隨著市場對特朗普總統關稅公告的影響，專家指出，監管清晰度是看漲的催化劑

儘管全球宏觀背景充滿了不確定性，從擬議的批准美國的關稅到固執的通貨膨脹和提高的利率，但數字資產表現出了顯著的彈性。

Despite a challenging global macro backdrop, digital assets have shown resilience as markets prepare for the impact of President Trump’s tariff announcements.

儘管全球宏觀背景具有挑戰性，但由於市場為特朗普總統的關稅公告的影響做準備，數字資產仍表現出韌性。

Experts told Benzinga that regulatory clarity is the clearest bullish catalyst, while a looming correction in equities is the most prominent downside risk.

專家告訴本辛加，監管清晰度是最明顯的看漲催化劑，而股票的迫在眉睫的校正是最突出的下行風險。

What HappenedDespite a global macro backdrop filled with uncertainties—from proposed sweeping U.S. tariffs to stubborn inflation and elevated rates—digital assets have shown remarkable resilience.

發生了什麼事，儘管全球宏觀背景充滿了不確定性，從擬議的批准美國關稅到頑固的通貨膨脹和提高的利率 - 數字資產表現出了顯著的韌性。

But analysts and industry leaders warn that the current rally may be masking deeper tensions.

但是分析師和行業領導人警告說，目前的集會可能正在掩蓋更深的緊張局勢。

Speaking with Benzinga, Mike Cahill, CEO of Douro Labs, a key contributor to the Pyth Network (PYTH/USD) Network, believes the optimism in markets is short-term in nature.

Pyth網絡（PYTH/USD）網絡的主要貢獻者Douro Labs首席執行官Mike Cahill與Benzinga交談，他認為市場上的樂觀情緒在本質上是短期的。

"Markets rallying into the tariff announcement reflect a classic case of short-term optimism winning out over long-term uncertainty," said Cahill.

卡希爾說：“集中在關稅公告中的市場反映了一個經典的短期樂觀案例，即長期不確定性贏得了勝利。”

For Cahill, the real story isn't about euphoria or complacency, but selective positioning by experienced traders. "Calling it ‘nothing ever happens’ is premature."

對於卡希爾來說，真實的故事不是關於欣快感或自滿的，而是經驗豐富的交易者的選擇性定位。 “稱其為'永遠不會發生'還為時過早。”

Cahill sees regulatory clarity, particularly around stablecoins and tokenized assets, as the clearest positive catalyst ahead.

Cahill認為調節性清晰度，尤其是在穩定的資產和令牌資產附近，是前方最明顯的陽性催化劑。

"That's the green light institutions are waiting for to go all in."

“那是綠燈機構正在等待全力以赴。”

On the flip side, he warns that a macro shock, driven by high rates and escalating trade tensions, could rapidly sap liquidity and hurt sentiment across risk assets, including crypto.

另一方面，他警告說，受高比率和貿易緊張局勢升級的宏觀衝擊可能會迅速消除流動性並在包括加密貨幣在內的風險資產之間受到傷害。

"A broader pullback in equities would also spill over into crypto, especially in the current market cycle where crypto traders are largely an extension of the broader institutional fabric."

“股票的更廣泛的回調也將溢出到加密貨幣中，尤其是在當前的市場週期中，加密貨幣交易者在很大程度上是更廣泛的機構結構的擴展。”

Another industry expert, Gadi Chait, Investment Manager at Xapo Bank, framed the recent market drop as part of a broader tug-of-war between long-term conviction and short-term anxiety.

Xapo Bank投資經理Gadi Chait的另一位行業專家構成了最近的市場下降，這是長期定罪與短期焦慮之間更廣泛的拔河活動的一部分。

"Bitcoin (BTC/USD) investors have been bracing for today's announcement, so a price drop comes as no surprise," said Chait, referring to anticipated trade actions from the Trump administration.

查特說：“比特幣（BTC/USD）投資者一直在為今天的宣布做好準備，因此價格下跌也就不足為奇了。”

For Chait, Bitcoin remains a long-term bet on sovereignty and scarcity, unaffected by momentary volatility. "We've been here before, and we'll likely be here again, but Bitcoin's long-term trajectory remains undeniable."

對於Chait來說，比特幣仍然是對主權和稀缺性的長期押注，不受瞬時波動的影響。 “我們以前去過這裡，我們可能會再次來到這裡，但是比特幣的長期軌跡仍然不可否認。”

The price of Bitcoin has recently fluctuated between $76,600 and $94,500, stabilizing around $85,000 on Tuesday.

比特幣的價格最近波動在76,600美元至94,500美元之間，週二穩定在85,000美元左右。

Chait cautioned that a break below $76,600 could shift sentiment decisively, but until then, the broader range remains intact.

Chait警告說，低於$ 76,600的休息可能會果斷地改變情緒，但在此之前，更廣泛的範圍仍然完好無損。

Also Read: Coinbase CEO Brian Armstrong Advocates For Stablecoins: ‘Consumers Deserve A Bigger Piece Of The Pie’

另請閱讀：Coinbase首席執行官Brian Armstrong倡導Stablecoins：“消費者應該得到更大的派”

Ryan Lee, Chief Analyst at Bitget Research, highlighted how geopolitical tension could actually amplify Bitcoin's appeal.

BITGET Research的首席分析師Ryan Lee強調了地緣政治緊張局勢如何真正擴大比特幣的吸引力。

"Trump's proposed tariffs potentially supercharge Bitcoin's appeal by shaking confidence in fiat currencies like the U.S. dollar," said Lee.

李說：“特朗普提議的關稅可能會通過對美元等法定貨幣充滿信心，這可能會增強比特幣的吸引力。”

Lee also noted that stagflation risk—rising prices without accompanying growth—might drive more traders toward decentralized assets as traditional safe havens falter.

李還指出，散落的風險（不伴隨增長而提高了價格）可能會推動更多的交易者進入分散資產，因為傳統的避風港步履蹣跚。

"We'd expect a spike in Bitcoin demand—perfect for our users to ride the wave using spot, futures, or our staking options."

“我們希望比特幣需求激增 - 讓我們的用戶使用現場，期貨或我們的堆放選擇來騎行。”

Why It Matters: Still, not all analysts are interpreting the current moment as a full-blown crypto bull run.

為什麼它很重要：儘管如此，並非所有分析師都將當前時刻解釋為成熟的加密公牛運行。

Xia Yumin, CTO at Galxe, noted that gains in the space have largely been isolated to Bitcoin, with Ethereum (ETH/USD) and most altcoins lagging.

Galxe的首席技術官Xia Yumin指出，該空間中的收益已在很大程度上被隔離到比特幣中，以太坊（ETH/USD）和大多數Altcoins滯後。

"If we examine the market at a micro level, the significant gains are mainly concentrated in Bitcoin," Yumin observed.

Yumin觀察到：“如果我們在微觀水平上檢查市場，那麼顯著的收益主要集中在比特幣上。”

While Bitcoin may challenge prior highs in the coming quarter, Ethereum will need more technical or sentiment-driven momentum to breakout.

儘管比特幣可能會在下一季度挑戰先前的高點，但以太坊將需要更多技術或情感驅動的動力來突破。

Looking ahead, Yumin identified macroeconomic policy—specifically U.S. interest rates—as a defining force for crypto valuations.

展望未來，Yumin將宏觀經濟政策（特別是美國利率）確定為加密估值的決定性力量。

"Interest rate cuts as anticipated during each FOMC meeting will continue to elevate BTC's valuation as a scarce asset."

“在每次FOMC會議期間預期的降低利率將繼續提高BTC的估值作為稀缺資產。”

He also noted a clear and present risk: a downturn in U.S. equities.

他還指出了一種清晰的風險：美國股票的低迷。

"In a crypto market that currently lacks its own independent narrative, any downturn in equities will likely drag crypto down with it."

“在目前缺乏自己的獨立敘述的加密市場中，任何股票的低迷都可能將加密貨幣拖延。”

As traders await more details on the Trump administration's "reciprocal tariffs," estimated to impact nearly $3 trillion in imports, the financial markets are sending mixed signals.

隨著貿易商在等待特朗普政府的“互惠關稅”的更多細節，估計會影響近3萬億美元的進口，金融市場發出了混雜的信號。

U.S. bond yields remain elevated, and expectations for a Fed rate cut remain tepid.

美國的債券收益率仍然提高，對美聯儲降低率的期望仍然保持溫和。

The CME FedWatch tool currently shows markets pricing in an 85.5% chance of the Fed holding rates steady through May.

CME FedWatch工具目前顯示市場定價為85.5％，即美聯儲持有率持續到5月。