比特幣長期以來被一些投資者視為動盪時代的數字避風港，這表現出壓力的跡象

長期以來，一些投資者將比特幣視為動盪時期的數字避風港，隨著政治緊張局勢加劇，比特幣表現出壓力的跡象。

Bitcoin, sometimes viewed by investors as a digital safe haven in turbulent times, is showing signs of strain as political tensions heat up.

比特幣有時被投資者視為動盪時期的數字避風港，隨著政治緊張局勢加劇，比特幣表現出壓力的跡象。

In the wake of new trade war threats from former President Donald Trump, the cryptocurrency market is reacting sharply—and not in the way many expected.

在前總統唐納德·特朗普（Donald Trump）受到新的貿易戰威脅之後，加密貨幣市場正在急劇做出反應，而不是許多人預期的。

As global markets brace for a fresh wave of tariffs, Bitcoin has slipped to $82,100, with Ethereum also dropping to around $1,790. The slump reflects growing anxiety over inflation, global supply chains, and investor confidence. For those betting on crypto as a hedge, the current volatility raises a pressing question: is Bitcoin really immune to macroeconomic stress?

隨著全球市場獲得新的關稅浪潮，比特幣已經下跌至82,100美元，以太坊也下跌至1,790美元左右。低迷反映了人們對通貨膨脹，全球供應鍊和投資者信心的焦慮越來越大。對於那些將加密貨幣作為樹籬的人來說，當前的波動性提出了一個緊迫的問題：比特幣真的不受宏觀經濟壓力的影響嗎？

A New Round of Tariffs Is Spooking Global Markets

新一輪關稅正在嚇到全球市場

Trump’s latest policy announcement—an aggressive set of reciprocal tariffs targeting 25 countries—has rattled financial markets. The proposed duties, set to go into effect on April 2, aim to generate an eye-popping $600 billion in annual revenue for the U.S. government. But the economic blowback could be significant.

特朗普的最新政策公告是針對25個國家的一系列積極的互惠關稅，這使金融市場震撼了。擬議的職責將於4月2日生效，旨在為美國政府帶來高達6000億美元的年收入。但是經濟的反彈可能會很大。

Sectors like automotive, pharmaceuticals, and semiconductors are expected to be hit hard. According to Barclays, the auto industry alone could face over $275 billion in affected imports per year.

預計汽車，藥品和半導體等部門將受到重擊。根據巴克萊的說法，僅汽車行業每年就可能面臨超過2750億美元的進口。

And the fallout is already visible. The Kobeissi Letter, a respected financial publication, reported that U.S. consumer sentiment has dropped 20 points in just one month, reaching its lowest level since the last recession. The message is clear: inflation concerns are growing, and fears of a broader economic downturn are on the rise.

輻射已經可見了。 Kobeissi信件是一份受人尊敬的財務出版物，報告說，美國消費者情緒在短短一個月內下降了20分，自上次衰退以來的最低水平。信息很明顯：通貨膨脹問題正在增加，對更廣泛的經濟低迷的恐懼正在上升。

Bitcoin’s Drop Shows It’s Not Totally Immune

比特幣的下降表明它不是完全免疫

For years, crypto advocates have pitched Bitcoin as “digital gold”—a store of value that can weather economic storms. But the current climate is challenging that narrative. Rather than climbing, Bitcoin has followed traditional markets downward, suggesting that investor behavior is still heavily influenced by macro sentiment.

多年來，加密貨幣的擁護者將比特幣視為“數字黃金”，這是一種可以風雨風暴的價值存儲。但是當前的氣候充滿了挑戰。比特幣沒有攀登，而是跟隨傳統市場，這表明投資者的行為仍然受到宏觀情緒的影響。

Stock futures tell a similar story. S&P 500 and Nasdaq-100 futures fell by 0.7% to 0.8%, while the Dow Jones dipped by 0.55%, reflecting widespread unease. And while Bitcoin isn’t directly tied to any one government or central bank, it’s still deeply entangled in global investor psychology.

股票期貨講述了類似的故事。標準普爾500指數和納斯達克-100期貨下跌0.7％至0.8％，而道瓊斯瓊斯下跌了0.55％，反映了廣泛的不安。儘管比特幣沒有直接與任何一個政府或中央銀行綁定，但它仍然與全球投資者心理學深深地糾纏在一起。

As uncertainty mounts, some traders are pulling back—not just from stocks, but from crypto assets as well.

隨著不確定性的增加，一些交易者正在向後退，而不僅僅是股票，而是從加密貨幣資產中撤出。

Is Bitcoin Still a Hedge Against Inflation?

比特幣仍然是對通貨膨脹的對沖嗎？

While Bitcoin has historically been promoted as an inflation-resistant asset, its recent performance suggests a more nuanced reality. It may offer long-term protection against fiat currency devaluation, but in the short term, it remains highly sensitive to economic policy shifts and investor sentiment.

儘管比特幣歷史上一直被提升為一種抗通貨膨脹的資產，但其最近的表現表明了一個更加細微的現實。它可以長期保護菲亞特貨幣貶值，但在短期內，它仍然對經濟政策的轉變和投資者的情緒高度敏感。

The irony? As the Trump administration leans further into protectionism, the very policies meant to boost domestic industries may increase inflation and squeeze consumer wallets—factors that, in theory, should benefit Bitcoin. Yet, the initial reaction is hesitation, not enthusiasm.

具有諷刺意味？隨著特朗普政府進一步傾向於保護主義，旨在促進國內行業的政策可能會增加通貨膨脹並擠壓消費者錢包，從理論上講，該問題應受益於比特幣。然而，最初的反應是猶豫，而不是熱情。

Crypto’s Future Could Depend on Political Headlines

加密的未來可能取決於政治頭條

With trade tensions on the rise, cryptocurrencies are unlikely to chart a smooth path forward. Price swings may become more frequent as markets react not just to economic data, but to every tariff threat, policy change, or geopolitical headline. And while crypto remains an appealing asset class for long-term investors, short-term traders should brace for increased volatility.

隨著貿易緊張局勢的增長，加密貨幣不太可能繪製出平穩的前進道路。隨著市場不僅對經濟數據的反應，而且對每個關稅威脅，政策變化或地緣政治標題，價格波動可能會變得更加頻繁。儘管加密貨幣仍然是長期投資者的吸引力資產類別，但短期交易者應該為增加的波動而做好準備。

Whether Bitcoin can reclaim its status as a reliable hedge will depend on how it weathers this storm. One thing’s for sure: in today’s climate, even digital assets aren’t safe from political ripple effects.

比特幣是否可以恢復其作為可靠樹籬的地位將取決於它如何影響這場風暴。可以肯定的是：在當今的氣候下，即使是數字資產也無法免受政治連鎖反應的影響。