本周比特币的价格达到了三个月的低点，引发了为什么美国政府是历史上最亲比特币政府，为什么其价值下降了

本周比特币的价格达到了三个月的最低点，引发了有关为什么美国政府是历史上最亲比特币政府的问题。

Bitcoin’s price dropped to a three-month low this week, sparking questions about why its value is decreasing despite the U.S. government being the most pro-bitcoin government in history.

本周比特币的价格下降到了三个月的低点，引发了有关为什么美国政府是历史上最亲比特币政府的问题，为什么它的价值正在下降。

The Trump administration’s tariffs, combined with the SEC’s more hands-off approach toward crypto regulations, has caused investors to panic. As a result, the market is experiencing a significant sell-off.

特朗普政府的关税，再加上SEC对加密法规的更加失望的方法，引起了投资者的恐慌。结果，市场正在经历重大抛售。

What’s Driving Bitcoin’s Sharp Decline?

是什么驱动比特币的急剧下降？

The scene is set with a convergence of global trade tensions and a series of regulatory shifts that have stirred uncertainty.

场景设置为全球贸易紧张局势的融合以及一系列激发不确定性的监管变化。

U.S. President Donald Trump’s announcement of renewed tariffs on Mexico, Canada, and China, alongside broader economic concerns such as weak consumer sentiment, have contributed to a steep drop in investor confidence.

美国总统唐纳德·特朗普（Donald Trump）宣布对墨西哥，加拿大和中国的重新关税，以及更广泛的经济问题，例如疲软的消费者情绪，促使投资者信心大大下降了。

The 25% tariffs on European Union goods and Chinese imports have stoked fears of a global trade war. Furthermore, disappointing economic indicators, such as low consumer confidence, have intensified the risk-averse sentiment among investors, putting additional pressure on bitcoin’s price.

对欧盟商品和中国进口商品的25％关税激发了人们对全球贸易战的担忧。此外，令人失望的经济指标（例如消费者信心低）加剧了投资者之间的风险不安情绪，对比特币的价格施加了额外的压力。

Bitcoin Drops Amid Pro-Bitcoin Policies: Trade War Fears Explained

在亲比特币政策中，比特币下降：贸易战争的恐惧解释了

Bitcoin’s decline in the midst of pro-bitcoin government policies might appear surprising, but there’s a clear explanation.

比特币在亲比蒂币政府政策中的下降似乎令人惊讶，但有一个明确的解释。

Cryptocurrencies like bitcoin are often used as indicators of risk during periods of market uncertainty. When geopolitical tensions escalate, and tariffs threaten to dampen economic growth, bitcoin and other risky assets usually suffer.

像比特币这样的加密货币通常用作市场不确定性期间的风险指标。当地缘政治紧张局势升级并且关税可能会降低经济增长时，比特币和其他风险资产通常会受到影响。

The trade war fears, especially with the U.S. threatening tariffs again, have sparked significant panic among investors, leading them to sell down their risky positions and seek safer options.

贸易战的担忧，尤其是在美国再次威胁性关税的情况下，引发了投资者的恐慌，导致他们卖掉了自己的风险头寸并寻求更安全的选择。

This dynamic explains why bitcoin, a highly volatile asset, has lost steam despite the U.S. government’s overall friendly stance toward digital currencies.

这种动态解释了为什么比特币是一种高度波动的资产，尽管美国政府对数字货币的整体友好立场，但比特币失去了动力。

Bitcoin ETF Withdrawals Highlight Investor Doubts

比特币ETF提款突出了投资者的怀疑

Adding to the picture are the significant outflows from bitcoin ETFs, which saw nearly record-breaking withdrawals of $1 billion.

图片外，还有比特币ETF的大量流出，这几乎是10亿美元的破纪录撤离。

Institutional investors, who were initially keen to gain a foothold in the cryptocurrency market, are now pulling back in response to the volatile market conditions caused by global tensions and tariffs. These withdrawals are a sign of broader uncertainty about bitcoin’s short-term trajectory.

最初热衷于在加密货币市场上立足的机构投资者现在正在退缩，以应对全球紧张局势和关税造成的动荡市场状况。这些提取是对比特币短期轨迹的更广泛不确定性的迹象。

However, the data also suggests that while bitcoin’s price movements remain volatile, the U.S. dollar is showing signs of weakness, and the potential for rising inflation could make bitcoin more appealing as an investment in the long term.

但是，数据还表明，尽管比特币的价格变动保持波动，但美元却显示出弱点的迹象，并且通货膨胀率上升的可能性可能会使比特币长期以来更具吸引力。

SEC Drops Multiple Cases, Signaling Shift in Crypto Policy

SEC删除多个案例，信号转移加密政策

The Securities and Exchange Commission has dropped several enforcement cases, including ones against major cryptocurrency companies like Coinbase and MetaMask. This signals a potential shift in regulatory strategy under new leadership at the agency.

证券交易委员会已撤销了几起执法案件，包括针对Coinbase和Metamask等主要加密货币公司的执法案件。这表明该机构新领导下的监管策略可能发生了可能的转变。

Acting SEC Chair Mark Uyeda and crypto-friendly Commissioner Hester Peirce have been key in driving this change, steering the agency away from the previous administration’s aggressive “regulation by enforcement” stance.

代理SEC主席Mark Uyeda和对加密货币友好的专员Hester Peirce在推动这一变化方面一直是关键，将机构从上届政府的积极进取的“执法监管”立场转移了。

Coinbase expressed gratitude for the dismissal of the case, which they see as a victory not just for the company but for the broader cryptocurrency industry.

Coinbase对驳回案件表示感谢，他们认为这不仅是公司的胜利，而且对更广泛的加密货币行业表示胜利。

“We’re committed to working with regulators to create a positive environment for crypto in the U.S., an industry that’s poised to bring substantial benefits to the economy and investors,” said Paul Grewal, Coinbase’s Chief Legal Officer.

Coinbase首席法律官Paul Grewal说：“我们致力于与监管机构合作，为美国的加密货币创造一个积极的环境，该行业有望为经济和投资者带来可观的利益。”

They are not alone in their optimism.

他们并不孤单。

Crypto Industry Optimistic About Clear Legislation

加密行业对明确立法的乐观

The broader crypto industry is optimistic that clear legislation, like the bipartisan bill proposed by Senators Cynthia Lummis and Kirsten Gillibrand, will provide the framework for growth. They hope to see the U.S. retain its leadership role in the rapidly developing cryptocurrency sector.

更广泛的加密业非常乐观，明确的立法，例如参议员辛西娅·鲁米斯（Cynthia Lummis）和柯斯滕·吉利布兰（Kirsten Gillibrand）提出的两党法案将为增长提供框架。他们希望看到美国在快速发展的加密货币领域中保留其领导作用。

As bitcoin’s price continues to be shaped by a variety of global and domestic factors, the relationship between tariffs, trade wars, and cryptocurrency remains a subject of ongoing interest and discussion.

随着比特币的价格继续受到各种全球和国内因素的影响，关税，贸易战和加密货币之间的关系仍然是持续兴趣和讨论的主题。

While the U.S. government’s pro-bitcoin policies may offer long-term advantages, short-term volatility driven by global economic pressures continues to present challenges for investors navigating the crypto market.

尽管美国政府的亲比特币政策可能会带来长期优势，但由全球经济压力驱动的短期波动率继续为投资者带来加密市场的挑战。