比特币（BTC）的价格下跌，因为高盛（GS）选择日元（JPY）作为反对美国关税上升的领先树篱

日元比特币 - 日元（BTC/JPY）对周三在关键趋势线阻力面对挫折，因为高盛（GS）将反风险的日元列为领先的对冲日益角

The Bitcoin-Japanese yen (BTC/JPY) pair faced an setback at key trendline resistance on Wednesday, as Goldman Sachs (GS) cited the anti-risk yen as the leading hedge against rising U.S. tariff and recession risks.

日元比特币 - 日元（BTC/JPY）对周三在主要趋势线阻力面对挫折，因为高盛（GS）列举了反风险日元，这是反对美国关税和衰退风险上升的领先对冲。

The BTC/JPY trading on the Japan-based bitFlyer fell 1% after failing to take out the trendline drawn off the record high reached on Jan. 20, data from charting platform TradingView showed.

Charting Platform TradingView的数据显示，BTC/JPY在日本Bitflyer上的交易未能从1月20日获得创纪录的趋势线上降低1％。

BTC’s USD-denominated price faced similar losses. Meanwhile, Asian equity indices and the U.S. equity futures treaded water ahead of President Donald Trump’s sweeping new “Liberation Day” reciprocal tariffs on Wednesday that could trigger a global trade war.

BTC以USD计价的价格面临着类似的损失。同时，亚洲股票指数和美国股票期货在唐纳德·特朗普总统周三周三彻底的“解放日”互惠关税之前陷入困境，这可能会引发全球贸易战。

The tariff uncertainty has spurred several investment banks, including JPMorgan and Goldman Sachs, to pencil in a higher chance of U.S. recession, or consecutive quarterly contractions in the growth rate.

关税不确定性刺激了包括摩根大通和高盛在内的几家投资银行，使美国衰退的可能性更高，或者在增长率上连续季度收缩。

Some crypto observers expect investors to treat bitcoin (BTC) as a haven asset should a tariff-led economic swoon materialize. Goldman, however, sees the Japanese yen, a long-preferred safe haven, as the top hedge against U.S. risks.

一些加密观察家希望投资者将比特币（BTC）视为避风港的资产，如果关税为主导的经济障碍实现。然而，高盛将日元（日元）备受推崇，这是一位长期以来的避风港，是反对美国风险的最高树篱。

“The yen offers investors the best currency hedge should the chances of a US recession increase,” Kamakshya Trivedi, head of global foreign exchange, interest rates and emerging market strategy at Goldman Sachs, said late Tuesday, according to Bloomberg.

彭博社说：“日元为投资者提供了最佳的货币对冲，如果美国经济衰退的机会增加。”彭博社周二下午说，全球外汇，利率和新兴市场战略负责人卡马克希亚·特里维迪（Kamakshya Trivedi）说。

Trivedi added that the yen is also a “very good hedge” against U.S. labor market weakness and tends to do best when U.S. real rates [inflation-adjusted yields] and U.S. equities fall together.

Trivedi补充说，日元也是针对美国劳动力市场弱点的“非常好的对冲”，当美国实际比率（通货膨胀调整后的收益率）和美国股票逐渐落下时，往往会做得最好。

While BTC is widely seen as a digital gold or haven asset by crypto market participants, the cryptocurrency has historically moved in tandem with technology stocks. In other words, tariffs-led risk-off on Wall Street could spill over into the crypto market.

尽管BTC被加密市场参与者广泛视为数字黄金或避风港资产，但加密货币历来与技术库存一致。换句话说，在华尔街领导的关税风险可能会溢出到加密货币市场。

Moreover, the yen’s strength could prompt the unwinding of risk-on bullish trades financed by inexpensive yen-denominated loans, contributing to overall risk aversion in financial markets. The crypto market experienced this in early August last year when the yen carry trade unravelled, leading to declines in both stocks and BTC. During that period, bitcoin plummeted from approximately $65K to $50K within a week.

此外，日元的实力可能会促使廉价日元计时贷款资助的风险看涨贸易，从而有助于金融市场的整体风险规避。加密货币市场在去年8月初，日元携带贸易分开，导致股票和BTC的下降。在此期间，比特币在一周内从大约65,000美元下降到5万美元。

Goldman expects the Japanese yen to rise to the low 140s against the U.S. dollar this year. The USD/JPY pair traded at 149.77 at press time. The exchange rate is known to closely track the differential between yields on the 10-year U.S. and Japanese bonds.

高盛（Goldman）预计，日元今年的日元将上升至140年代。新闻发布会时，USD/JPY对以149.77的价格交易。已知汇率可以密切跟踪美国和日本债券10年收益率之间的差异。

The latter recently dropped to its lowest since August 2022, offering yen-bullish cues.

后者最近降至2022年8月以来的最低水平，提供了日元式提示。