这次加密货币寒冬，可能会危及整个金融市场

Core Insights - The cryptocurrency market is experiencing a significant downturn, with Bitcoin dropping 30% in less than two months, erasing all gains for the year, and other cryptocurrencies facing even steeper declines. This downturn poses unprecedented risks to the broader financial system due to the deep intertwining of digital assets with mainstream finance [1][2]. Group 1: Market Dynamics - The current sell-off is driven by excessive leverage and valuation bubbles, particularly highlighted by the collapse of the Singapore-based exchange Hyperliquid, which had a daily trading volume of $13 billion and experienced $10 billion in liquidations in October [3]. - Companies heavily invested in cryptocurrencies, referred to as "crypto bonds," are now facing significant losses as their stock prices have fallen below the value of their crypto holdings, leading to a self-reinforcing downward cycle [3]. Group 2: Stablecoin Expansion - Despite market turmoil, the stablecoin sector is expanding, bolstered by the "Genius Act," which provides legitimacy to these assets. Traditional companies like Klarna are entering the stablecoin market, indicating a growing connection between stablecoins and global business activities [4]. - The market is currently dominated by Circle and Tether, which together have a market capitalization of approximately $250 billion. The entry of new players like Klarna could further integrate stablecoins into global commerce, especially in countries with unstable currencies [4]. Group 3: Systemic Risks - Stablecoins, which typically maintain their value by holding short-term government bonds and other secure assets, face inherent risks of bank runs similar to traditional financial instruments. A recent collapse of a small stablecoin managed by Stream Finance, which resulted in a $93 million loss, underscores the fragility of these assets [6]. - The failure of Silicon Valley Bank (SVB) in 2023, which affected major stablecoin issuer Circle, revealed the vulnerabilities in the relationship between stablecoins and the banking system. If investors panic and sell stablecoins en masse, issuers may be forced to liquidate their reserve assets, potentially triggering broader financial instability [6][7].