比特幣的下降顯著下降

比特幣在最近的市場變動中顯著下降，這與特朗普政府宣布對主要貿易夥伴的新關稅觸發的股票的更廣泛拋售相吻合。

Bitcoin has seen a notable decline in recent market movements, coinciding with a broader sell-off in equities triggered by the Trump administration's announcement of new tariffs on major trading partners. Meanwhile, gold has reaffirmed its status as a traditional safe-haven asset.

比特幣在最近的市場變動中顯著下降，這與特朗普政府宣布對主要貿易夥伴的新關稅觸發的股票的更廣泛拋售相吻合。同時，黃金重申了其作為傳統避風港資產的地位。

As of Tuesday, gold prices surged to $2,915 per ounce, inching closer to last week's record high of $2,950. While gold’s rally reflects heightened investor demand for stability amid growing economic uncertainties, analysts argue that bitcoin is falling short of its aspirations as a safe-haven asset and market hedge.

截至週二，黃金價格飆升至每盎司2,915美元，接近上週創紀錄的2,950美元。儘管戈德的集會反映了經濟不確定性的增長，但由於經濟不確定性的增長，投資者對穩定的需求提高，但分析師認為，比特幣不符合其作為安全資產和市場對沖的願望。

"Bitcoin has never truly been a safe-haven asset—only an aspirational one. Yet, the promise remains, and with every cycle, critics revisit this so-called 'failure,' but my perspective is that bitcoin has consistently been a risk asset," Paybis Chief Revenue Officer Uldis Teraudklans told The Block.

“比特幣從來都不是真正的資產，只有一個有抱負的資產。但是，保證仍然存在，並且在每個週期中，批評家都重新審視了這種所謂的“失敗”，但我的觀點是，比特幣一直是風險資產，” Paybis首席收入官Uldis Teraudklans告訴Block。

However, Teraudklans added that bitcoin is on a long-term trajectory toward becoming a safe-haven asset, suggesting that only when the digital asset's market capitalization matches that of gold can its role as a safe-haven be seriously evaluated.

但是，Teraudklans補充說，比特幣正處於長期軌道上，以成為避風港資產，這表明只有當數字資產的市值與黃金的市值相匹配時，才能認真評估其作為避風港的作用。

Bitcoin is underperforming gold

比特幣表現不佳

Bitwise European Head of Research Europe André Dragosch told The Block that short-term perspectives also highlight bitcoin's volatility.

歐洲歐洲研究負責人安德烈·德拉格斯（AndréDragosch）告訴街區，短期觀點也突出了比特幣的波動性。

"In the very short term, bitcoin appears to be most sensitive to changes in the global growth outlook, which has certainly deteriorated lately. But, over the medium to long term, bitcoin continues to be the prime contender for the world’s next reserve asset and should also profit from a return of easy monetary policy in case a U.S. recession does really materialize."

“在短期內，比特幣似乎對全球增長前景的變化最敏感，這肯定在最近發生了惡化。但是，在中等到長期的情況下，比特幣仍然是世界下一個儲備金的主要競爭者，也應該從易於貨幣政策的回報中獲利，以防美國經濟衰退確實實現。”

The recent implementation of tariffs by the Trump administration has further complicated market dynamics.

特朗普政府最近對關稅的實施使市場動態進一步複雜。

"U.S. President Donald Trump's recent announcement regarding tariffs on goods from China, global tariffs on aluminum and steel, and threats of 25% tariffs on goods from the EU has rattled markets, increasing economic uncertainty. Gold as the ultimate safe-haven asset has gained tremendously from this, as investors seek shelter from the uncertainty," BullionByPost Managing Director Pete Walden observed.

“美國總統唐納德·特朗普（Donald Trump）最近宣布的有關中國商品關稅，鋁和鋼鐵的關稅以及歐盟對商品的25％關稅的威脅震撼了市場，加劇了經濟不確定性。由於投資者從中尋求庇護所，因此，由於最終的安全保護資產從此獲得了極大的待遇。

Gold will perform best in a global trade war. Image: Bank of America Global Fund Manager Survey.

黃金將在全球貿易戰中表現最好。圖片：美國銀行全球基金經理調查。

In contrast, bitcoin's performance under similar market pressures has been less robust.

相比之下，比特幣在類似的市場壓力下的性能較不強勁。

"The market is facing intense volatility as combined crypto liquidations hit $1.04 billion. The broader altcoin train has a double-digit decline, highlighting the uncertainty in the market at this time. Amid this price action, the conviction for sustainable growth in the near term remains low as significant headwinds lie ahead," WeFi Head of Growth Agne Linge told The Block.

“市場正面臨著強烈的波動性，因為加密貨幣清算量達到了10.4億美元。較寬的Altcoin火車的下降了兩位數，突顯了此時市場的不確定性。在這種價格行動中，對近期的可持續增長的信念仍然很低，因為大量的Heartwinds to the Eventral Agne agne agne agne lige lige lige lige lige ligning lighter ligning agne lighter light agne lige lighte ligning lighte lige ligning lige lige ligning lige。

Furthermore, a Bank of America fund manager survey from February indicated that only 3% of fund managers viewed bitcoin as a reliable store of value amid trade tensions, while 58% favored gold.

此外，美國銀行基金經理的一項調查表明，在貿易緊張局勢的情況下，只有3％的基金經理將比特幣視為可靠的價值存儲，而58％的基金經理則偏愛黃金。

This sentiment aligns with bitcoin's recent volatility, including a 17.39% decline in the month of February—the largest drop since 2014.

這種情緒與比特幣最近的波動率保持一致，包括2月份的下降17.39％，這是自2014年以來最大的下降。