受到選舉後的欣快（Euphoria）的鼓舞，比特幣達到了108,000美元的高峰，然後下跌至80,000美元。

唐納德·特朗普（Donald Trump）返回總統職位，重新開放了貿易緊張局勢的文件。他的關稅決定針對加拿大，墨西哥和中國等戰略合作夥伴。

Bitcoin price rose to a peak of $108,000 on Friday, buoyed by post-election euphoria, but fell below the $80,000 level as global economic instability and increasing trade tensions fueled heightened volatility.

受到選舉後的欣快感的鼓舞，週五比特幣的價格上漲至108,000美元，但由於全球經濟不穩定和增加的貿易緊張局勢促進了增強的波動，但跌至80,000美元的水平。

Donald Trump’s return to the presidency has reopened the file on trade tensions, with his tariff decisions targeting strategic partners like Canada, Mexico, and China, already impacting the U.S. stock market, which has lost $2 trillion.

唐納德·特朗普（Donald Trump）返回總統職位已經重新開放了貿易緊張局勢的文件，其關稅決定針對加拿大，墨西哥和中國等戰略合作夥伴，這已經影響了美國股票市場，後者已經損失了2萬億美元。

Lawrence Summers, former Treasury Secretary, described these measures as “poorly designed” in a post on platform X (formerly Twitter) on March 5.

前財政部長勞倫斯·薩默斯（Lawrence Summers）在3月5日在平台X（以前稱為Twitter）上的帖子中，將這些措施描述為“設計不佳”。

This uncertainty has immediate consequences for bitcoin, as several key elements are intermingling.

這種不確定性對比特幣產生了直接的後果，因為幾個關鍵要素正在混合。

Reactions from market participants are mixed, with trading firm QCP Capital, based in Singapore, highlighting that “macroeconomic conditions continue to influence bitcoin’s trajectory, which remains closely tied to stock indices.”

市場參與者的反應混雜，總部位於新加坡的貿易公司QCP Capital強調，“宏觀經濟狀況繼續影響比特幣的軌跡，這與股票指數密切相關。”

However, some investors believe that bitcoin could benefit from a weakening dollar. Eugene Epstein, an officer at Moneycorp, stated that “if trade tensions cause inflation, the flight to crypto could accelerate.”

但是，一些投資者認為，比特幣可以從疲軟的美元中受益。 MoneyCorp的一名官員尤金·愛潑斯坦（Eugene Epstein）表示：“如果貿易緊張局勢導致通貨膨脹，到達加密貨幣的航班可能會加速。”

The market remains under pressure, however, with political and economic uncertainty blocking investors’ decisions as they hesitate between taking profits or anticipating a bullish recovery.

然而，市場仍處於壓力下，政治和經濟不確定性阻止了投資者在獲利或預期看漲的恢復之間猶豫不決的決定。

While some investors had hoped for a lasting bullish market, capital flight reflects a more mixed sentiment.

雖然一些投資者希望在持久的看漲市場，但資本飛行反映了更加混雜的情緒。

After Trump’s election, Spot Bitcoin ETFs saw record inflows, with over $10 billion invested.

特朗普當選後，現貨比特幣ETF看到了創紀錄的流入，投資超過100億美元。

But since February, this trend has reversed. Outflows are multiplying, a sign that confidence is waning in the face of economic uncertainty.

但是自2月以來，這種趨勢已經扭轉。流出是在增加，這表明面對經濟不確定性，信心正在減弱。

Bob Wallden, head of trading at Abra, further noted that “tariffs are just a smokescreen.” He stated that “Trump uses tariffs as a negotiation lever, but they do not dictate the trajectory of cryptos. What truly matters is the budget tightening and American fiscal policy.”

阿布拉（Abra）貿易負責人鮑勃·沃爾登（Bob Wallden）進一步指出：“關稅只是煙幕。”他說：“特朗普將關稅用作談判槓桿，但他們不決定加密貨幣的軌跡。真正重要的是預算收緊和美國財政政策。”

In other words, the central question remains the availability of liquidity in financial markets. Less money in circulation means fewer investments in risky assets, which could hinder bitcoin’s rise.

換句話說，中心問題仍然是金融市場流動性的可用性。流通的錢減少意味著對風險資產的投資較少，這可能會阻礙比特幣的上升。

The future of the crypto market will largely depend on the evolution of monetary and budgetary policies. If uncertainty persists, bitcoin could remain under pressure, just like stocks. For the moment, caution prevails. Investors oscillate between wait-and-see approaches and strategic repositioning, while bitcoin, true to its volatile nature, continues to evolve according to economic announcements.

加密市場的未來將在很大程度上取決於貨幣和預算政策的發展。如果不確定性持續存在，比特幣可能會像股票一樣承受壓力。目前，謹慎勝任。根據經濟公告，投資者在等待的方法和戰略重新定位之間振盪，而比特幣則符合其動蕩的性質，但根據經濟公告的發展而繼續發展。