本週比特幣的價格達到了三個月的低點，引發了為什麼美國政府是歷史上最親比特幣政府，為什麼其價值下降了

本週比特幣的價格達到了三個月的最低點，引發了有關為什麼美國政府是歷史上最親比特幣政府的問題。

Bitcoin’s price dropped to a three-month low this week, sparking questions about why its value is decreasing despite the U.S. government being the most pro-bitcoin government in history.

本週比特幣的價格下降到了三個月的低點，引發了有關為什麼美國政府是歷史上最親比特幣政府的問題，為什麼它的價值正在下降。

The Trump administration’s tariffs, combined with the SEC’s more hands-off approach toward crypto regulations, has caused investors to panic. As a result, the market is experiencing a significant sell-off.

特朗普政府的關稅，再加上SEC對加密法規的更加失望的方法，引起了投資者的恐慌。結果，市場正在經歷重大拋售。

What’s Driving Bitcoin’s Sharp Decline?

是什麼驅動比特幣的急劇下降？

The scene is set with a convergence of global trade tensions and a series of regulatory shifts that have stirred uncertainty.

場景設置為全球貿易緊張局勢的融合以及一系列激發不確定性的監管變化。

U.S. President Donald Trump’s announcement of renewed tariffs on Mexico, Canada, and China, alongside broader economic concerns such as weak consumer sentiment, have contributed to a steep drop in investor confidence.

美國總統唐納德·特朗普（Donald Trump）宣布對墨西哥，加拿大和中國的重新關稅，以及更廣泛的經濟問題，例如疲軟的消費者情緒，促使投資者信心大大下降了。

The 25% tariffs on European Union goods and Chinese imports have stoked fears of a global trade war. Furthermore, disappointing economic indicators, such as low consumer confidence, have intensified the risk-averse sentiment among investors, putting additional pressure on bitcoin’s price.

對歐盟商品和中國進口商品的25％關稅激發了人們對全球貿易戰的擔憂。此外，令人失望的經濟指標（例如消費者信心低）加劇了投資者之間的風險不安情緒，對比特幣的價格施加了額外的壓力。

Bitcoin Drops Amid Pro-Bitcoin Policies: Trade War Fears Explained

在親比特幣政策中，比特幣下降：貿易戰爭的恐懼解釋了

Bitcoin’s decline in the midst of pro-bitcoin government policies might appear surprising, but there’s a clear explanation.

比特幣在親比蒂幣政府政策中的下降似乎令人驚訝，但有一個明確的解釋。

Cryptocurrencies like bitcoin are often used as indicators of risk during periods of market uncertainty. When geopolitical tensions escalate, and tariffs threaten to dampen economic growth, bitcoin and other risky assets usually suffer.

像比特幣這樣的加密貨幣通常用作市場不確定性期間的風險指標。當地緣政治緊張局勢升級並且關稅可能會降低經濟增長時，比特幣和其他風險資產通常會受到影響。

The trade war fears, especially with the U.S. threatening tariffs again, have sparked significant panic among investors, leading them to sell down their risky positions and seek safer options.

貿易戰的擔憂，尤其是在美國再次威脅性關稅的情況下，引發了投資者的恐慌，導致他們賣掉了自己的風險頭寸並尋求更安全的選擇。

This dynamic explains why bitcoin, a highly volatile asset, has lost steam despite the U.S. government’s overall friendly stance toward digital currencies.

這種動態解釋了為什麼比特幣是一種高度波動的資產，儘管美國政府對數字貨幣的整體友好立場，但比特幣失去了動力。

Bitcoin ETF Withdrawals Highlight Investor Doubts

比特幣ETF提款突出了投資者的懷疑

Adding to the picture are the significant outflows from bitcoin ETFs, which saw nearly record-breaking withdrawals of $1 billion.

圖片外，還有比特幣ETF的大量流出，這幾乎是10億美元的破紀錄撤離。

Institutional investors, who were initially keen to gain a foothold in the cryptocurrency market, are now pulling back in response to the volatile market conditions caused by global tensions and tariffs. These withdrawals are a sign of broader uncertainty about bitcoin’s short-term trajectory.

最初熱衷於在加密貨幣市場上立足的機構投資者現在正在退縮，以應對全球緊張局勢和關稅造成的動盪市場狀況。這些提取是對比特幣短期軌蹟的更廣泛不確定性的跡象。

However, the data also suggests that while bitcoin’s price movements remain volatile, the U.S. dollar is showing signs of weakness, and the potential for rising inflation could make bitcoin more appealing as an investment in the long term.

但是，數據還表明，儘管比特幣的價格變動保持波動，但美元卻顯示出弱點的跡象，並且通貨膨脹率上升的可能性可能會使比特幣長期以來更具吸引力。

SEC Drops Multiple Cases, Signaling Shift in Crypto Policy

SEC刪除多個案例，信號轉移加密政策

The Securities and Exchange Commission has dropped several enforcement cases, including ones against major cryptocurrency companies like Coinbase and MetaMask. This signals a potential shift in regulatory strategy under new leadership at the agency.

證券交易委員會已撤銷了幾起執法案件，包括針對Coinbase和Metamask等主要加密貨幣公司的執法案件。這表明該機構新領導下的監管策略可能發生了可能的轉變。

Acting SEC Chair Mark Uyeda and crypto-friendly Commissioner Hester Peirce have been key in driving this change, steering the agency away from the previous administration’s aggressive “regulation by enforcement” stance.

代理SEC主席Mark Uyeda和對加密貨幣友好的專員Hester Peirce在推動這一變化方面一直是關鍵，將機構從上屆政府的積極進取的“執法監管”立場轉移了。

Coinbase expressed gratitude for the dismissal of the case, which they see as a victory not just for the company but for the broader cryptocurrency industry.

Coinbase對駁回案件表示感謝，他們認為這不僅是公司的勝利，而且對更廣泛的加密貨幣行業表示勝利。

“We’re committed to working with regulators to create a positive environment for crypto in the U.S., an industry that’s poised to bring substantial benefits to the economy and investors,” said Paul Grewal, Coinbase’s Chief Legal Officer.

Coinbase首席法律官Paul Grewal說：“我們致力於與監管機構合作，為美國的加密貨幣創造一個積極的環境，該行業有望為經濟和投資者帶來可觀的利益。”

They are not alone in their optimism.

他們並不孤單。

Crypto Industry Optimistic About Clear Legislation

加密行業對明確立法的樂觀

The broader crypto industry is optimistic that clear legislation, like the bipartisan bill proposed by Senators Cynthia Lummis and Kirsten Gillibrand, will provide the framework for growth. They hope to see the U.S. retain its leadership role in the rapidly developing cryptocurrency sector.

更廣泛的加密業非常樂觀，明確的立法，例如參議員辛西婭·魯米斯（Cynthia Lummis）和柯斯滕·吉利布蘭（Kirsten Gillibrand）提出的兩黨法案將為增長提供框架。他們希望看到美國在快速發展的加密貨幣領域中保留其領導作用。

As bitcoin’s price continues to be shaped by a variety of global and domestic factors, the relationship between tariffs, trade wars, and cryptocurrency remains a subject of ongoing interest and discussion.

隨著比特幣的價格繼續受到各種全球和國內因素的影響，關稅，貿易戰和加密貨幣之間的關係仍然是持續興趣和討論的主題。

While the U.S. government’s pro-bitcoin policies may offer long-term advantages, short-term volatility driven by global economic pressures continues to present challenges for investors navigating the crypto market.

儘管美國政府的親比特幣政策可能會帶來長期優勢，但由全球經濟壓力驅動的短期波動率繼續為投資者帶來加密市場的挑戰。