比特币（BTC）价格低于关键移动平均值，以太坊（ETH）spot ETF期权交易已批准

经过短暂的反弹，美国股市再次陷入恐慌。关键字：关税，ETH，BTC

The U.S. stock market experienced another day of turbulence on Thursday, with the three major indexes falling by at least 5%. The S&P 500 index almost triggered the circuit breaker mechanism, and the Dow Jones index closed down by more than 1,000 points.

美国股票市场在周四又经历了一天的动荡，三个主要指数下降了至少5％。标准普尔500指数几乎触发了断路器机制，道琼斯指数却闭合了1000多个。

Amidst the market uncertainty, investors turned to safe-haven assets, pushing the price of gold above $3,210 per ounce, setting a record high.

在市场不确定性中，投资者转向了避风港资产，将黄金价格推高了每盎司3,210美元以上，创造了创纪录的高价。

In response, the domestic gold jewelry market also rose accordingly, with the price of most gold shops exceeding 990 yuan per gram, approaching the 1,000 yuan per gram mark.

作为回应，国内黄金珠宝市场也相应上涨，大多数黄金商店的价格超过每克990元，接近每克1,000元。

Peter Schiff, founder of Euro Pacific Capital, analyzed that the Trump administration's tariff policy would not only fail to solve the problem but would aggravate the trade deficit.

欧洲太平洋资本的创始人彼得·希夫（Peter Schiff）分析说，特朗普政府的关税政策不仅将无法解决问题，而且会加剧贸易赤字。

In the face of an uncertain economic outlook, gold, as an alternative to "sound money", has attracted more and more investors' attention.

面对不确定的经济前景，黄金作为“声音金钱”的替代方案，吸引了越来越多的投资者的注意力。

At the same time, the cryptocurrency market is also facing severe tests.

同时，加密货币市场也面临严格的测试。

Glassnode data shows that Bitcoin has fallen below several key technical indicators, including the 111-day moving average ($93K) and the 200-day moving average ($87K), and even touched the 365-day moving average ($76K).

玻璃节数据显示，比特币跌至几个关键的技术指标以下，包括111天移动平均线（93K）和200天移动平均线（8.7 k），甚至触及了365天的移动平均线（76K）。

Currently, the price of Bitcoin fluctuates between $131K and $72K, but it is close to the lower limit of $72K.

目前，比特币的价格在$ 13.1万美元至72K之间波动，但接近$ 72K的下限。

If it falls below this level, it may cause a collapse in investor confidence and lead to further price declines, according to Glassnode analysts.

据GlassNode分析师称，如果它低于此水平，可能会导致投资者的信心崩溃并导致进一步的价格下降。

However, there are still optimistic factors. QCP Capital pointed out that investors are still buying December $100,000 call options, indicating that the market still has hope that Bitcoin will return to $100,000 by the end of the year.

但是，仍然有乐观的因素。 QCP Capital指出，投资者仍在购买12月100,000美元的电话期权，这表明该市场仍然希望比特币在今年年底返回100,000美元。

In addition, the market trading activity has declined significantly. CryptoQuant data shows that the spot trading volume of Bitcoin has shrunk from $44 billion in early February to $10 billion at the end of the first quarter, a drop of 77%; the trading volume of altcoins has shrunk from $122 billion to $23 billion, a drop of more than 80%. These data show that investors have reduced their participation due to market uncertainty.

此外，市场交易活动已大大下降。加密数据显示，比特币的现货交易量已从2月初的440亿美元缩小到第一季度末的100亿美元，下降了77％； AltCoins的交易量已从1,220亿美元缩小到230亿美元，下降了80％以上。这些数据表明，由于市场不确定性，投资者减少了参与。

In terms of regulation, the US SEC approved Ethereum spot ETF options trading, involving institutional products such as BlackRock, Bitwise and Grayscale. The SEC also issued a guide to securities issuance and registration disclosure in the crypto asset market to provide guidance for further clarifying the applicability of federal securities laws in the crypto asset market, covering equity and debt securities related to networks, applications and crypto assets, including disclosure requirements for crypto assets as part of investment contracts.

在法规方面，美国SEC批准了以太坊斑点ETF期权交易，涉及贝莱德，位和灰度等机构产品。 SEC还发布了Crypto Asset市场中证券发行和注册披露指南，以提供指导，以进一步阐明联邦证券法在加密资产市场中的适用性，涵盖与网络，应用程序和加密资产有关的股权和债务证券，包括将加密资产的披露要求作为投资合同的一部分。

In addition, Trump has signed a joint congressional resolution to formally revoke the IRS crypto tax rules (DeFi broker rules) passed at the end of the Biden administration, which originally required "custodial brokers" to collect and report user data to tax authorities.

此外，特朗普还签署了一项共同的国会决议，以正式撤销拜登政府结束时通过的IRS加密税法（DEFI经纪人规则），最初要求“托管经纪人”将用户数据收集并报告给税务机构。

According to Solid Intel, there are currently 100 listed companies in the world that hold Bitcoin on their balance sheets, covering multiple industries such as cryptocurrency, mining, technology, media, energy, finance and healthcare.

根据Solid Intel的说法，目前，世界上有100家上市公司在其资产负债表上持有比特币，涵盖了多个行业，例如加密货币，采矿，技术，媒体，能源，金融和医疗保健。

From a macro perspective, market concerns about a U.S. recession are intensifying. Goldman Sachs' latest research report shows that the U.S. stock bear market may last longer, and the current event-driven bear market caused by tariffs can easily evolve into a cyclical bear market.

从宏观的角度来看，市场对美国衰退的关注正在加剧。高盛（Goldman Sachs）的最新研究报告表明，美国股熊市可能会持续更长的时间，而当前由关税引起的事件驱动的熊市很容易变成周期性的熊市。

Bridgewater Fund founder Ray Dalio warned that Trump's tariff policy has caused "permanent trauma" and that the unusual movement of U.S. bonds has exposed signs of capital flight. He asserted that "someone will definitely be liquidated" and emphasized that "another frightening market trend will eventually appear".

布里奇沃特基金会的创始人雷·达利奥（Ray Dalio）警告说，特朗普的关税政策造成了“永久创伤”，美国债券的异常行动揭示了资本飞行的迹象。他断言“肯定会被清算”，并强调“最终将出现另一个令人恐惧的市场趋势”。

Federal Reserve officials have also expressed concerns. Boston Fed President Collins pointed out that inflation caused by tariffs may delay further interest rate cuts. Her staff estimated that an effective tariff of more than 10% on imported goods would increase the Fed's preferred basic inflation indicator by 0.7 to 1.2 percentage points cumulatively.

美联储官员也表示关注。波士顿美联储柯林斯总统指出，关税引起的通货膨胀可能会延迟进一步的降低利率。她的员工估计，进口商品的有效关税将超过10％，这将使美联储的基本通货膨胀指标累计增加0.7至1.2个百分点。

In addition, former U.S. Treasury Secretary Summers also warned that the United States may be heading towards a recession, which could cause about 2 million Americans to lose their jobs and each family would face at least $5,000 in income losses.

此外，前美国财政部长萨默斯还警告说，美国可能要迈向衰退，这可能会导致约200万美国人失业，每个家庭将面临至少5,000美元的收入损失。

Amid this uncertainty, investors are moving away from U.S. assets and turning to safe-haven assets such as gold, Swiss francs and yen.

在这种不确定性的情况下，投资者正在从美国资产中转移到黄金，瑞士法郎和日元等避风港资产。