關稅，關稅，關稅。特朗普在本周中占主導地位的徵收稅款。

特朗普在本周中占主導地位的徵收稅款。一開始，關稅將股票和加密貨幣明顯降低。到最後

Tariffs, Trump and crypto

關稅，特朗普和加密貨幣

At the beginning of the week, the threat of widespread U.S. tariffs on goods imported from China and other countries had already sent stocks and crypto appreciably lower.

在本周初，美國對從中國和其他國家進口的商品的廣泛關稅的威脅已經明顯降低了股票和加密貨幣。

By the end of the week, all new non-China tariffs were set to be paused for 90 days, and markets were up again. Bitcoin returned to a level ($82,000) that it was at this time last week.

到本週末，所有新的非中國關稅都將暫停90天，市場再次上升。比特幣恢復了上週這個時候的水平（82,000美元）。

And analysts were debating whether, in the panic of the previous days, it showed “safe haven” qualities (like gold) or whether it was a risk-asset like many others.

分析師正在辯論，在前幾天的恐慌中，它表現出“避風港”的品質（例如黃金），還是像其他許多人一樣是風險資源。

The consensus was that bitcoin performed resiliently rather than completely reassuringly.

共識是比特幣表現出色，而不是完全令人放心。

Our Asia reporting team led the way on our markets coverage. Omkar Godbole started the week strong by revealing how the unwinding of the "basis trade" could impact bitcoin price. Sam Reynolds wrote on how Kalshi was set to win its legal battle in Nevada, hours before the prediction market got its first victory in the state. Shaurya Malwa reported on the first XRP ETF listing in the U.S. and how Teucrium's leveraged fund received $5m during its first day of trading.

我們的亞洲報告團隊領導了我們的市場報導。 Omkar Godbole通過揭示“基礎貿易”的放鬆可能影響比特幣價格的強勁開始。薩姆·雷諾茲（Sam Reynolds）寫道，卡爾西（Kalshi）如何贏得在內華達州的法律鬥爭，這是在預測市場獲得該州首次勝利的數小時。 Shaurya Malwa報導了美國的第一個XRP ETF上市，以及Teucrium的Leveraged Fund如何在交易的第一天獲得500萬美元。

From our European team, there was some timely analysis from James Van Straten, and the All-Important U.S. 10-Year Yield Moving in the Wrong Direction for Trump, and a story showing the resilience of the decentralized economy from Oliver Knight, How DeFi 'Defied' Market Carnage as Traders Poured Millions Amid Panic. Our coverage expanded beyond just tariffs and market reactions, with Jamie Crawley's scoop, Rootstock Prepares to Release SDKs for Bitcoin Layer 2s Using BitVMX after he took the opportunity offered by an embargoed press release to phone the company and interview the founder. And there was a nice DeFi follow-up on the repercussions of HyperLiquid's price manipulation exploit from March by Oliver, How the Hype for HyperLiquid's Vault Evaporated on Concerns Over Centralization.

從我們的歐洲團隊中，詹姆斯·範·斯特拉滕（James van Straten）進行了一些及時的分析，而美國至關重要的10年收益率向特朗普朝著錯誤的方向發展，一個故事顯示了奧利弗·奈特（Oliver Knight）的分散經濟的韌性，隨著貿易商在恐慌中倒入數百萬美元的貿易商時，貿易商卻如何抗拒。我們的覆蓋範圍不僅擴大了關稅和市場反應，而且傑米·克勞利（Jamie Crawley）的勺子，Rootstock準備使用BITVMX釋放使用比特幣2層的SDK，此前他抓住了禁運的新聞稿提供的機會來給公司打電話給公司並採訪創始人。而且，關於超流動性的價格操縱從3月起的利用的影響進行了很好的後續措施，Oliver從3月開始利用了高流動性保管庫的炒作如何蒸發到對集中化的擔憂。

Meanwhile, there was lots of news that wasn’t tariff-related.

同時，有很多新聞與關稅無關。

Paul Atkins was confirmed as the new SEC chair. The Department of Justice closed down its crypto enforcement unit, prompting criticism, from Democrats and others, that it’s not serious about combating malfeasance. The SEC approved ETH ETF options, following a long delay. And President Trump put an end to a controversial DeFi accounting rule.

保羅·阿特金斯（Paul Atkins）被確認為新的SEC主席。司法部關閉了其加密執法部門，促使民主黨人和其他人促使批評，這並不嚴重打擊瀆職行為。 SEC批准了ETH ETF選項，並在很長的延遲之後。特朗普總統結束了有爭議的違規會計規則。

It was a week that showed how crypto was increasingly central to finance and even macro-economics. Fun times are ahead.

這一周表明了加密貨幣對金融甚至宏觀經濟學的核心程度越來越大。有趣的時光即將到來。