經過10天的瘋狂波動，我們終於達到了市場穩定的點？

加密市場似乎是這樣認為的，在過去24小時內，比特幣（BTC 5.37％）上漲了5.2％，截至美國東部時間下午1點，以太坊（ETH 3.06％）上漲了4.6％，而Dogecoin（Doge 3.88％）

Is the market finally reaching a point of stability after an insanely volatile 10-day stretch? The crypto market seems to think so, with Bitcoin (BTC 5.37%) up 5.2% over the past 24 hours as of 1 p.m. ET, Ethereum (ETH 3.06%) rising 4.6%, and Dogecoin (DOGE 3.88%) gaining 5.3%.

經過10天的瘋狂波動之後，市場是否終於達到了穩定點？加密市場似乎是這樣認為的，在過去24小時內，比特幣（BTC 5.37％）上漲了5.2％，截至美國東部時間，以太坊（ETH 3.06％）上升了4.6％，而Dogecoin（Doge 3.88％）上漲了5.3％。

The stock market has gained as well on what seems to be hope that rising bond yields and a falling dollar will lead to the Trump administration finding a path away from the trade war that's currently unfolding.

股票市場也有所增長，這似乎是希望債券收益率上升和美元下跌將導致特朗普政府從目前正在發生的貿易戰中找到一條路。

Investors are taking a "risk on" mentality going into the weekend, which often happens when news of trade talks or deals takes place while the market is closed.

投資者正在冒險進入周末的“風險”，這通常是在市場關閉時發生貿易談判或交易的消息時發生的。

It's not clear if there will be any deals, and last weekend was unusually quiet, but that's part of the reason stocks are moving higher today. Cryptocurrencies have followed, as they often do, but the pop in values may be short-lived.

目前尚不清楚是否有任何交易，上週末非常安靜，但這是股票今天越來越高的原因。像往常一樣，加密貨幣已經遵循，但是價值的流行可能是短暫的。

A new University of Michigan survey of consumer sentiment fell from 57.0 a month ago to 50.8, which is nearly as low as the index got during 2020. Economists were expecting the index to tick up to 57.3.

密歇根大學的一項新的對消費者情緒的調查從一個月前的57.0降至50.8，幾乎與2020年期間的指數一樣低。經濟學家期望該指數勾選到57.3。

Expectations for inflation, however, rose to 6.7%, up from 5% a month earlier and the highest in more than four decades.

然而，對通貨膨脹的期望增長到6.7％，高於每個月前的5％，而四十多年來最高。

Normally, weak consumer sentiment and higher inflation expectations would cause investors to flee to safety, but the opposite is what's happening today.

通常，消費者的情緒疲軟和通貨膨脹的預期會導致投資者逃離安全，但情況恰恰相反。

What's interesting about where crypto sits is that it's the one asset class that's traded 24/7. So, equity investors may be preparing for Monday, but crypto traders will see the impact of any deal or any lack of deals over the weekend. That could make for extremely volatile trading.

Crypto所在的地方有趣的是，這是交易24/7的一種資產類別。因此，股票投資者可能正在為周一做準備，但是加密貨幣交易員會在周末看到任何交易或任何交易的影響。這可能會導致極度動蕩的交易。

Whether you're looking at the stock market or the crypto market, it's nearly impossible to predict what's going to happen next. But with the market showing signs of fatigue and economists cutting their growth forecasts for the U.S., we may be in for a bumpy ride ahead.

無論您是查看股票市場還是加密市場，幾乎都不可能預測接下來會發生什麼。但是，由於市場顯示出疲勞的跡象，經濟學家削減了對美國的增長預測，因此我們可能會遇到顛簸。

The worries I would have for the crypto market is the U.S. economy slowing, and that extending to risky assets like cryptocurrencies. Economists have increased their odds of a recession in 2025, and it's very possible we're already in one.

我對加密貨幣市場的擔憂是美國經濟放緩，而這種經濟不斷擴大到加密貨幣等風險資產。經濟學家在2025年增加了經濟衰退的機率，很有可能我們已經陷入了衰退。

We also have a rush of earnings data coming over the next few weeks as companies both report what happened in the first quarter and give their outlook for the rest of 2025. If that outlook is weak, we may see equities and crypto fall.

在接下來的幾周中，我們還將有一大批收益數據，因為公司倆都報告了第一季度發生的事情，並給出了2025年其餘時間的前景。如果這種前景很弱，我們可能會看到股票和加密貨幣跌落。

Consumer sentiment is the most worrying when combined with the rise in interest rates over the past week. If both those trends continue, a recession could be a self-fulfilling prophecy.

與過去一周的利率上升相結合時，消費者情緒是最令人擔憂的。如果這兩種趨勢繼續下去，衰退可能是一個自我實現的預言。

History says that will negatively impact cryptocurrencies, which trade more closely with growth stocks than as a hedge to inflation or the dollar. So, this could be a short-term reprieve from a long-term downward trend for the market.

歷史稱，這將對加密貨幣產生負面影響，加密貨幣與增長股票更緊密地與通貨膨脹或美元的對沖。因此，這可能是從市場的長期向下趨勢中的短期緩刑。