特朗普效應：從希望到幻滅

這個星期天，唐納德·特朗普（Donald Trump）宣布他的加密儲備項目將包括幾個主要資產，引起了投資者的注意

This Sunday, Donald Trump's interventions sparked lively reactions among investors in the crypto sphere. The former president had announced that his crypto reserve project would include several major assets, such as XRP, Solana, and Cardano. Initially, Bitcoin seemed to be absent from this list, leading to doubts about the former president’s stance on it.

這個星期天，唐納德·特朗普的干預措施激發了加密貨幣領域的投資者的活潑反應。這位前總統宣布，他的加密儲備項目將包括XRP，Solana和Cardano等幾個主要資產。最初，比特幣似乎不在這份名單中，導致對前總統對此的立場的懷疑。

However, a quick adjustment then corrected the course, as Trump stated that Bitcoin and Ethereum would obviously be included. This turnaround triggered a surge of optimism and a price explosion.

但是，正如特朗普所說，比特幣和以太坊顯然將包括在內，然後進行快速調整糾正了課程。這種轉變引發了樂觀的激增和價格爆炸。

The Trump Effect : from Hope to Disillusionment

特朗普效應：從希望到幻滅

Donald Trump's intervention in the crypto space initially generated a renewed sense of optimism among investors. Indeed, on Sunday, March 2, 2025, the American president stated that the United States would establish a crypto reserve, specifically mentioning XRP, Solana, and Cardano.

唐納德·特朗普（Donald Trump）對加密貨幣空間的干預最初在投資者中產生了新的樂觀感。的確，在2025年3月2日（星期日），美國總統表示，美國將建立一個加密保護區，特別提到XRP，Solana和Cardano。

This announcement quickly drove prices up, with Bitcoin reaching $94,000 in the moment’s euphoria. However, the initial absence of BTC from this list raised concerns.

這一公告很快提高了價格，當時的欣快感達到了94,000美元。但是，此列表中最初缺少BTC引起了人們的關注。

To dispel any ambiguity, Trump released a second message stating: “and, obviously, BTC and ETH, as well as other valuable cryptos”.

為了消除任何歧義，特朗普發布了第二條消息，指出：“而且顯然是BTC和ETH，以及其他有價值的加密貨幣”。

This change in tone generated unusual volatility. Speculators took advantage of this rise to realize quick profits, which caused a brutal correction as the initial hype faded.

這種音調的變化產生了異常的波動。投機者利用這一崛起來實現快速利潤，這導致了最初的炒作逐漸消失的殘酷糾正。

Subsequently, Ethereum dropped to $2,192, XRP fell to $2.47, while Solana contracted to $148. Dogecoin, which wasn’t even mentioned in the reserve project, also suffered a setback and showed a 9 % loss in 24 hours.

隨後，以太坊跌至2,192美元，XRP跌至2.47美元，而Solana簽約至148美元。在預備項目中甚至沒有提及的Dogecoin也遭受了挫折，在24小時內顯示出9％的損失。

This sudden drop was exacerbated by an influx of liquidations in the derivatives market. According to CoinGlass, over $661 million in positions were liquidated, including $517 million in long positions.

在衍生品市場中清算的湧入使這種突然的下降加劇了。根據Coinglass的數據，清算了超過6.61億美元的職位，其中包括5.17億美元的長位置。

The Impact of Economic Fears and Trade Tensions

經濟恐懼和貿易緊張局勢的影響

While Trump’s announcement was a catalyst for volatility, it quickly faded behind more tangible economic concerns.

雖然特朗普的宣布是波動性的催化劑，但它很快就消失了更明顯的經濟問題。

The crypto market followed the trend of traditional stock indices, particularly the Dow Jones, S&P 500, and Nasdaq, all retreating in the face of inflation prospects and trade tensions.

加密市場遵循傳統庫存指數的趨勢，尤其是道瓊斯（Dow Jones），標準普爾500指數和納斯達克（S＆P 500）和納斯達克（Nasdaq），這一切都在通貨膨脹前景和貿易張力時撤退。

Moreover, one of the triggers for this correction was the announcement of new tariff increases against Canada and Mexico, scheduled for Tuesday. This is compounded by trade restrictions against China, further fueling uncertainty.

此外，此更正的觸發因素之一是宣布對周二的加拿大和墨西哥的新關稅增加。這是對中國的貿易限制加劇的，進一步加劇了不確定性。

In this tense climate, institutional investors have reduced their exposure to risk assets, leading to a wave of sales on Bitcoin and altcoins.

在這種緊張的氣候下，機構投資者減少了風險資產的風險，導致比特幣和山寨幣的銷售浪潮。

Meanwhile, Nvidia, one of the leaders in the artificial intelligence market, saw its stock plunge by 6% in one day, highlighting a general retreat in tech and speculative stocks.

同時，人工智能市場中的領導者之一NVIDIA在一天內看到其股票下跌了6％，強調了技術和投機性股票的一般度假勝地。

These signals reflect an increased market distrust regarding a possible return to protectionist policies, which could slow growth and weigh on the liquidity of financial assets, including cryptos.

這些信號反映了市場對貿易保護主義政策可能恢復的不信任，這可能會減緩增長並權衡包括加密貨幣在內的金融資產的流動性。

At $83,933, Bitcoin shows a 6 % drop over 24 hours, just like the entire crypto market sinking into the red. Ethereum, Solana, and Cardano are experiencing significant declines, while massive liquidations further weaken the situation.

比特幣的價格為83,933美元，在24小時內下降了6％，就像整個加密貨幣市場沉入紅色一樣。以太坊，索拉納和卡爾達諾正在經歷大幅下降，而大規模清算進一步削弱了這種情況。

This downward movement underscores the sensitivity of cryptos to political and macroeconomic decisions, indicating their status as highly speculative assets.

這種下降的運動強調了加密對政治和宏觀經濟決定的敏感性，表明它們是高度投機資產的地位。

The question remains: will the markets regain their momentum or sink into a new phase of instability? It will all depend on the evolution of trade tensions and the actual impact of the measures announced by Trump.

問題仍然存在：市場會重新獲得動力還是沉入新的不穩定階段？這一切都取決於貿易緊張局勢的演變以及特朗普宣布的措施的實際影響。

If the tariff policy tightens, the markets risk prolonging their correction. Conversely, a calming of tensions could allow cryptos to regain their upward trajectory.

如果關稅政策收緊，市場可能會延長其更正。相反，緊張局勢可以使加密貨幣恢復其向上的軌跡。

Until then, investors will have to deal with extreme volatility, characteristic of a sector where the slightest political signal can reverse trends in a matter of hours.

在此之前，投資者將不得不應對極端波動，這是一個部門的特徵，在該部門中，最小的政治信號可以在幾個小時內扭轉趨勢。