受到选举后的欣快（Euphoria）的鼓舞，比特币达到了108,000美元的高峰，然后下跌至80,000美元。

唐纳德·特朗普（Donald Trump）返回总统职位，重新开放了贸易紧张局势的文件。他的关税决定针对加拿大，墨西哥和中国等战略合作伙伴。

Bitcoin price rose to a peak of $108,000 on Friday, buoyed by post-election euphoria, but fell below the $80,000 level as global economic instability and increasing trade tensions fueled heightened volatility.

受到选举后的欣快感的鼓舞，周五比特币的价格上涨至108,000美元，但由于全球经济不稳定和增加的贸易紧张局势促进了增强的波动，但跌至80,000美元的水平。

Donald Trump’s return to the presidency has reopened the file on trade tensions, with his tariff decisions targeting strategic partners like Canada, Mexico, and China, already impacting the U.S. stock market, which has lost $2 trillion.

唐纳德·特朗普（Donald Trump）返回总统职位已经重新开放了贸易紧张局势的文件，其关税决定针对加拿大，墨西哥和中国等战略合作伙伴，这已经影响了美国股票市场，后者已经损失了2万亿美元。

Lawrence Summers, former Treasury Secretary, described these measures as “poorly designed” in a post on platform X (formerly Twitter) on March 5.

前财政部长劳伦斯·萨默斯（Lawrence Summers）在3月5日在平台X（以前称为Twitter）上的帖子中，将这些措施描述为“设计不佳”。

This uncertainty has immediate consequences for bitcoin, as several key elements are intermingling.

这种不确定性对比特币产生了直接的后果，因为几个关键要素正在混合。

Reactions from market participants are mixed, with trading firm QCP Capital, based in Singapore, highlighting that “macroeconomic conditions continue to influence bitcoin’s trajectory, which remains closely tied to stock indices.”

市场参与者的反应混杂，总部位于新加坡的贸易公司QCP Capital强调，“宏观经济状况继续影响比特币的轨迹，这与股票指数密切相关。”

However, some investors believe that bitcoin could benefit from a weakening dollar. Eugene Epstein, an officer at Moneycorp, stated that “if trade tensions cause inflation, the flight to crypto could accelerate.”

但是，一些投资者认为，比特币可以从疲软的美元中受益。 MoneyCorp的一名官员尤金·爱泼斯坦（Eugene Epstein）表示：“如果贸易紧张局势导致通货膨胀，到达加密货币的航班可能会加速。”

The market remains under pressure, however, with political and economic uncertainty blocking investors’ decisions as they hesitate between taking profits or anticipating a bullish recovery.

然而，市场仍处于压力下，政治和经济不确定性阻止了投资者在获利或预期看涨的恢复之间犹豫不决的决定。

While some investors had hoped for a lasting bullish market, capital flight reflects a more mixed sentiment.

虽然一些投资者希望在持久的看涨市场，但资本飞行反映了更加混杂的情绪。

After Trump’s election, Spot Bitcoin ETFs saw record inflows, with over $10 billion invested.

特朗普当选后，现货比特币ETF看到了创纪录的流入，投资超过100亿美元。

But since February, this trend has reversed. Outflows are multiplying, a sign that confidence is waning in the face of economic uncertainty.

但是自2月以来，这种趋势已经扭转。流出是在增加，这表明面对经济不确定性，信心正在减弱。

Bob Wallden, head of trading at Abra, further noted that “tariffs are just a smokescreen.” He stated that “Trump uses tariffs as a negotiation lever, but they do not dictate the trajectory of cryptos. What truly matters is the budget tightening and American fiscal policy.”

阿布拉（Abra）贸易负责人鲍勃·沃尔登（Bob Wallden）进一步指出：“关税只是烟幕。”他说：“特朗普将关税用作谈判杠杆，但他们不决定加密货币的轨迹。真正重要的是预算收紧和美国财政政策。”

In other words, the central question remains the availability of liquidity in financial markets. Less money in circulation means fewer investments in risky assets, which could hinder bitcoin’s rise.

换句话说，中心问题仍然是金融市场流动性的可用性。流通的钱减少意味着对风险资产的投资较少，这可能会阻碍比特币的上升。

The future of the crypto market will largely depend on the evolution of monetary and budgetary policies. If uncertainty persists, bitcoin could remain under pressure, just like stocks. For the moment, caution prevails. Investors oscillate between wait-and-see approaches and strategic repositioning, while bitcoin, true to its volatile nature, continues to evolve according to economic announcements.

加密市场的未来将在很大程度上取决于货币和预算政策的发展。如果不确定性持续存在，比特币可能会像股票一样承受压力。目前，谨慎胜任。根据经济公告，投资者在等待的方法和战略重新定位之间振荡，而比特币则符合其动荡的性质，但根据经济公告的发展而继续发展。