自從1月20日美國總統唐納德·特朗普就職典禮以來

自從1月20日美國總統唐納德·特朗普就職典禮以來

The recent interplay between US President Donald Trump's administration and macroeconomic trends has kept crypto investors on the edge of their seats, especially as the president's signature policy agenda — tariffs — slashed into cryptocurrency market value and rattled global markets.

美國總統唐納德·特朗普（Donald Trump）的政府與宏觀經濟趨勢之間的最新相互作用使加密貨幣投資者處於席位的邊緣，尤其是當總統的標誌性政策議程（關稅）被削減到加密貨幣市場價值並震撼了全球市場時。

Since Trump's inauguration on Jan. 20, Bitcoin (BTC) has swung from a record high of $109,000 to below $78,000 as major tariff announcements from the US and retaliatory moves from trade partners shaved off chunks of cryptocurrency market value.

自從特朗普於1月20日開幕以來，比特幣（BTC）從創紀錄的109,000美元降至78,000美元以下，這是美國的主要關稅公告和貿易夥伴的報復性舉動，從而剃掉了加密貨幣市場價值的一部分。

"The back-and-forth on tariffs, with Trump sometimes tough and sometimes accommodating, has left markets in a limbo state, where few people are willing to be decidedly bullish but just as few are willing to part with their assets, fearing to be left on the side-lines at the next rally," Justin d'Anethan, head of sales at crypto firm Liquify, told Cointelegraph.

"The back-and-forth on tariffs, with Trump sometimes tough and sometimes accommodating, has left markets in a limbo state, where few people are willing to be decidedly bullish but just as few are willing to part with their assets, fearing to be left on the side-lines at the next rally," Justin d'Anethan, head of sales at crypto firm Liquify, told Cointelegraph.

By mid-March, investors began regaining confidence as White House messaging pointed to a more measured approach. But mixed signals remain, and with a second wave of "reciprocal tariffs" looming on April 2 — dubbed Liberation Day — market jitters haven't fully subsided.

到3月中旬，由於白宮消息傳遞指出了一種更具衡量的方法，投資者開始重新獲得信心。但是保留了混合的信號，第二次浪潮在4月2日迫在眉睫的“相互關稅”（稱為解放日），市場煩惱尚未完全消退。

March began with administration officials hinting at tailoring tariffs to each country's trade practices and potentially avoiding them entirely if partners lowered their own barriers. As financial markets, rattled for weeks by the tariff saga, began to recover, Bitcoin rose to $88,474 on March 24.

遊行始於政府官員暗示為每個國家的貿易做法裁縫關稅，如果合作夥伴降低了自己的障礙，則可能完全避免他們。隨著金融市場被關稅傳奇的浪費數週，開始恢復，比特幣在3月24日上漲至88,474美元。

"In the week leading up to Trump’s reciprocal tariffs on April 2, expect market volatility, corporate lobbying for exemptions, preemptive price hikes, and global diplomatic efforts to mitigate the impact," said Ryan Lee, chief analyst at Bitget Research in a recent written analysis shared with Cointelegraph.

Bitget研究在與Cointelegraph的最新書面分析中，BITGET研究首席分析師Ryan Lee說：“在4月2日特朗普的相互關稅之前的一周中，預計市場波動，公司遊說豁免，先發製人的價格上漲以及全球外交努力來減輕影響。”

"After the tariffs take effect, anticipate inflation spikes, supply chain disruptions, and mixed job outcomes, with potential stock market shocks and retaliatory trade measures from partners like China and Canada possibly slowing US economic growth."

“在關稅生效後，預期通貨膨脹率，供應鏈中斷和混合工作成果，以及潛在的股票市場衝擊以及中國和加拿大等合作夥伴的報復性貿易措施，可能會減緩美國經濟增長。”

March also saw the administration unveil plans for a Strategic Bitcoin Reserve and digital asset stockpile — including XRP, SOL, and ADA.

三月還揭示了戰略性比特幣儲備和數字資產庫存的計劃，包括XRP，SOL和ADA。

But the news arrived amid heightened concern over the Trump administration's handling of immigration and fentanyl smuggling, leading to an executive order imposing 10% tariffs on all Chinese imports and 25% on Canadian and Mexican goods, effective Feb. 4, despite warnings from China, Canada and Mexico of retaliation.

但是，由於對特朗普政府對移民和芬太尼走私的處理的關注，這一消息傳來了，這導致行政命令對所有中國進口徵收10％的關稅，而對加拿大和墨西哥商品的關稅則為2月4日，儘管來自中國，加拿大，加拿大，加拿大和墨西哥的報復。

The move also prompted a backlash from US allies, with EU officials saying the administration should focus on cooperation over competition.

此舉還引起了美國盟友的強烈反對，歐盟官員說，政府應專注於競爭的合作。

The administration later announced a one-month exemption on tariffs for US automakers importing from Canada and Mexico, and the White House extended the tariff pause on many imports that qualify under the USMCA.

政府隨後宣布對從加拿大和墨西哥進口的美國汽車製造商的關稅徵收一個月的豁免，白宮延長了關稅暫停，這是根據USMCA符合條件的許多進口。

At the same time, President Trump credited Mexican President Claudia Sheinbaum for "unprecedented" border cooperation and cooperation in curbing fentanyl smuggling, and Prime Minister Justin Trudeau signaled Canada was working to ease tensions with the US.

同時，特朗普總統將墨西哥總統克勞迪婭·謝因鮑姆（Claudia Sheinbaum）歸功於遏制芬太尼走私方面的“前所未有的”邊境合作與合作，總理賈斯汀·特魯多（Justin Trudeau）表示加拿大努力緩解與美國的緊張局勢。

The administration's tone began to soften in mid-March, with Treasury Secretary Scott Bessent saying tariffs would be tailored to each country's trade practices and could be avoided entirely if partners lowered their own barriers.

政府在3月中旬開始軟化，財政部長Scott Bessent表示，關稅將針對每個國家的貿易做法量身定制，如果合作夥伴降低了自己的障礙，則可以完全避免。

Financial markets, rattled for weeks by the tariff saga, began to recover. On March 24, Bitcoin rose to $88,474 on reports that the administration's next round of tariffs would be more targeted than initially feared.

金融市場被關稅傳奇持續了數週，開始恢復。 3月24日，比特幣上漲至88,474美元，報導說，政府的下一輪關稅將比最初所擔心的更為有針對性。

"The optimism over the administration's handling of the tariff situation is also likely to keep traders upbeat," said Ben Azouri, an analyst at CapitalVia.

Capitalvia的分析師本·阿蘇里（Ben Azouri）表示：“對政府處理關稅情況的樂觀情緒也可能使交易者樂觀。”

However, despite the recent shift in strategy, the administration's trade agenda remains a key focus for investors, especially with the second phase of "reciprocal tariffs" set to take effect on April 2— also known as Liberation Day.

但是，儘管戰略最近發生了變化，但政府的貿易議程仍然是投資者的重點，尤其是第二階段的“相互關稅”定於4月2日生效，也稱為解放日。

"The optimism over the administration's handling of the tariff situation is also likely to keep traders upbeat," said Ben Azouri, an analyst at CapitalVia.

Capitalvia的分析師本·阿蘇里（Ben Azouri）表示：“對政府處理關稅情況的樂觀情緒也可能使交易者樂觀。”

However, despite the recent shift in strategy, the administration's trade agenda remains a key focus for investors, especially with the second phase of "reciprocal tariffs" set to take effect on April 2— also known as Liberation Day.

但是，儘管戰略最近發生了變化，但政府的貿易議程仍然是投資者的重點，尤其是第二階段的“相互關稅”定於4月2日生效，也稱為解放日。

"In the week leading up to Trump’s reciprocal tariffs on April 2, expect market volatility, corporate lobbying for exemptions, preemptive price hikes, and global diplomatic efforts to mitigate the impact," said Ryan Lee, chief analyst at Bitget Research in a recent written analysis shared with Cointelegraph.

Bitget研究在與Cointelegraph的最新書面分析中，BITGET研究首席分析師Ryan Lee說：“在4月2日特朗普的相互關稅之前的一周中，預計市場波動，公司遊說豁免，先發製人的價格上漲以及全球外交努力來減輕影響。”

"After the tariffs take effect, anticipate inflation spikes, supply chain disruptions, and mixed job outcomes, with potential stock market shocks and retaliatory trade measures from partners like China and Canada possibly slowing US economic growth."

“在關稅生效後，預期通貨膨脹率，供應鏈中斷和混合工作成果，以及潛在的股票市場衝擊以及中國和加拿大等合作夥伴的報復性貿易措施，可能會減緩美國經濟增長。”

Investors should also continue monitoring traditional market developments, especially with Bitcoin's rising correlation with traditional indexes, said Liquify's d'Anethan.

Liquifie的D'Anethan說，投資者還應繼續監視傳統的市場發展，尤其是比特幣與傳統指數的不斷上升的相關性。

"With BTC’s correlation to the S&P

“隨著BTC與標準普爾的相關性