比特幣（BTC）的價格下跌，因為高盛（GS）選擇日元（JPY）作為反對美國關稅上升的領先樹籬

日元比特幣 - 日元（BTC/JPY）對周三在關鍵趨勢線阻力面對挫折，因為高盛（GS）將反風險的日元列為領先的對沖日益角

The Bitcoin-Japanese yen (BTC/JPY) pair faced an setback at key trendline resistance on Wednesday, as Goldman Sachs (GS) cited the anti-risk yen as the leading hedge against rising U.S. tariff and recession risks.

日元比特幣 - 日元（BTC/JPY）對周三在主要趨勢線阻力面對挫折，因為高盛（GS）列舉了反風險日元，這是反對美國關稅和衰退風險上升的領先對沖。

The BTC/JPY trading on the Japan-based bitFlyer fell 1% after failing to take out the trendline drawn off the record high reached on Jan. 20, data from charting platform TradingView showed.

Charting Platform TradingView的數據顯示，BTC/JPY在日本Bitflyer上的交易未能從1月20日獲得創紀錄的趨勢線上降低1％。

BTC’s USD-denominated price faced similar losses. Meanwhile, Asian equity indices and the U.S. equity futures treaded water ahead of President Donald Trump’s sweeping new “Liberation Day” reciprocal tariffs on Wednesday that could trigger a global trade war.

BTC以USD計價的價格面臨著類似的損失。同時，亞洲股票指數和美國股票期貨在唐納德·特朗普總統週三週三徹底的“解放日”互惠關稅之前陷入困境，這可能會引發全球貿易戰。

The tariff uncertainty has spurred several investment banks, including JPMorgan and Goldman Sachs, to pencil in a higher chance of U.S. recession, or consecutive quarterly contractions in the growth rate.

關稅不確定性刺激了包括摩根大通和高盛在內的幾家投資銀行，使美國衰退的可能性更高，或者在增長率上連續季度收縮。

Some crypto observers expect investors to treat bitcoin (BTC) as a haven asset should a tariff-led economic swoon materialize. Goldman, however, sees the Japanese yen, a long-preferred safe haven, as the top hedge against U.S. risks.

一些加密觀察家希望投資者將比特幣（BTC）視為避風港的資產，如果關稅為主導的經濟障礙實現。然而，高盛將日元（日元）備受推崇，這是一位長期以來的避風港，是反對美國風險的最高樹籬。

“The yen offers investors the best currency hedge should the chances of a US recession increase,” Kamakshya Trivedi, head of global foreign exchange, interest rates and emerging market strategy at Goldman Sachs, said late Tuesday, according to Bloomberg.

彭博社說：“日元為投資者提供了最佳的貨幣對沖，如果美國經濟衰退的機會增加。”彭博社週二下午說，全球外匯，利率和新興市場戰略負責人卡馬克希亞·特里維迪（Kamakshya Trivedi）說。

Trivedi added that the yen is also a “very good hedge” against U.S. labor market weakness and tends to do best when U.S. real rates [inflation-adjusted yields] and U.S. equities fall together.

Trivedi補充說，日元也是針對美國勞動力市場弱點的“非常好的對沖”，當美國實際比率（通貨膨脹調整後的收益率）和美國股票逐漸落下時，往往會做得最好。

While BTC is widely seen as a digital gold or haven asset by crypto market participants, the cryptocurrency has historically moved in tandem with technology stocks. In other words, tariffs-led risk-off on Wall Street could spill over into the crypto market.

儘管BTC被加密市場參與者廣泛視為數字黃金或避風港資產，但加密貨幣歷來與技術庫存一致。換句話說，在華爾街領導的關稅風險可能會溢出到加密貨幣市場。

Moreover, the yen’s strength could prompt the unwinding of risk-on bullish trades financed by inexpensive yen-denominated loans, contributing to overall risk aversion in financial markets. The crypto market experienced this in early August last year when the yen carry trade unravelled, leading to declines in both stocks and BTC. During that period, bitcoin plummeted from approximately $65K to $50K within a week.

此外，日元的實力可能會促使廉價日元計時貸款資助的風險看漲貿易，從而有助於金融市場的整體風險規避。加密貨幣市場在去年8月初，日元攜帶貿易分開，導致股票和BTC的下降。在此期間，比特幣在一周內從大約65,000美元下降到5萬美元。

Goldman expects the Japanese yen to rise to the low 140s against the U.S. dollar this year. The USD/JPY pair traded at 149.77 at press time. The exchange rate is known to closely track the differential between yields on the 10-year U.S. and Japanese bonds.

高盛（Goldman）預計，日元今年的日元將上升至140年代。新聞發布會時，USD/JPY對以149.77的價格交易。已知匯率可以密切跟踪美國和日本債券10年收益率之間的差異。

The latter recently dropped to its lowest since August 2022, offering yen-bullish cues.

後者最近降至2022年8月以來的最低水平，提供了日元式提示。