比特币在上周疯狂地摇摆

在上周，随着交易员乘坐美国总统唐纳德·特朗普（Donald Trump）的关税过山车（迈克尔·塞勒（Michael Saylor）的策略发出令人震惊的警告），比特币在上周发挥了作用。

U.S. president Donald Trump is grappling with a growing U.S. dollar "crisis of confidence" that some

美国总统唐纳德·特朗普（Donald Trump）正在努力应对越来越多的美元“信心危机”

> think could boost the bitcoin price.

>认为可以提高比特币价格。

"The question of a potential dollar confidence crisis has now been definitively answered—we are experiencing one in full force," ING analysts including Francesco Pesole wrote in a note seen by Bloomberg. "The dollar collapse is working as a barometer of 'sell America' at the moment."

包括弗朗切斯科·皮索尔（Francesco Pesole）在内的ING分析师在彭博社（Bloomberg）看到的一份笔记中写道：“现在已经确定了一个潜在的美元信心危机问题 - 我们正在全力以赴。” “美元崩溃目前正在作为'卖美国'的晴雨表。”

The escalating Trump-led global trade war saw the ICE U.S. Dollar Index, which measures the U.S. dollar against a basket of global currencies, fall sharply this week, dropping under the 100 level and putting it on course to return to 2022 levels.

由特朗普领导的全球贸易战争升级的ICE美元指数，该指数衡量了一篮子全球货币的美元，本周急剧下降，下降到100个水平，并将其付诸实践，以恢复到2022年的水平。

"The market is re-assessing the structural attractiveness of the dollar as the world’s global reserve currency and is undergoing a process of rapid de-dollarisation," Deutsche Bank’s global head of FX research George Saravelos wrote in a note seen by City AM.

德意志银行全球FX Research的负责人乔治·萨维洛斯（George Saravelos）在《城市AM》中写道：“市场正在重新评估美元作为全球储备货币的结构吸引力，并且正在经历快速降价的过程。”

The dollar's decline is seen by some as boosting the bitcoin price, as traders bet bitcoin will follow in gold's footsteps, performing as a safe haven asset.

某些人认为美元的下降被认为提高了比特币价格，因为交易员下注比特币将跟随Gold的脚步，作为避风港资产的表现。

"Like a rising tide, the dollar’s decline is lifting other assets," Alex Kuptsikevich, the FxPro chief market analyst, said in emailed comments, adding "a falling dollar supports cryptocurrencies."

FXPRO首席市场分析师Alex Kuptsikevich在电子邮件的评论中说：“就像涨潮一样，美元的下跌正在提高其他资产。”

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The bitcoin price has dropped from its all-time high in recent weeks but has outperformed the tech-heavy Nasdaq as the U.S. dollar suffers a "crisis" of confidence.

比特币的价格从最近几周的历史最高升高开始下跌，但由于美元遭受了“信心危机”的“危机”，因此纳斯达克高科技的价格优于技术。

"Bitcoin’s correlation with U.S. equities may have garnered excessive attention, while its ties to Federal Reserve policy and the U.S. dollar’s trajectory deserve greater scrutiny," LMax Group's market strategist Joel Kruger said via email.

LMAX集团的市场策略师乔尔·克鲁格（Joel Kruger）通过电子邮件说：“比特币与美国股票的相关性可能引起了人们的过度关注，而与美联储政策和美元轨迹的联系也应受到更大的审查。”

Trump has been pushing Fed chair Jerome Powell to cut interest rates as he embarks on his global trade war, fuelling expectations the Fed could be forced to cut interest rates through 2025, either a response to a tariff-led economic slow down or because Trump has fired Powell.

特朗普一直在促使美联储主席杰罗姆·鲍威尔（Jerome Powell）降低利率，因为他开始进行全球贸易战，加油在2025年，美联储的期望可能会被迫降低利率，这是对关税领导的经济放缓的反应，或者因为特朗普解雇了鲍威尔。

"Market dynamics are shifting as the Fed’s outlook adjusts to pressures from U.S. trade policy, with expectations of steeper rate cuts in 2025 now taking hold. This pivot toward a more accommodative stance is poised to narrow yield differentials, weakening the dollar’s appeal and, in turn, creating a supportive tailwind for bitcoin," Kruger said.

“随着美联储的前景适应美国贸易政策的压力，市场动态正在发生变化，对2025年的陡峭速度降低的期望现在被持续下去。这对更宽容的立场有好准备可以缩小收益率差异，从而削弱了美元的吸引力，并且又又削弱了比特币的支撑量。”