在美国总统唐纳德·特朗普（Donald Trump）对加拿大，墨西哥和中国征收长期威胁的进口关税之后，比特币（BTC）市场经验飞往安全

根据硬币指标数据，最新下降的价格为7％，使价格降至93,768.66美元。 Coindesk 20指数根据市值测量了20个最大的数字资产，下降了19％。

After U.S. President Donald Trump imposed long-threatened import tariffs on Canada, Mexico and China, cryptocurrencies experienced a flight to safety on Sunday, sharply decreasing in value, according to CNBC.

根据CNBC的说法，在美国总统唐纳德·特朗普（Donald Trump）对加拿大，墨西哥和中国征收了长期威胁的进口关税之后，加密货币在周日的安全航班上经历了航班，价值大幅下降。

The latest drop was 7%, bringing the price down to $93,768.66, according to Coin Metrics data. The CoinDesk 20 index, which measures the 20 largest digital assets by market capitalization, fell by 19%. Ethereum dropped 25%, reaching its lowest level since November.

根据硬币指标数据，最新下降的价格为7％，将价格降至93,768.66美元。 Coindesk 20指数根据市值测量了20个最大的数字资产，下降了19％。以太坊下降了25％，达到了11月以来的最低水平。

There were liquidations of $2.119 billion across the network in the past 24 hours, with $1.78 billion in long positions and $270 million in short positions being liquidated, according to Coinglass data. A total of 718,513 people were liquidated globally. The largest single liquidation occurred on Binance-ETHBTC, valued at $25.635 million.

根据Coinglass Data的数据，在过去的24小时内，整个网络上有21.19亿美元的清算，长位置为17.8亿美元，而短期内的2.7亿美元被清算。全球总共清算了718,513人。最大的单一清算发生在Binance-EthBTC上，价值256.35亿美元。

The crypto market experienced a brief and rapid crash on March 12, 2020. At that time, the number of liquidations exceeded 100,000. According to Coin data, on March 12 alone, over 100,000 people were liquidated within just 24 hours, with the largest single liquidation occurring on Huobi, with BTC valued at approximately $58.32 million, while the total liquidation amount across the network was $2.93 billion.

加密市场在2020年3月12日经历了短暂而快速的崩溃。当时，清算数量超过100,000。根据硬币数据，仅3月12日，仅在24小时内就清算了100,000多人，其中最大的单一清算发生在Huobi上，BTC的价值约为5832万美元，而整个网络的总清算量为293亿美元。

Trump signed an order imposing a 25% tariff on imports from Mexico and Canada and a 10% tariff on China, which will take effect on Tuesday, leading to a decline in U.S. goods, according to CNBC. The trade volume between the U.S. and these three countries is approximately $1.6 trillion.

根据CNBC的说法，特朗普签署了一项命令，对墨西哥和加拿大进口的进口征收25％的关税，并对中国的关税10％，这将在周二生效，从而导致美国商品的下降。美国与这三个国家之间的贸易量约为1.6万亿美元。

Many people are asking why BTC dropped so much due to tariff news. Because BTC is a speculative asset, it is 2x QQQ (if not, then 3x), according to Jim Bianco, founder of Bianco Research. After the stock market opened, S&P futures opened down 117 points, a decline of 1.9%. Remember last Monday, Deepseek also caused the S&P index to drop 100 points, a decline of 1.5%, and NDX futures opened down 600 points, a decline of 2.95%.

许多人问为什么由于关税新闻，BTC掉了这么多。根据Bianco Research的创始人吉姆·比安科（Jim Bianco）的说法，由于BTC是投机性资产，因此是2x QQQ（如果不是，则为3X）。股市开放后，标准普尔期货（S＆P Futures）下跌了117点，下降了1.9％。请记住，上周一，DeepSeek还导致标准普尔指数下降100点，下降1.5％，而NDX期货则下跌了600点，下降了2.95％。

The ongoing trade war will be "amazing" for Bitcoin in the long run, as the dollar and U.S. interest rates will eventually weaken, according to Jeff Park, head of alpha strategies at Bitwise Asset Management.

从长远来看，持续的贸易战争将对比特币来说是“惊人的”，因为美元和美国利率最终将削弱。

In Jeff Park's view, to understand the current tariff issue, it must be considered from two backgrounds: first, the curse of the Triffin Dilemma; second, Trump's personal goals. By analyzing these two backgrounds, the ultimate conclusion becomes clear: tariffs may just be a temporary measure, but the final conclusion is that Bitcoin will not only rise but will rise faster.

杰夫·帕克（Jeff Park）认为，要了解当前的关税问题，必须从两个背景中考虑它：首先是特里芬（Triffin）困境的诅咒；第二，特朗普的个人目标。通过分析这两个背景，最终的结论变得清晰：关税可能只是一个临时措施，但最终的结论是，比特币不仅会上升，而且会更快地上升。

First, the Triffin Dilemma: the status of the dollar as a reserve currency gives the U.S. "excessive privilege" in financial transactions/trade, which has several implications:

首先，特里芬（Triffin）的困境：美元作为储备货币的状况使美国在金融交易/贸易中“过度特权”，这有几个影响：

1) Other countries need to hold dollars as reserves in a price-inelastic manner, leading to a structural overvaluation of the dollar;

1）其他国家需要以价格弹弹性的方式将美元作为储备作为储备，从而导致美元的结构性高估；

2) The U.S. must maintain a trade deficit to provide these dollars to the world;

2）美国必须保持贸易赤字，以向世界提供这些美元；

3) As a result, the U.S. government can continue to borrow at rates below what it should be.

3）结果，美国政府可以继续以低于应有的价格借款。

The U.S. wants to keep point 3 while getting rid of points 1 and 2— but how? The answer is tariffs.

美国希望在摆脱第1和2点时保持第3点 - 但是如何？答案是关税。

Recognizing that tariffs are often a temporary negotiation tool to achieve goals. The ultimate goal is to seek a multilateral agreement to weaken the dollar, essentially a Plaza Accord 2.0. A hypothetical scenario is that the U.S. clearly states that countries must reduce their dollar reserves while requiring them to extend the holding period of U.S. Treasury bonds.

认识到关税通常是实现目标的临时谈判工具。最终目标是寻求多边协议以削弱美元，本质上是广场协议2.0。一个假设的情况是，美国清楚地指出，各国必须减少其美元储备，同时要求他们延长美国财政部债券的持有期。

In other words, Trump is trying to find a "YCC, but not YCC" strategy within the executive branch. There is no doubt that Basant agrees with this, as he realizes that Yellen left him with a bag of garbage; Yellen's legacy is that by doubling the debt financing ratio (increasing false liquidity), the Treasury's ability to manage duration is almost permanently impaired, leaving the U.S. at the mercy of refinancing when interest rates begin to rise. The cost to U.S. taxpayers cannot be underestimated.

换句话说，特朗普正试图在行政部门中找到“ YCC，但不是YCC”策略。毫无疑问，Basant同意这一点，因为他意识到Yellen留下了一袋垃圾。耶伦（Yellen）的遗产是，通过将债务融资比率增加一倍（增加虚假流动性），财政部管理持续时间的能力几乎被永久损害，当利率开始上升时，美国就会摆脱再融资。不能低估美国纳税人的费用。

Thus, the U.S. is paving the way for achieving the Holy Grail of fiat currency alchemy: lowering the dollar and yields.

因此，美国正在为实现法定货币炼金术的圣杯铺平道路：降低美元和收益率。

This leads to the second point: it has been said before that Trump's primary goal is to lower the 10-year interest rate, as his own

这导致了第二点：在特朗普的主要目标是降低10年的利率之前，它是他自己的