比特币长期以来被一些投资者视为动荡时代的数字避风港，这表现出压力的迹象

长期以来，一些投资者将比特币视为动荡时期的数字避风港，随着政治紧张局势加剧，比特币表现出压力的迹象。

Bitcoin, sometimes viewed by investors as a digital safe haven in turbulent times, is showing signs of strain as political tensions heat up.

比特币有时被投资者视为动荡时期的数字避风港，随着政治紧张局势加剧，比特币表现出压力的迹象。

In the wake of new trade war threats from former President Donald Trump, the cryptocurrency market is reacting sharply—and not in the way many expected.

在前总统唐纳德·特朗普（Donald Trump）受到新的贸易战威胁之后，加密货币市场正在急剧做出反应，而不是许多人预期的。

As global markets brace for a fresh wave of tariffs, Bitcoin has slipped to $82,100, with Ethereum also dropping to around $1,790. The slump reflects growing anxiety over inflation, global supply chains, and investor confidence. For those betting on crypto as a hedge, the current volatility raises a pressing question: is Bitcoin really immune to macroeconomic stress?

随着全球市场获得新的关税浪潮，比特币已经下跌至82,100美元，以太坊也下跌至1,790美元左右。低迷反映了人们对通货膨胀，全球供应链和投资者信心的焦虑越来越大。对于那些将加密货币作为树篱的人来说，当前的波动性提出了一个紧迫的问题：比特币真的不受宏观经济压力的影响吗？

A New Round of Tariffs Is Spooking Global Markets

新一轮关税正在吓到全球市场

Trump’s latest policy announcement—an aggressive set of reciprocal tariffs targeting 25 countries—has rattled financial markets. The proposed duties, set to go into effect on April 2, aim to generate an eye-popping $600 billion in annual revenue for the U.S. government. But the economic blowback could be significant.

特朗普的最新政策公告是针对25个国家的一系列积极的互惠关税，这使金融市场震撼了。拟议的职责将于4月2日生效，旨在为美国政府带来高达6000亿美元的年收入。但是经济的反弹可能会很大。

Sectors like automotive, pharmaceuticals, and semiconductors are expected to be hit hard. According to Barclays, the auto industry alone could face over $275 billion in affected imports per year.

预计汽车，药品和半导体等部门将受到重击。根据巴克莱的说法，仅汽车行业每年就可能面临超过2750亿美元的进口。

And the fallout is already visible. The Kobeissi Letter, a respected financial publication, reported that U.S. consumer sentiment has dropped 20 points in just one month, reaching its lowest level since the last recession. The message is clear: inflation concerns are growing, and fears of a broader economic downturn are on the rise.

辐射已经可见了。 Kobeissi信件是一份受人尊敬的财务出版物，报道说，美国消费者的情绪在短短一个月内下降了20点，自上次经济衰退以来的最低水平。信息很明显：通货膨胀问题正在增加，对更广泛的经济低迷的恐惧正在上升。

Bitcoin’s Drop Shows It’s Not Totally Immune

比特币的下降表明它不是完全免疫

For years, crypto advocates have pitched Bitcoin as “digital gold”—a store of value that can weather economic storms. But the current climate is challenging that narrative. Rather than climbing, Bitcoin has followed traditional markets downward, suggesting that investor behavior is still heavily influenced by macro sentiment.

多年来，加密货币的拥护者将比特币视为“数字黄金”，这是一种可以风雨风暴的价值存储。但是当前的气候充满了挑战。比特币没有攀登，而是跟随传统市场，这表明投资者的行为仍然受到宏观情绪的影响。

Stock futures tell a similar story. S&P 500 and Nasdaq-100 futures fell by 0.7% to 0.8%, while the Dow Jones dipped by 0.55%, reflecting widespread unease. And while Bitcoin isn’t directly tied to any one government or central bank, it’s still deeply entangled in global investor psychology.

股票期货讲述了类似的故事。标准普尔500指数和纳斯达克-100期货下跌0.7％至0.8％，而道琼斯琼斯下跌了0.55％，反映了广泛的不安。尽管比特币没有直接与任何一个政府或中央银行绑定，但它仍然与全球投资者心理学深深地纠缠在一起。

As uncertainty mounts, some traders are pulling back—not just from stocks, but from crypto assets as well.

随着不确定性的增加，一些交易者正在向后退，而不仅仅是股票，而是从加密货币资产中撤出。

Is Bitcoin Still a Hedge Against Inflation?

比特币仍然是对通货膨胀的对冲吗？

While Bitcoin has historically been promoted as an inflation-resistant asset, its recent performance suggests a more nuanced reality. It may offer long-term protection against fiat currency devaluation, but in the short term, it remains highly sensitive to economic policy shifts and investor sentiment.

尽管比特币历史上一直被提升为一种抗通货膨胀的资产，但其最近的表现表明了一个更加细微的现实。它可以长期保护菲亚特货币贬值，但在短期内，它仍然对经济政策的转变和投资者的情绪高度敏感。

The irony? As the Trump administration leans further into protectionism, the very policies meant to boost domestic industries may increase inflation and squeeze consumer wallets—factors that, in theory, should benefit Bitcoin. Yet, the initial reaction is hesitation, not enthusiasm.

具有讽刺意味？随着特朗普政府进一步倾向于保护主义，旨在促进国内行业的政策可能会增加通货膨胀并挤压消费者钱包，从理论上讲，该问题应受益于比特币。然而，最初的反应是犹豫，而不是热情。

Crypto’s Future Could Depend on Political Headlines

加密的未来可能取决于政治头条

With trade tensions on the rise, cryptocurrencies are unlikely to chart a smooth path forward. Price swings may become more frequent as markets react not just to economic data, but to every tariff threat, policy change, or geopolitical headline. And while crypto remains an appealing asset class for long-term investors, short-term traders should brace for increased volatility.

随着贸易紧张局势的增长，加密货币不太可能绘制出平稳的前进道路。随着市场不仅对经济数据的反应，而且对每个关税威胁，政策变化或地缘政治标题，价格波动可能会变得更加频繁。尽管加密货币仍然是长期投资者的吸引力资产类别，但短期交易者应该为增加的波动而做好准备。

Whether Bitcoin can reclaim its status as a reliable hedge will depend on how it weathers this storm. One thing’s for sure: in today’s climate, even digital assets aren’t safe from political ripple effects.

比特币是否可以恢复其作为可靠树篱的地位将取决于它如何影响这场风暴。可以肯定的是：在当今的气候下，即使是数字资产也无法免受政治连锁反应的影响。