解放日關稅：美國 - 中國貿易戰如何湧入加密貨幣市場

2025年4月6日，資深美國總統唐納德·特朗普（Donald Trump）通過向中國的所有進口徵收毛毯50％的關稅，加劇了全球兩個最大經濟體之間的經濟競爭。

Veteran US President Donald Trump has fueled the economic competition between the globe's two greatest economies by rolling out a blanket 50% tariff on all imports from China on April 6, 2025.

資深美國總統唐納德·特朗普（Donald Trump）於2025年4月6日向中國進口所有進口量提出了50％的關稅，從而促進了全球兩個最偉大的經濟體之間的經濟競爭。

The move, which was designed to bring new life to American manufacturing, has instead set off a financial chain reaction that has spilled well outside of conventional markets and right into the center of crypto.

此舉旨在為美國製造業帶來新的生命，而是引發了一種金融連鎖的反應，該反應已在傳統市場之外溢出，並位於加密貨幣中心。

Global Market reaction on Tariffs

全球市場關稅的反應

The initial response was one of pandemonium in all financial markets worldwide. The MSCI Asia-Pacific Index dropped more than 3%, and the Shanghai Composite plummeted by 4.7% an indication of serious investor nervousness in China.

最初的回應是全球所有金融市場的pandemonium之一。 MSCI亞太指數下降了3％以上，上海綜合指數在中國嚴重的投資者緊張局勢下降了4.7％。

European markets were not immune either: Germany's DAX and the UK's FTSE 100 fell under the weight of dented export expectations.

歐洲市場也不是免疫力：德國的DAX和英國的富時100落在凹陷的出口期望下。

On the other side of the Atlantic, American indices plummeted. The Dow Jones Industrial Average fell 600 points, while the NASDAQ dipped close to 2.5%. The hardest hit were semiconductor and electronics firms depending heavily on Chinese production.

在大西洋的另一側，美國指數暴跌。道瓊斯工業平均水平下降了600點，而納斯達克股票下跌接近2.5％。最激烈的打擊是半導體和電子公司，具體取決於中國的生產。

Fear drove investors into havens, driving gold to a 12-month high and sending U.S. Treasury yields down.

恐懼使投資者進入了避風港，將黃金駕駛到12個月的高點，並使我們的財政部產生了下降。

Crypto Market Reacted

加密市場做出了反應

The crypto space, which many at one time praised as a hedge against macro dislocation, wasn't immune. Bitcoin (BTC) dropped close to 9% in the first 48 hours after the news. Ethereum (ETH) followed suit, dropping more than 8%.

加密貨幣空間曾經一次稱讚是針對宏觀脫位的樹籬，這是沒有免疫力的。新聞後的頭48小時，比特幣（BTC）下降了近9％。以太坊（ETH）效仿，下降了8％以上。

Risk sentiment had well and truly turned, and the digital asset market, inextricably linked to global investor sentiment, was subjected to sharp liquidation.

風險情緒確實有很好的轉變，與全球投資者情緒密不可分的數字資產市場受到了急劇的清算。

Asia-specific tokens such as NEO (baptismally referred to as the "Chinese Ethereum") and VeChain (VET), which is associated with larger Chinese logistics and supply chain companies, experienced gruesome declines falling 12% and 15% respectively.

與較大的中國物流和供應鏈公司有關的NEO（洗禮稱為“中國以太坊”）和Vechain（VET）等亞洲特異的標記，分別下降了12％和15％。

Even US-preferred instruments were not exempt: Solana (SOL) fell by 10%, most of its drop coming courtesy of its extreme vulnerability to DeFi and institutionality trading.

即使是我們偏愛的工具也不是豁免：Solana（Sol）下降了10％，大部分下降的原因是其極端易受挑戰和製度性交易的脆弱性。

While it was Layer-1 blockchains that bore the bulk of the blow, stablecoins were not spared either. Tether (USDT) redemption volumes spiked, particularly on Asian exchanges such as Binance and OKX, indicative of a flight to cash.

雖然是1層區塊鏈帶有大部分打擊，但也沒有倖免的穩定劑。繫繩（USDT）贖回量飆升，特別是在諸如binance和okx之類的亞洲交流上，這表明飛往現金。

Decentralized exchanges (DEXs) such as Uniswap and PancakeSwap, on the other hand, experienced major volume declines, indicating that retail investors were taking liquidity out of the market instead of trading the dip.

另一方面，分散的交易所（DEX）（例如Uniswap和Pancakeswap）的大量銷量下降，表明散戶投資者正在將流動性從市場上淘汰而不是交易下降。

So why did stocks and crypto sell off in sync?

那麼，為什麼股票和加密貨幣同步出售呢？

For one, crypto remains a speculative asset class. During periods of uncertainty, speculative assets are the first to be dumped.

首先，加密仍然是投機資產類別。在不確定性期間，投機資產是第一個被傾倒的資產。

Second, big institutionals now control a significant proportion of crypto volume. These institutions play macro strategies—when fear increases, their capital reverses and moves to safer bets such as cash, gold, or short-term government bonds.

其次，現在大機構控制著大量加密貨幣。這些機構採用宏觀策略 - 當擔心增加，資本逆轉並轉向更安全的賭注，例如現金，黃金或短期政府債券。

Worsening the situation further were early rumors of capital controls in Hong Kong and Singapore two key crypto hubs. Speculation that regulators might restrict crypto transactions to control capital flight led to further panic, especially among investors based in Asia.

局勢進一步惡化的是關於香港和新加坡資本控制的早期謠言，兩個主要的加密樞紐。猜測監管機構可能會限制加密交易來控制資本飛行，尤其是在亞洲投資者中。

As Bitcoin struggled, gold shone again. The Gold Shares (GLD) ETF recorded its largest one-day inflow in half a year. U.S. manufacturing ETFs experienced fleeting optimism, but most high-growth technology stocks particularly chipmakers such as Nvidia and TSMC got hammered.

當比特幣掙扎時，金再次發光。黃金股（GLD）ETF在半年內記錄了其最大的一日流入。美國製造ETF經歷了短暫的樂觀情緒，但是大多數高增長的技術庫存，特別是Nvidia和TSMC等芯片製造商都受到了錘擊。

In the cryptocurrency universe, those with lesser geographic and trade exposure performed better. Chainlink (LINK), which is decentralized in its oracle infrastructure, lost less than most, and some investors predicted that utility-based tokens would provide more stability in macro-driven routs.

在加密貨幣宇宙中，那些地理和貿易暴露較小的人的表現更好。在其Oracle基礎架構中分散的ChainLink（Link）損失的損失比大多數人損失少，並且一些投資者預測，基於公用事業的令牌將在宏驅動的Routs中提供更大的穩定性。

Tariffs drama continuous

關稅戲劇連續

The tariff drama is more than politics it’s a stress test of the old and new economy. It demonstrated to us that crypto isn’t this digital island nation that is in some way proof against real-world events. Whenever systemic risk beckons, any asset be it fiat, gold, or crypto adapts.

關稅戲劇不僅僅是政治，這是對新經濟和新經濟的壓力測試。它向我們證明，加密貨幣不是這個數字島國，它以某種方式證明了反對現實世界中的事件。每當有系統性的風險招標時，任何資產，無論是菲亞特，黃金還是加密貨幣。

It also reshaped the narrative around Bitcoin’s “digital gold” thesis. While it has outperformed in some local crises (like inflation in Argentina or sanctions on Russia), in a globally synchronized panic, Bitcoin failed to serve as a safe haven. That doesn’t diminish its long-term value proposition, but it’s a reminder: we’re not there yet.

它還重塑了比特幣的“數字黃金”論文的敘述。儘管它在某些當地危機中表現出色（例如阿根廷的通貨膨脹或俄羅斯的製裁），但在全球同步的恐慌中，比特幣未能作為避風港。這並沒有減少其長期價值主張，但這是一個提醒：我們還沒有。

While the world grapples with this latest kick in the teeth of the U.S.–China dynamic, investors and crypto fans will have to reset expectations. Volatility is the new normal, yet in that chop is opportunity.

儘管全世界都在努力解決美國 - 中國動態的最新踢球，但投資者和加密貨幣粉絲將不得不重置期望。波動率是新的常態，但在這種碎片上是機會。

Builders will redouble efforts on decentralization. Regulators will catch up on how essential good crypto standards are. And investors if smart will learn to hedge risk, control emotions, and diversify better.

建築商將在權力下放方面加倍努力。監管機構將趕上良好的加密標準。投資者如果Smart會學會對沖風險，控制情緒並更好地多樣化。

After all,

畢竟，