比特幣（BTC）價格低於關鍵移動平均值，以太坊（ETH）spot ETF期權交易已批准

經過短暫的反彈，美國股市再次陷入恐慌。關鍵詞：關稅，ETH，BTC

The U.S. stock market experienced another day of turbulence on Thursday, with the three major indexes falling by at least 5%. The S&P 500 index almost triggered the circuit breaker mechanism, and the Dow Jones index closed down by more than 1,000 points.

美國股票市場在周四又經歷了一天的動盪，三個主要指數下降了至少5％。標準普爾500指數幾乎觸發了斷路器機制，道瓊斯指數卻閉合了1000多個。

Amidst the market uncertainty, investors turned to safe-haven assets, pushing the price of gold above $3,210 per ounce, setting a record high.

在市場不確定性中，投資者轉向了避風港資產，將黃金價格推高了每盎司3,210美元以上，創造了創紀錄的高價。

In response, the domestic gold jewelry market also rose accordingly, with the price of most gold shops exceeding 990 yuan per gram, approaching the 1,000 yuan per gram mark.

作為回應，國內黃金珠寶市場也相應上漲，大多數黃金商店的價格超過每克990元，接近每克1,000元。

Peter Schiff, founder of Euro Pacific Capital, analyzed that the Trump administration's tariff policy would not only fail to solve the problem but would aggravate the trade deficit.

歐洲太平洋資本的創始人彼得·希夫（Peter Schiff）分析說，特朗普政府的關稅政策不僅將無法解決問題，而且會加劇貿易赤字。

In the face of an uncertain economic outlook, gold, as an alternative to "sound money", has attracted more and more investors' attention.

面對不確定的經濟前景，黃金作為“聲音金錢”的替代方案，吸引了越來越多的投資者的注意力。

At the same time, the cryptocurrency market is also facing severe tests.

同時，加密貨幣市場也面臨嚴格的測試。

Glassnode data shows that Bitcoin has fallen below several key technical indicators, including the 111-day moving average ($93K) and the 200-day moving average ($87K), and even touched the 365-day moving average ($76K).

玻璃節數據顯示，比特幣跌至幾個關鍵的技術指標以下，包括111天移動平均線（93K）和200天移動平均線（8.7 k），甚至觸及了365天的移動平均線（76K）。

Currently, the price of Bitcoin fluctuates between $131K and $72K, but it is close to the lower limit of $72K.

目前，比特幣的價格在$ 13.1萬美元至72K之間波動，但接近$ 72K的下限。

If it falls below this level, it may cause a collapse in investor confidence and lead to further price declines, according to Glassnode analysts.

據GlassNode分析師稱，如果它低於此水平，可能會導致投資者的信心崩潰並導致進一步的價格下降。

However, there are still optimistic factors. QCP Capital pointed out that investors are still buying December $100,000 call options, indicating that the market still has hope that Bitcoin will return to $100,000 by the end of the year.

但是，仍然有樂觀的因素。 QCP Capital指出，投資者仍在購買12月100,000美元的電話期權，這表明該市場仍然希望比特幣在今年年底返回100,000美元。

In addition, the market trading activity has declined significantly. CryptoQuant data shows that the spot trading volume of Bitcoin has shrunk from $44 billion in early February to $10 billion at the end of the first quarter, a drop of 77%; the trading volume of altcoins has shrunk from $122 billion to $23 billion, a drop of more than 80%. These data show that investors have reduced their participation due to market uncertainty.

此外，市場交易活動已大大下降。加密數據顯示，比特幣的現貨交易量已從2月初的440億美元縮小到第一季度末的100億美元，下降了77％； AltCoins的交易量已從1,220億美元縮小到230億美元，下降了80％以上。這些數據表明，由於市場不確定性，投資者減少了參與。

In terms of regulation, the US SEC approved Ethereum spot ETF options trading, involving institutional products such as BlackRock, Bitwise and Grayscale. The SEC also issued a guide to securities issuance and registration disclosure in the crypto asset market to provide guidance for further clarifying the applicability of federal securities laws in the crypto asset market, covering equity and debt securities related to networks, applications and crypto assets, including disclosure requirements for crypto assets as part of investment contracts.

在法規方面，美國SEC批准了以太坊斑點ETF期權交易，涉及貝萊德，位和灰度等機構產品。 SEC還發布了Crypto Asset市場中證券發行和註冊披露指南，以提供指導，以進一步闡明聯邦證券法在加密資產市場中的適用性，涵蓋與網絡，應用程序和加密資產有關的股權和債務證券，包括將加密資產的披露要求作為投資合同的一部分。

In addition, Trump has signed a joint congressional resolution to formally revoke the IRS crypto tax rules (DeFi broker rules) passed at the end of the Biden administration, which originally required "custodial brokers" to collect and report user data to tax authorities.

此外，特朗普還簽署了一項共同的國會決議，以正式撤銷拜登政府結束時通過的IRS加密稅法（DEFI經紀人規則），最初要求“託管經紀人”將用戶數據收集並報告給稅務機構。

According to Solid Intel, there are currently 100 listed companies in the world that hold Bitcoin on their balance sheets, covering multiple industries such as cryptocurrency, mining, technology, media, energy, finance and healthcare.

根據Solid Intel的說法，目前，世界上有100家上市公司在其資產負債表上持有比特幣，涵蓋了多個行業，例如加密貨幣，採礦，技術，媒體，能源，金融和醫療保健。

From a macro perspective, market concerns about a U.S. recession are intensifying. Goldman Sachs' latest research report shows that the U.S. stock bear market may last longer, and the current event-driven bear market caused by tariffs can easily evolve into a cyclical bear market.

從宏觀的角度來看，市場對美國衰退的關注正在加劇。高盛（Goldman Sachs）的最新研究報告表明，美國股熊市可能會持續更長的時間，而當前由關稅引起的事件驅動的熊市很容易變成周期性的熊市。

Bridgewater Fund founder Ray Dalio warned that Trump's tariff policy has caused "permanent trauma" and that the unusual movement of U.S. bonds has exposed signs of capital flight. He asserted that "someone will definitely be liquidated" and emphasized that "another frightening market trend will eventually appear".

布里奇沃特基金會的創始人雷·達利奧（Ray Dalio）警告說，特朗普的關稅政策造成了“永久創傷”，美國債券的異常行動揭示了資本飛行的跡象。他斷言“肯定會被清算”，並強調“最終將出現另一個令人恐懼的市場趨勢”。

Federal Reserve officials have also expressed concerns. Boston Fed President Collins pointed out that inflation caused by tariffs may delay further interest rate cuts. Her staff estimated that an effective tariff of more than 10% on imported goods would increase the Fed's preferred basic inflation indicator by 0.7 to 1.2 percentage points cumulatively.

美聯儲官員也表示關注。波士頓美聯儲柯林斯總統指出，關稅引起的通貨膨脹可能會延遲進一步的降低利率。她的員工估計，進口商品的有效關稅將超過10％，這將使美聯儲的基本通貨膨脹指標累計增加0.7至1.2個百分點。

In addition, former U.S. Treasury Secretary Summers also warned that the United States may be heading towards a recession, which could cause about 2 million Americans to lose their jobs and each family would face at least $5,000 in income losses.

此外，前美國財政部長薩默斯還警告說，美國可能要邁向衰退，這可能會導致約200萬美國人失業，每個家庭將面臨至少5,000美元的收入損失。

Amid this uncertainty, investors are moving away from U.S. assets and turning to safe-haven assets such as gold, Swiss francs and yen.

在這種不確定性的情況下，投資者正在從美國資產中轉移到黃金，瑞士法郎和日元等避風港資產。