11月26日，比特币突遭重挫，截至发稿，一度跌破17000美元大关，报16884.19美元，24小时内跌幅达12.26%。
On 26 November, Bitcoin suffered a severe setback and, by the time of its release, it had once fallen to $17,000, at $168,84.19, a decline of 12.26 per cent within 24 hours.
而昨日，比特币开盘还处在19359美元的高位，后以19092.04美元收盘。盘中甚至财联社报道称，站上了19500美元，续创近三年新高。
Yesterday, Bitcoin opened at a high of $19,359 and then closed at $19,092.04. Even FAFIA reported that it had stood at $19,500, continuing at a new high of nearly three years.
图片来源：非小号官网
Source: Non-Nominal Officer Network
与此同时，加密货币集体下跌，ETH的24小时跌幅达16.78%，XRP的24小时跌幅达23.94%，USDT的24小时跌幅达0.16%，BCH的24小时内跌幅达19.57%。
At the same time, the encrypt currency collectively fell by 16.78 per cent for ETH, 23.94 per cent for XRP, 0.16 per cent for USDT and 19.57 per cent for BCH.
尽管比特币今日出现大幅回调，但有数据显示，自3月份以来，比特币已经累涨约350%。
Although bitcoin has returned significantly today, data show that bitcoin has increased by about 350 per cent since March.
对于此波大跌，火币高级分析师康律之表示，今日比特币和整体市场出现大跌，是这波上涨以来的第一次有规模的回调。此次回调有以下的原因：
In response to the wave’s collapse, the Senior Gun-Stun Analyst Kondh said that ‘strong’ today’s sharp fall in bitcoin and in the market as a whole was the first large return to
首先Coinbase开始阻止客户进行新的保证金交易，同时取消所有未结限价订单，并且下个月完全终止保证金交易功能。由于Coinbase没有完全透露CFTC具体指导的细则，致使未来交易市场的合规边界并不明晰，市场出现了一定的恐慌。此外，由于美国处于感恩节时期，重仓机构处于假期，空头此时发力多头猝不及防。比特币近期持续上升，市场积累了大量的获利盘，空头随着美国对机构的监管趋严，找到了契机，市场顺势形成了一定共振，因此出现了较大幅度的下跌。
First, Coinbase began to block customers from entering into new bond transactions, while eliminating all open-ended purchase orders, and completely terminated the bond trading function next month. As Coinbase did not fully disclose the rules specifically directed by the CFTC, the boundaries of compliance in future trading markets were unclear, and the market experienced some panic.
另外，时间接近年底，全球市场都面临资金逐渐收紧的情况，多头对增量资金的预期降低，因此做一定获利了结动作。下方支撑位可能在整体上升行情回撤的斐波那契0.382位置，也就是16000整数关口附近。后市需要持续关注这个位置的支撑情况。
In addition, near the end of the year, the global market is faced with a gradual tightening of funds, with many expectations of incremental funds being reduced, thus making a profit. The bottom support position may be 0.382 in Fibonacci, close to the 16,000 full stop.
资料图，图文无关（来源：摄图网）
Information diagram, not relevant (source: camera network)
此前，曾有分析师表示，在市场情绪高涨的情况下，行情一旦突破历史高点对于市场的心里意义影响很大，市场可能会逐步失去理性，行情可能会出现一定的分化。如今来看，这个分化已显露苗头。
Earlier, analysts had said that, in the midst of high market moods, the market might lose its sense of rationality and become somewhat polarized once it's overtaken by historical heights. Now, this division has come to light.
华尔街见闻则指出，“比特币从来就是涨起来疯狂，跌起来更要命的资产”。
According to the Wall Street news, “bitcoin has always been an asset that rises to madness and falls to death”.
从2010年至今，比特币共经历了11次暴跌。暴涨之后腰斩，甚至膝盖斩、脚踝斩的情形比比皆是。40%的回撤是家常便饭，80%、90%的暴跌也绝不少见。
From 2010 to the present, Bitcoin has experienced 11 sharp drops. Bendings, even knees and ankles, are common. Forty per cent of withdrawals are routine, and 80 per cent and 90 per cent of drops are not uncommon.
从前几轮比特币暴跌来看，各国政府的管制，往往对比特币价格形成致命伤害。
According to previous rounds of sharp declines in bitcoin, government regulation tends to cause fatal harm at the price of bitcoin.
在监管方面，数字货币交易所Coinbase CEO Brian Armstrong 此前公开表示就其听到的“美国财政部长Steven Mnuchin 正计划任期届满之前就非托管加密钱包制定新法规”的传闻表示担忧。
In terms of regulation, the Digital Currency Exchange Coinbase CEO Brian Armstrong had previously publicly expressed concern about the rumours he had heard that “United States Treasury Secretary Steven Mnuchin was planning to enact new regulations on non-hosted encrypted wallets before the end of his term of office”.
Armstrong表示，拟议的法规“或将要求像Coinbase 这样的金融机构在非托管钱包的所有者接收资产之前，验证接收者或所有者，并收集相关身份信息”。从表面来看似乎很合理，但这不切实际，可能会减少从加密金融机构到非托管钱包的交易，进一步阻碍加密用例的发展和创新。
According to Armstrong, the proposed regulation “or will require financial institutions such as Coinbase to verify the recipient or owner and collect relevant identification information before the owner of the non-host wallet receives the asset.” On the face of it, this seems reasonable, but it is unrealistic to reduce transactions from encrypted financial institutions to non-host wallets, further hampering the development and innovation of encryption practices.
从更深层次角度，防止数字货币与政府法币直接竞争或许才是监管的真正目的。全球最大对冲基金桥水创始人达利欧此前就曾表示，如果比特币开始与法定货币竞争，政府最终可能将其取缔。
From a deeper perspective, preventing digital currency from competing directly with government French currency may be the real purpose of regulation. Dario, the founder of the largest hedge fund bridge in the world, has previously said that if Bitcoin started competing with the statutory currency, the government could eventually ban it.
总之，如火币集团高级研究员康律之此前所说，目前投资者还请谨慎控制仓位，谨慎做空，注意风险管理。
In conclusion, as the Senior Researcher of the Currency Group said earlier, is currently asking to carefully control the warehouse, exercise caution and take care of risk management .
（声明：本文内容仅供参考，不作为投资依据。投资者据此操作，风险自担）
(Statement: This document is for information purposes only and does not serve as a basis for investment. Investors operate on this basis and take risks on their own)
编辑|赵云 肖勇
/strong /strang strong strong strong strong strong strong
校对|何小桃
封面图来源：摄图网
Cover map source: webcam
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