在唐纳德·特朗普（Donald Trump）威胁对中国，墨西哥和加拿大征收关税的威胁之后，比特币暴跌了15％以上

在美国前总统唐纳德·特朗普（Donald Trump）威胁向中国，墨西哥和加拿大征收新的关税之后，比特币跌幅超过15％。

Bitcoin (BTC) plunged more than 15% following former U.S. President Donald Trump’s threat to impose new tariffs on China, Mexico, and Canada. According to Farside Investors, U.S.-based spot Bitcoin ETFs saw over $3.5 billion in outflows since February 3. The market reacted immediately, with Bitcoin falling to around $86,400 by March 5. Here are three possible reasons for Bitcoin's recent struggles:

在美国前总统唐纳德·特朗普（Donald Trump）威胁对中国，墨西哥和加拿大征收新的关税的威胁之后，比特币（BTC）下跌了15％以上。根据Farside Investors的说法，自2月3日以来，总部位于美国的现货比特币ETF的外流超过35亿美元。市场立即做出反应，到3月5日到3月5日，比特币下降到约86,400美元。这是比特币最近挣扎的三个可能原因：

1) Economic uncertainty drives risk-off sentiment

1）经济不确定性推动了冒险情绪

1）经济不确定性推动了冒险情绪

Trump’s plans to reintroduce tariffs on Canada, Mexico, and China sparked concerns of a potential “Trumpcession.” The tariffs, which will be 25% on Canada and Mexico, and 10% on Chinese imports, come after a period of heightened risk appetite in financial markets. However, the macroeconomic outlook quickly shifted, with Trump’s tariffs and the looming threat of a U.S. default on its debt obligations putting investors in a risk-off mood.

特朗普计划重新引入加拿大，墨西哥和中国的关税，引起了人们对潜在“王牌”的担忧。在金融市场上的风险增强之后，对加拿大和墨西哥的关税将为25％，而中国进口的关税则为10％。但是，宏观经济的前景很快发生了变化，特朗普的关税和美国违约债务义务的威胁迫在眉睫，这使投资者处于冒险的情绪。

This led to selloffs in risk assets, including Bitcoin. As reported by Binance Research, during Trump’s 2019 trade war with China, Bitcoin surged as Chinese traders used it to bypass capital controls. But this time, Bitcoin is behaving like a traditional risk asset. Its 30-week correlation with the Nasdaq reached 0.91, showing it is now moving in tandem with equities.

这导致了包括比特币在内的风险资产的抛售。据Binance Research报道，在特朗普2019年与中国的贸易战期间，中国贸易商用它绕过资本管制时，比特币激增。但是这次，比特币的行为就像是传统的风险资产。它与纳斯达克的30周相关性达到0.91，显示它现在与股票同行。

JPMorgan (JPM) has since turned “tactically bearish” on U.S. stocks, adding further downside pressure on Bitcoin.

此后，摩根大通（JPM）（JPM）对美国股票变成了“战术上看跌”，增加了比特币的下行压力。

2) 24/7 trading exacerbates market volatility

2）24/7交易加剧市场波动

2）24/7交易加剧市场波动

Unlike stock markets, Bitcoin trades around the clock, making it highly responsive to macroeconomic developments. When Trump’s tariff plans were confirmed over the weekend, crypto traders sold off before stock markets could react. This rapid reaction drove Bitcoin to a three-week low on February 3, wiping out over $1 trillion in crypto market value.

与股票市场不同，比特币全天交易，使其对宏观经济发展的反应很高。当特朗普在周末确认特朗普的关税计划时，加密货币交易者在股票市场做出反应之前就出售了。这种快速的反应使比特币在2月3日降低了三周的低点，消除了超过1万亿美元的加密货币市场价值。

Conversely, when Trump announced the creation of a U.S. crypto strategic reserve on March 3, Bitcoin jumped 9.58%, marking its strongest daily gain since November 2024. This pattern shows how Bitcoin’s 24/7 trading amplifies price swings in response to policy shifts.

相反，当特朗普在3月3日宣布创建美国加密货币战略储备时，比特币跃升了9.58％，标志着其自2024年11月以来的每日增长最强。这种模式显示了比特币的24/7交易方式如何响应政策转变来响应价格下跌。

3) Global investors turn to other safe havens

3）全球投资者转向其他避风港

3）全球投资者转向其他避风港

Instead of seeking refuge in Bitcoin, investors pivoted to fiat alternatives. While both Bitcoin and the U.S. dollar weakened, the euro and gold strengthened following Trump’s tariff announcement. The Japanese yen also saw a 4.5% rise, signaling that traders preferred traditional safe-haven assets.

投资者没有寻求比特币的避难所，而是枢纽的菲亚特替代品。尽管比特币和美元都减弱了，但在特朗普的关税宣布之后，欧元和黄金也加强了。日元还增加了4.5％的增长，这表明交易者更喜欢传统的安全资产。

If economic fears continue, Bitcoin could struggle to regain its status as a hedge against uncertainty.

如果经济恐惧持续下去，比特币可能会努力恢复其作为对冲不确定性的地位。

Bitcoin’s future trajectory will likely depend on broader financial conditions. At the time of writing, Bitcoin is sitting at $88,460.00.

比特币的未来轨迹可能取决于更广泛的财务状况。在写作时，比特币的价格为88,460.00美元。