加密市场表现不佳，比特币和大多数加密货币都在技术熊市中保留

比特币（BTC）从1月份的109200美元的历史高处跌至82000美元。同样，XRP价格从2025年的高点开始崩溃了38％以上

The crypto market isn’t performing well, with Bitcoin and most cryptocurrencies remaining in a technical bear market after declining by over 20% from their recent highs.

加密市场的表现不佳，比特币和大多数加密货币在技术熊市中仍然存在于最近的高点以上。

All cryptocurrencies tracked by CoinGecko lost over $1 trillion in value in the first quarter of the year.

Coingecko追踪的所有加密货币在今年第一季度损失了超过1万亿美元的价值。

BTC, XRP, HBAR, JASMY, and Other Altcoins Crashed

BTC，XRP，HBAR，JASMY和其他Altcoins崩溃了

Bitcoin (BTC) has plunged from its all-time high of $109,200 in January to $82,000.

比特币（BTC）从1月的109,200美元的历史高处跌至82,000美元。

Meanwhile, the XRP price has crashed by over 38% from its 2025 highs, while other popular coins like Hedera Hashgraph (HBAR), JasmyCoin (JASMY), and Ethena (ENA) have plunged by over 50% from their November 2021 highs.

同时，XRP价格从2025年的高点起崩溃了38％以上，而其他受欢迎的硬币（如Hedera Hashgraph（HBAR），Jasmycoin（Jasmycoin（Jasmy）和Ethena（Ena））从2021年11月的高点开始跌至50％以上。

The main topic investors are discussing is Donald Trump’s economic policies, including government cost cuts and tariffs.

投资者正在讨论的主要主题是唐纳德·特朗普的经济政策，包括政府削减成本和关税。

He has announced a set of numerous tariffs this year. He imposed a 25% tariff on all imported steel and aluminum, and last week, he announced a 25% tariff on all vehicles imported to the US.

他今年宣布了一系列的关税。他对所有进口钢和铝征收了25％的关税，上周，他宣布对向美国进口的所有车辆征收25％的关税。

Trump has also increased tariffs on Canadian and Mexican goods from nearly zero to 25%. On Wednesday, he will announce his Liberation Day reciprocal tariffs on goods from other countries.

特朗普还将加拿大和墨西哥商品的关税从近零增加到25％。在星期三，他将宣布他的解放日对来自其他国家的商品的相互关税。

These tariffs are an unpredictable event with significant consequences, often referred to as a “black swan event,” due to their implications on the US and the global economy. For one, there is a risk that these tariffs will lead to a recession by affecting consumer confidence. Data released last week showed that consumer confidence plunged in March.

这些关税是一个不可预测的事件，其后果很大，通常被称为“黑天鹅事件”，因为它们对美国和全球经济的影响。首先，这些关税会通过影响消费者的信心而导致衰退的风险。上周发布的数据显示，消费者的信心在3月跌落。

Top 4 Crypto to Buy With the Most Bullish Crowd Sentiment

以最看涨的人群情绪购买的前4个加密货币

Impact of Trump’s Liberation Day Tariffs on Bitcoin and Altcoins

特朗普解放日的关税对比特币和山寨币的影响

In context, the most likely scenario involves these Trump tariffs leading to a strong decline in stocks and cryptocurrencies.

在上下文中，最有可能的情况涉及这些特朗普的关税，导致股票和加密货币大幅下降。

Indeed, the S&P 500, Nasdaq 100, Dow Jones, and the Russell 2000 indices have moved into a correction. The tech-heavy Nasdaq 100 index has even formed a death cross, indicating a strong bearish breakdown.

的确，标准普尔500指数，纳斯达克100，道琼斯和罗素2000指数已经进行了更正。纳斯达克高科技的100指数甚至形成了死亡十字架，表明看跌强烈。

Similarly, the crypto market, where currencies like BTC, HBAR, and XRP have entered a bear market.

同样，加密市场（BTC，HBAR和XRP）货币进入了熊市。

However, there is a likelihood that crypto and stocks will rebound when the reciprocal tariffs come into effect. This is because these tariffs might trigger a recession in the US, which can be advantageous for risky assets.

但是，当相互关税生效时，加密货币和股票很有可能会反弹。这是因为这些关税可能会引发美国的衰退，这对于风险资产可能是有利的。

Lots of attention to Goldman raising its recession forecast to 35%. Less over them raising their inflation forecast.Cut rates with rising inflation will be taken badly by the bond market. Remember the bond yield reaction to the rate cuts in September? They went straight up.

对高盛将其衰退预测提高到35％的关注。债券市场将不断提高通货膨胀的预测，而增加通货膨胀率会增加。还记得9月对降低率的债券收益反应吗？他们挺直地走了。

A recession in the US will likely motivate the Federal Reserve to intervene by reducing interest rates and implementing quantitative easing (QE). Quantitative easing is a scenario where the Fed prints cash and buys bonds and mortgage-backed securities.

美国的经济衰退可能会激励美联储通过降低利率和实施定量缓解（QE）来进行干预。量化宽松是美联储打印现金并购买债券和抵押支持证券的情况。

Historically, Bitcoin and other cryptocurrencies such as XRP and HBAR perform well when the Fed is reducing rates. A notable example of this occurred in 2020 when the economy entered a recession due to the COVID-19 pandemic.

从历史上看，当美联储降低率时，比特币和其他加密货币（例如XRP和HBAR）的表现良好。一个值得注意的例子发生在2020年，当时经济因19日大流行而进入衰退。

The Fed’s rate cuts post-Global Financial Crisis (GFC) in 2009 led to a stock market boom.

美联储的费率削减了2009年全球金融危机（GFC）导致股市繁荣。