標題：加密貨幣市場在商務部長霍華德·盧特尼克（Howard Lutnick）的評論之後穩定下來，他說唐納德·特朗普總統週三可以宣布，北美自由貿易協定涵蓋的加拿大和墨西哥進口商品的關稅途徑。

在商務部長霍華德·盧特尼克（Howard Lutnick）的評論之後，加密貨幣市場已經穩定了一定的穩定，他說唐納德·特朗普（Donald Trump）總統可以在周三宣布對北美自由貿易協定（NAFTA）涵蓋的加拿大和墨西哥進口的關稅釋放途徑。

The crypto market has seen some stabilization following comments from Commerce Minister Howard Lutnick, who said President Donald Trump could announce on Wednesday a pathway for tariff relief on Canadian and Mexican imports covered by the North American Free Trade Agreement (NAFTA).

在商務部長霍華德·盧特尼克（Howard Lutnick）的評論後，加密貨幣市場已經穩定了，他說唐納德·特朗普（Donald Trump）總統可能在周三宣布，北美自由貿易協定（NAFTA）涵蓋的加拿大和墨西哥進口稅率是對關稅的途徑。

This has helped Bitcoin (BTC) rebound to nearly $90K, pushing the total crypto market cap over $2.9 trillion. The recovery could extend further as recent trade war fears and market volatility have renewed bets on Federal Reserve (Fed) rate cuts.

這使比特幣（BTC）反彈近9萬美元，使總加密貨幣市值超過了2.9萬億美元。隨著最近的貿易戰爭的恐懼和市場波動率更新了對美聯儲（美聯儲）降低稅率的賭注，回收率可能會進一步延伸。

According to CME's FedWatch tool, the market is now pricing in at least three rate cuts for this year, while the 10-year Treasury yield has pulled back to 4.15%, down from 4.80% at the time of Trump's inauguration. Meanwhile, Germany's move to abandon its fiscal constraints has led to surging bond yields, kicking off a sell-off in the dollar index that could encourage risk-taking in the market.

根據CME的FedWatch工具的數據，該市場現在至少以今年的至少降低3稅率，而10年的財政收益率已降至4.15％，低於特朗普就職時的4.80％。同時，德國放棄其財政限制的舉動導致了債券收益率飆升，從而啟動了美元指數的拋售，這可以鼓勵市場上的冒險。

As a result, there’s a chance we might see Bitcoin revisit its weekend high of $95,000, especially as technical charts are showing signs of seller exhaustion.

結果，我們有可能會看到比特幣重新訪問其95,000美元的周末高點，尤其是當技術圖表顯示出賣方疲憊的跡象時。

However, worsening growth concerns could limit these gains. Just two days ago, the Atlanta Fed's GDP forecast slid into negative territory at -2.8%, raising fears of stagflation, as noted by Singapore-based QCP Capital. The firm highlighted the importance of monitoring corporate yield spreads—both high-yield and investment-grade bonds—relative to U.S. Treasury yields for signs of market stress. "While this isn't signaling panic now, it's a trend we're closely watching," QCP said in a Telegram broadcast.

但是，增長問題的惡化可能會限制這些收益。就在兩天前，亞特蘭大美聯儲的GDP預測跌至-2.8％，這引起了人們對滯水的恐懼，正如新加坡QCP Capital所指出的那樣。該公司強調了監測公司收益率差的重要性（包括高收益級和投資級債券）對美國財政部收益率的市場壓力跡象。 QCP在電報廣播中說：“雖然這不是現在引起恐慌的信號，但這是我們密切關注的趨勢。”

One crucial aspect is determining how much of the 10-year yield decline and the weakness in the dollar can be attributed to traders adjusting their expectations about U.S. economic exceptionalism, which was largely driven by the Biden era's fiscal splurge. With the rise of ETFs and Trump's pro-crypto stance, Bitcoin has become more of a U.S. play, and a shift in the U.S. exceptionalism narrative could translate into significant volatility for BTC.

一個至關重要的方面是確定10年的收益率下降和美元的弱點可以歸因於交易者調整對美國經濟異常主義的期望，這在很大程度上是由拜登時代的財政浪費所驅動的。隨著ETF和特朗普的親克賴普托立場的興起，比特幣變得更像是美國的戲劇，美國的異常主義敘事的轉變可能轉化為BTC的重大波動。

JPMorgan, however, foresees a strengthening of the U.S. exceptionalism narrative under Trump's Presidency.

然而，摩根大通預計，在特朗普總統任期下，美國的傑出主義敘事得到了加強。

All of this means that Wednesday's U.S. ISM non-manufacturing (services) PMI and Friday's nonfarm payrolls could significantly influence the crypto markets.

所有這些都意味著，星期三的美國ISM非製造（服務）PMI和周五的非農業工資可能會極大地影響加密貨幣市場。

There are also rumors that President Trump will unveil the crypto reserve strategy at the White House Crypto Summit this Friday. With Trump having made considerable promises, the markets will be closely watching to see if he delivers; otherwise, there could be further turmoil ahead. Stay alert!

也有傳言說，特朗普總統將在本週五的白宮加密峰會上推出加密儲備策略。特朗普做出了巨大的諾言，市場將密切關注他是否提供。否則，可能會有進一步的動盪。保持警覺！

What to Watch

看什麼

Crypto:

加密：

March 5, 11:00 a.m.: Circle is hosting a live webinar titled “State of the USDC Economy 2025” featuring Circle Chief Strategy Officer and Head of Global Policy Dante Disparte and three other executives from Bridge, Nubank and Cumberland.

3月5日，上午11:00：Circle將舉辦一項現場網絡研討會，名為“ USDC經濟2025年”，由Circle首席戰略官兼全球政策Dante Disparte和其他三名高管來自Bridge，Nubank和Cumberland。

March 6: Ethereum-based L2 blockchain MegaETH is deploying its public testnet, with user onboarding starting on March 10.

3月6日：基於以太坊的L2區塊鏈Megaeth將部署其公共測試網，用戶將於3月10日開始。

March 7: President Trump will host the inaugural White House Crypto Summit, bringing together top cryptocurrency founders, CEOs and investors.

3月7日：特朗普總統將主持首屆白宮加密峰會，將高級加密貨幣創始人，首席執行官和投資者匯集在一起​​。

March 11: The Bitcoin Policy Institute and U.S. Senator Cynthia Lummis are co-hosting the invitation-only one-day event "Bitcoin for America" in Washington.

3月11日：比特幣政策研究所和美國參議員辛西婭·盧米斯（Cynthia Lummis）正在華盛頓共同主持僅邀請函的一日活動“美國比特幣”。

March 12: Hemi, an L2 blockchain that operates on both Bitcoin and Ethereum, has its mainnet launch.

3月12日：Hemi是一個在比特幣和以太坊上運行的L2區塊鏈，其主網發射。

Macro

宏

March 5, 8:00 a.m.: S&P Global will release February Brazil economic activity data.

3月5日，上午8:00：標準普爾全球將發布2月2月巴西經濟活動數據。

Services PMI Prev. 47.6

服務PMI Prev。 47.6

Composite PMI Prev. 48.2

複合PMI上一篇。 48.2

March 5, 8:15 a.m.: Automatic Data Processing AADP will release February U.S. non-farm private sector employment data.

3月5日，上午8:15：自動數據處理AADP將於2月發布美國非農業私營部門就業數據。

ADP Employment Change Est. 140K vs. Prev. 183K

ADP就業變更est。 140k與上一篇。 183k

March 5, 9:30 a.m.: S&P Global will release February Canada economic activity data.

3月5日上午9:30：標準普爾全球將發布2月加拿大經濟活動數據。

Services PMI Prev. 49

服務PMI Prev。 49

Composite PMI Prev. 49.5

複合PMI上一篇。 49.5

March 5, 9:45 a.m.: S&P Global will release February U.S. economic activity data.

3月5日，上午9:45：標準普爾全球將發布2月美國經濟活動數據。

Services PMI Est. 49.7 vs. Prev. 52.9

PMI服務是。 49.7與上一條。 52.9

Composite PMI Est. vs. 50.4 vs. Prev. 52.7

複合PMI EST。 vs. 50.4 vs.上一篇。 52.7

March 5, 10:00 a.m.: Institute for Supply Management (ISM) will release February U.S. economic activity data.

3月5日上午10:00：供應管理研究所（ISM）將發布2月美國經濟活動數據。

Services PMI Est. 52.6 vs. Prev. 52

PMI服務是。 52.6與上一條。 52