金融市場正在搖擺，投資者感到擔憂，加密貨幣正在經歷另一個不穩定的時期

這是這種激動的核心，一個名字不斷出現：唐納德·特朗普。根據幾位分析師和市場觀察家的說法，美國總統將實施一項戰略

Financial markets are wobbling, investors are uneasy, and the cryptocurrency realm is undergoing another turbulent period. At the heart of this agitation, one name keeps emerging: Donald Trump. According to several analysts and market observers, the American president is implementing a strategy to deliberately weaken the financial markets in order to force the Federal Reserve (Fed) to lower interest rates. A hypothesis that, while spectacular, is based on public statements and concerning economic signals.

金融市場正在搖擺，投資者不安，加密貨幣領域正在經歷另一個動蕩的時期。這是這種煽動的核心，一個名字不斷出現：唐納德·特朗普。根據幾位分析師和市場觀察家的說法，美國總統正在實施一項戰略，故意削弱金融市場，以迫使美聯儲（美聯儲）降低利率。一個假設，雖然壯觀，但它是基於公開聲明和關於經濟信號的。

Trump and the Fed : A Battle for Influence over Rates

特朗普和美聯儲：爭取影響力的戰鬥

Last February, Donald Trump publicly stated that the Federal Reserve should lower interest rates, a demand that encountered the inflexibility of Jerome Powell, chairman of the American monetary institution. Faced with this refusal, the Trump administration would have, according to analyst Anthony Pompliano, undertaken to provoke a sharp fall in financial assets in order to pressure the Fed. “The government is taking charge by crashing asset prices to force Jerome Powell to lower rates,” Pompliano claimed.

去年2月，唐納德·特朗普（Donald Trump）公開表示，美聯儲應降低利率，這一要求遇到了美國貨幣機構董事長杰羅姆·鮑威爾（Jerome Powell）的不靈活性。根據分析師安東尼·彼得羅諾（Anthony Pompliano）的說法，面對這一拒絕，特朗普政府承諾會激起金融資產的急劇下跌，以便向美聯儲施加壓力。 Pompliano說：“政府正在通過崩潰資產價格迫使杰羅姆·鮑威爾（Jerome Powell）降低利率來負責。”

The reasons behind this maneuver are multiple. Trump is criticizing the Fed's monetary policy, which he deems too restrictive despite low inflation and a strong labor market. He also denounces the actions of the administration in handling the Covid-19 crisis, which he feels have been insufficient.

這種操作的原因是多個。特朗普批評美聯儲的貨幣政策，儘管通貨膨脹低下和強大的勞動力市場，但他認為這太限制了。他還譴責政府在處理Covid-19危機方面的行動，他認為這是不夠的。

The markets did not take long to react. A collapse of stock indices followed, accompanied by a significant drop in bond yields, with the 10-year Treasury rate losing nearly 60 basis points in a few weeks. This decline in bond yields is directly linked to the anticipation of a Fed rate cut, which would in turn lead to lower yields on government bonds.

市場並不需要很長時間才能做出反應。隨後的庫存指數崩潰，伴隨著債券收益率的顯著下降，而10年的國庫利率在幾週內失去了近60個基點。債券收益率下降直接與預期降低美聯儲的預期有關，這反過來又導致政府債券的收益率降低。

Alex Krüger, a renowned analyst, corroborated this thesis in a message published on X (formerly Twitter) on March 11, 2025.

著名分析師亞歷山大·克魯格（Alexkrüger）在2025年3月11日在X（以前為Twitter）上發表的一條消息中證實了這一論文。

While there is a plunge in stocks and bonds, cryptocurrencies are not spared from the surrounding volatility. On March 10, a brutal drop in crypto markets accompanied the stock market panic, fueled by rising fears of recession in the United States.

雖然股票和債券有點暴跌，但加密貨幣並未從周圍的波動性中倖免。 3月10日，加密貨幣市場的殘酷下降伴隨著股票市場的恐慌，這加劇了對美國經濟衰退的恐懼。

JPMorgan has raised the probability of a recession in 2025 to 40 %, up from 30 % previously. For Goldman Sachs, this threat is amplified by Trump’s aggressive trade policy, which could worsen economic tensions.

摩根大通將2025年經濟衰退的可能性提高到了40％，高於以前的30％。對於高盛（Goldman Sachs）而言，特朗普的積極貿易政策擴大了這種威脅，這可能會加劇經濟緊張局勢。

The same day, a report by Blockware Solutions revealed that the Bitcoin network hash rate had dropped to its lowest level in 2025, further attesting to the gloomy period affecting the cryptocurrency market.

同一天，Blockware Solutions的一份報告表明，比特幣網絡哈希率在2025年下降到其最低水平，進一步證明了影響加密貨幣市場的陰鬱時期。

Despite these difficulties, some institutional players are trying to exploit this period of instability to strengthen their presence in the crypto ecosystem.

儘管遇到了這些困難，但一些機構參與者仍在試圖利用這一時期的不穩定時期來加強他們在加密生態系統中的存在。

BlackRock, through its subsidiary Securitize, is expanding its activities in decentralized finance by integrating its tokenized funds into DeFi platforms like Morpho and Compound. This initiative aims to facilitate access to liquidity and yield generation strategies for a broader category of investors.

通過其子公司證券化，貝萊德（Blackrock）正在通過將其令牌資金集成到Morpho和Compound等DEFI平台中，從而擴大了分散融資的活動。該計劃旨在促進更廣泛類別的投資者獲得流動性和產生策略。

In another development, the Cboe BZX exchange is pushing to introduce staking on Fidelity’s Ethereum ETFs. This move, still pending approval from the Securities and Exchange Commission (SEC), underscores the efforts of financial institutions to adapt to the evolving regulatory landscape and integrate new technologies like cryptocurrencies and blockchain.

在另一個發展中，CBOE BZX交流正在推動對Fidelity的以太坊ETF進行賭注。這一舉動仍未得到證券交易委員會（SEC）的批准，強調了金融機構為適應不斷發展的監管格局的努力，並整合了加密貨幣和區塊鏈（例如加密貨幣）。

If Trump manages to impose a rate cut, the effects could be twofold. In the short term, investors could benefit from cheaper credit access, but premature monetary easing risks reviving inflationary pressures.

如果特朗普設法削減稅率，則可能會有雙重影響。在短期內，投資者可以從便宜的信貸訪問中受益，但過早的貨幣降低風險恢復了通貨膨脹壓力。

Moreover, by creating artificial volatility in the markets, the president is playing a dangerous game that could further destabilize the global economy.

此外，通過在市場上建立人為的波動，總統正在玩危險的遊戲，這可能會進一步破壞全球經濟的穩定。

In the immediate term, the crypto market remains suspended on the Fed’s decisions and the political movements in Washington. One thing is certain: the upcoming period could be decisive for the future of financial regulation and the evolution of cryptocurrencies in the global economic system.

在不久的將來，加密貨幣市場仍然暫停了美聯儲在華盛頓的決定和政治運動。可以肯定的是：即將到來的時期對於金融監管的未來和全球經濟體系中加密貨幣的演變可能是決定性的。