在美國總統唐納德·特朗普（Donald Trump）對加拿大，墨西哥和中國征收長期威脅的進口關稅之後，比特幣（BTC）市場經驗飛往安全

根據硬幣指標數據，最新下降的價格為7％，使價格降至93,768.66美元。 Coindesk 20指數根據市值測量了20個最大的數字資產，下降了19％。

After U.S. President Donald Trump imposed long-threatened import tariffs on Canada, Mexico and China, cryptocurrencies experienced a flight to safety on Sunday, sharply decreasing in value, according to CNBC.

根據CNBC的說法，在美國總統唐納德·特朗普（Donald Trump）對加拿大，墨西哥和中國征收了長期威脅的進口關稅之後，加密貨幣在周日的安全航班上經歷了航班，價值大幅下降。

The latest drop was 7%, bringing the price down to $93,768.66, according to Coin Metrics data. The CoinDesk 20 index, which measures the 20 largest digital assets by market capitalization, fell by 19%. Ethereum dropped 25%, reaching its lowest level since November.

根據硬幣指標數據，最新下降的價格為7％，將價格降至93,768.66美元。 Coindesk 20指數根據市值測量了20個最大的數字資產，下降了19％。以太坊下降了25％，達到了11月以來的最低水平。

There were liquidations of $2.119 billion across the network in the past 24 hours, with $1.78 billion in long positions and $270 million in short positions being liquidated, according to Coinglass data. A total of 718,513 people were liquidated globally. The largest single liquidation occurred on Binance-ETHBTC, valued at $25.635 million.

根據Coinglass Data的數據，在過去的24小時內，整個網絡上有21.19億美元的清算，長位置為17.8億美元，而短期內的2.7億美元被清算。全球總共清算了718,513人。最大的單一清算發生在Binance-EthBTC上，價值256.35億美元。

The crypto market experienced a brief and rapid crash on March 12, 2020. At that time, the number of liquidations exceeded 100,000. According to Coin data, on March 12 alone, over 100,000 people were liquidated within just 24 hours, with the largest single liquidation occurring on Huobi, with BTC valued at approximately $58.32 million, while the total liquidation amount across the network was $2.93 billion.

加密市場在2020年3月12日經歷了短暫而快速的崩潰。當時，清算數量超過100,000。根據硬幣數據，僅3月12日，僅在24小時內就清算了100,000多人，其中最大的單一清算發生在Huobi上，BTC的價值約為5832萬美元，而整個網絡的總清算量為293億美元。

Trump signed an order imposing a 25% tariff on imports from Mexico and Canada and a 10% tariff on China, which will take effect on Tuesday, leading to a decline in U.S. goods, according to CNBC. The trade volume between the U.S. and these three countries is approximately $1.6 trillion.

根據CNBC的說法，特朗普簽署了一項命令，對墨西哥和加拿大進口的進口徵收25％的關稅，並對中國的關稅10％，這將在周二生效，從而導緻美國商品的下降。美國與這三個國家之間的貿易量約為1.6萬億美元。

Many people are asking why BTC dropped so much due to tariff news. Because BTC is a speculative asset, it is 2x QQQ (if not, then 3x), according to Jim Bianco, founder of Bianco Research. After the stock market opened, S&P futures opened down 117 points, a decline of 1.9%. Remember last Monday, Deepseek also caused the S&P index to drop 100 points, a decline of 1.5%, and NDX futures opened down 600 points, a decline of 2.95%.

許多人問為什麼由於關稅新聞，BTC掉了這麼多。根據Bianco Research的創始人吉姆·比安科（Jim Bianco）的說法，由於BTC是投機性資產，因此是2x QQQ（如果不是，則為3X）。股市開放後，標準普爾期貨（S＆P Futures）下跌了117點，下降了1.9％。請記住，上週一，DeepSeek還導致標準普爾指數下降100點，下降1.5％，而NDX期貨則下跌了600點，下降了2.95％。

The ongoing trade war will be "amazing" for Bitcoin in the long run, as the dollar and U.S. interest rates will eventually weaken, according to Jeff Park, head of alpha strategies at Bitwise Asset Management.

從長遠來看，持續的貿易戰爭將對比特幣來說是“驚人的”，因為美元和美國利率最終將削弱。

In Jeff Park's view, to understand the current tariff issue, it must be considered from two backgrounds: first, the curse of the Triffin Dilemma; second, Trump's personal goals. By analyzing these two backgrounds, the ultimate conclusion becomes clear: tariffs may just be a temporary measure, but the final conclusion is that Bitcoin will not only rise but will rise faster.

傑夫·帕克（Jeff Park）認為，要了解當前的關稅問題，必須從兩個背景中考慮它：首先是特里芬（Triffin）困境的詛咒；第二，特朗普的個人目標。通過分析這兩個背景，最終的結論變得清晰：關稅可能只是一個臨時措施，但最終的結論是，比特幣不僅會上升，而且會更快地上升。

First, the Triffin Dilemma: the status of the dollar as a reserve currency gives the U.S. "excessive privilege" in financial transactions/trade, which has several implications:

首先，特里芬（Triffin）的困境：美元作為儲備貨幣的狀況使美國在金融交易/貿易中“過度特權”，這有幾個影響：

1) Other countries need to hold dollars as reserves in a price-inelastic manner, leading to a structural overvaluation of the dollar;

1）其他國家需要以價格彈彈性的方式將美元作為儲備作為儲備，從而導緻美元的結構性高估；

2) The U.S. must maintain a trade deficit to provide these dollars to the world;

2）美國必須保持貿易赤字，以向世界提供這些美元；

3) As a result, the U.S. government can continue to borrow at rates below what it should be.

3）結果，美國政府可以繼續以低於應有的價格借款。

The U.S. wants to keep point 3 while getting rid of points 1 and 2— but how? The answer is tariffs.

美國希望在擺脫第1和2點時保持第3點 - 但是如何？答案是關稅。

Recognizing that tariffs are often a temporary negotiation tool to achieve goals. The ultimate goal is to seek a multilateral agreement to weaken the dollar, essentially a Plaza Accord 2.0. A hypothetical scenario is that the U.S. clearly states that countries must reduce their dollar reserves while requiring them to extend the holding period of U.S. Treasury bonds.

認識到關稅通常是實現目標的臨時談判工具。最終目標是尋求多邊協議以削弱美元，本質上是廣場協議2.0。一個假設的情況是，美國清楚地指出，各國必須減少其美元儲備，同時要求他們延長美國財政部債券的持有期。

In other words, Trump is trying to find a "YCC, but not YCC" strategy within the executive branch. There is no doubt that Basant agrees with this, as he realizes that Yellen left him with a bag of garbage; Yellen's legacy is that by doubling the debt financing ratio (increasing false liquidity), the Treasury's ability to manage duration is almost permanently impaired, leaving the U.S. at the mercy of refinancing when interest rates begin to rise. The cost to U.S. taxpayers cannot be underestimated.

換句話說，特朗普正試圖在行政部門中找到“ YCC，但不是YCC”策略。毫無疑問，Basant同意這一點，因為他意識到Yellen留下了一袋垃圾。耶倫（Yellen）的遺產是，通過將債務融資比率增加一倍（增加虛假流動性），財政部管理持續時間的能力幾乎被永久損害，當利率開始上升時，美國就會擺脫再融資。不能低估美國納稅人的費用。

Thus, the U.S. is paving the way for achieving the Holy Grail of fiat currency alchemy: lowering the dollar and yields.

因此，美國正在為實現法定貨幣煉金術的聖杯鋪平道路：降低美元和收益率。

This leads to the second point: it has been said before that Trump's primary goal is to lower the 10-year interest rate, as his own

這導致了第二點：在特朗普的主要目標是降低10年的利率之前，它是他自己的