax cuts and a more expansionary fiscal stance, takes shape,” the firm added.

“较低的收益率还为美国政府提供了缓刑，在巨大的再融资需求时减轻了借贷费用。当特朗普的政策路线图，尤其是提议减税和更扩展的财政立场时，这处于关键时刻，”该公司补充说。