加密币连续下跌，“数字黄金”为何难创新高？

Group 1 - The cryptocurrency market experienced a corrective downturn after a significant recovery, with Bitcoin peaking near $98,000 before falling to $88,900, reflecting a 4.66% drop in 24 hours [1][2] - Ethereum also faced a decline, dropping 7.98% in the same period, while other cryptocurrencies like BNB and Solana saw similar downturns [2] - The primary driver of this downturn is attributed to external macroeconomic factors, including a recent escalation in the US-EU tariff conflict and a significant drop in major US stock indices [2][4] Group 2 - The recent surge in Bitcoin's price was largely influenced by an improved macroeconomic environment in the US, including a more dovish stance from the Federal Reserve and the initiation of a Reserve Management Plan [4] - The current market phase is characterized by a digestion of previous gains, with institutional investors adjusting their positions based on risk assessments rather than emotional trading [5][6] - Bitcoin's volatility is heightened due to its reliance on institutional capital and the constraints imposed by global liquidity conditions, making it less of a pure safe-haven asset compared to gold [6]