比特幣在上週瘋狂地搖擺

在上週，隨著交易員乘坐美國總統唐納德·特朗普（Donald Trump）的關稅過山車（邁克爾·塞勒（Michael Saylor）的策略發出令人震驚的警告），比特幣在上週發揮了作用。

U.S. president Donald Trump is grappling with a growing U.S. dollar "crisis of confidence" that some

美國總統唐納德·特朗普（Donald Trump）正在努力應對越來越多的美元“信心危機”

> think could boost the bitcoin price.

>認為可以提高比特幣價格。

"The question of a potential dollar confidence crisis has now been definitively answered—we are experiencing one in full force," ING analysts including Francesco Pesole wrote in a note seen by Bloomberg. "The dollar collapse is working as a barometer of 'sell America' at the moment."

包括弗朗切斯科·皮索爾（Francesco Pesole）在內的ING分析師在彭博社（Bloomberg）看到的一份筆記中寫道：“現在已經確定了一個潛在的美元信心危機問題 - 我們正在全力以赴。” “美元崩潰目前正在作為'賣美國'的晴雨表。”

The escalating Trump-led global trade war saw the ICE U.S. Dollar Index, which measures the U.S. dollar against a basket of global currencies, fall sharply this week, dropping under the 100 level and putting it on course to return to 2022 levels.

由特朗普領導的全球貿易戰爭升級的ICE美元指數，該指數衡量了一籃子全球貨幣的美元，本週急劇下降，下降到100個水平，並將其付諸實踐，以恢復到2022年的水平。

"The market is re-assessing the structural attractiveness of the dollar as the world’s global reserve currency and is undergoing a process of rapid de-dollarisation," Deutsche Bank’s global head of FX research George Saravelos wrote in a note seen by City AM.

德意志銀行全球FX Research的負責人喬治·薩維洛斯（George Saravelos）在《城市AM》中寫道：“市場正在重新評估美元作為全球儲備貨幣的結構吸引力，並且正在經歷快速降價的過程。”

The dollar's decline is seen by some as boosting the bitcoin price, as traders bet bitcoin will follow in gold's footsteps, performing as a safe haven asset.

某些人認為美元的下降被認為提高了比特幣價格，因為交易員下注比特幣將跟隨Gold的腳步，作為避風港資產的表現。

"Like a rising tide, the dollar’s decline is lifting other assets," Alex Kuptsikevich, the FxPro chief market analyst, said in emailed comments, adding "a falling dollar supports cryptocurrencies."

FXPRO首席市場分析師Alex Kuptsikevich在電子郵件的評論中說：“就像漲潮一樣，美元的下跌正在提高其他資產。”

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The bitcoin price has dropped from its all-time high in recent weeks but has outperformed the tech-heavy Nasdaq as the U.S. dollar suffers a "crisis" of confidence.

比特幣的價格從最近幾週的歷史最高升高開始下跌，但由於美元遭受了“信心危機”的“危機”，因此納斯達克高科技的價格優於技術。

"Bitcoin’s correlation with U.S. equities may have garnered excessive attention, while its ties to Federal Reserve policy and the U.S. dollar’s trajectory deserve greater scrutiny," LMax Group's market strategist Joel Kruger said via email.

LMAX集團的市場策略師喬爾·克魯格（Joel Kruger）通過電子郵件說：“比特幣與美國股票的相關性可能引起了人們的過度關注，而與美聯儲政策和美元軌蹟的聯繫也應受到更大的審查。”

Trump has been pushing Fed chair Jerome Powell to cut interest rates as he embarks on his global trade war, fuelling expectations the Fed could be forced to cut interest rates through 2025, either a response to a tariff-led economic slow down or because Trump has fired Powell.

特朗普一直在促使美聯儲主席杰羅姆·鮑威爾（Jerome Powell）降低利率，因為他開始進行全球貿易戰，加油在2025年，美聯儲的期望可能會被迫降低利率，這是對關稅領導的經濟放緩的反應，或者因為特朗普解雇了鮑威爾。

"Market dynamics are shifting as the Fed’s outlook adjusts to pressures from U.S. trade policy, with expectations of steeper rate cuts in 2025 now taking hold. This pivot toward a more accommodative stance is poised to narrow yield differentials, weakening the dollar’s appeal and, in turn, creating a supportive tailwind for bitcoin," Kruger said.

“隨著美聯儲的前景適應美國貿易政策的壓力，市場動態正在發生變化，對2025年的陡峭速度降低的期望現在被持續下去。這對更寬容的立場有好準備可以縮小收益率差異，從而削弱了美元的吸引力，並且又又削弱了比特幣的支撐量。”