经过10天的疯狂波动，我们终于达到了市场稳定的点？

加密市场似乎是这样认为的，在过去24小时内，比特币（BTC 5.37％）上涨了5.2％，截至美国东部时间下午1点，以太坊（ETH 3.06％）上涨了4.6％，而Dogecoin（Doge 3.88％）

Is the market finally reaching a point of stability after an insanely volatile 10-day stretch? The crypto market seems to think so, with Bitcoin (BTC 5.37%) up 5.2% over the past 24 hours as of 1 p.m. ET, Ethereum (ETH 3.06%) rising 4.6%, and Dogecoin (DOGE 3.88%) gaining 5.3%.

经过10天的疯狂波动之后，市场是否终于达到了稳定点？加密市场似乎是这样认为的，在过去24小时内，比特币（BTC 5.37％）上涨了5.2％，截至美国东部时间，以太坊（ETH 3.06％）上升了4.6％，而Dogecoin（Doge 3.88％）上涨了5.3％。

The stock market has gained as well on what seems to be hope that rising bond yields and a falling dollar will lead to the Trump administration finding a path away from the trade war that's currently unfolding.

股票市场也有所增长，这似乎是希望债券收益率上升和美元下跌将导致特朗普政府从目前正在发生的贸易战中找到一条路。

Investors are taking a "risk on" mentality going into the weekend, which often happens when news of trade talks or deals takes place while the market is closed.

投资者正在冒险进入周末的“风险”，这通常是在市场关闭时发生贸易谈判或交易的消息时发生的。

It's not clear if there will be any deals, and last weekend was unusually quiet, but that's part of the reason stocks are moving higher today. Cryptocurrencies have followed, as they often do, but the pop in values may be short-lived.

目前尚不清楚是否有任何交易，上周末非常安静，但这是股票今天越来越高的原因。像往常一样，加密货币已经遵循，但是价值的流行可能是短暂的。

A new University of Michigan survey of consumer sentiment fell from 57.0 a month ago to 50.8, which is nearly as low as the index got during 2020. Economists were expecting the index to tick up to 57.3.

密歇根大学的一项新的对消费者情绪的调查从一个月前的57.0降至50.8，几乎与2020年期间的指数一样低。经济学家期望该指数勾选到57.3。

Expectations for inflation, however, rose to 6.7%, up from 5% a month earlier and the highest in more than four decades.

然而，对通货膨胀的期望增长到6.7％，高于每个月前的5％，而四十多年来最高。

Normally, weak consumer sentiment and higher inflation expectations would cause investors to flee to safety, but the opposite is what's happening today.

通常，消费者的情绪疲软和通货膨胀的预期会导致投资者逃离安全，但情况恰恰相反。

What's interesting about where crypto sits is that it's the one asset class that's traded 24/7. So, equity investors may be preparing for Monday, but crypto traders will see the impact of any deal or any lack of deals over the weekend. That could make for extremely volatile trading.

Crypto所在的地方有趣的是，这是交易24/7的一种资产类别。因此，股票投资者可能正在为周一做准备，但是加密货币交易员会在周末看到任何交易或任何交易的影响。这可能会导致极度动荡的交易。

Whether you're looking at the stock market or the crypto market, it's nearly impossible to predict what's going to happen next. But with the market showing signs of fatigue and economists cutting their growth forecasts for the U.S., we may be in for a bumpy ride ahead.

无论您是查看股票市场还是加密市场，几乎都不可能预测接下来会发生什么。但是，由于市场显示出疲劳的迹象，经济学家削减了对美国的增长预测，因此我们可能会遇到颠簸。

The worries I would have for the crypto market is the U.S. economy slowing, and that extending to risky assets like cryptocurrencies. Economists have increased their odds of a recession in 2025, and it's very possible we're already in one.

我对加密货币市场的担忧是美国经济放缓，而这种经济不断扩大到加密货币等风险资产。经济学家在2025年增加了经济衰退的几率，很有可能我们已经陷入了衰退。

We also have a rush of earnings data coming over the next few weeks as companies both report what happened in the first quarter and give their outlook for the rest of 2025. If that outlook is weak, we may see equities and crypto fall.

在接下来的几周中，我们还将有一大批收益数据，因为公司俩都报告了第一季度发生的事情，并给出了2025年其余时间的前景。如果这种前景很弱，我们可能会看到股票和加密货币跌落。

Consumer sentiment is the most worrying when combined with the rise in interest rates over the past week. If both those trends continue, a recession could be a self-fulfilling prophecy.

与过去一周的利率上升相结合时，消费者情绪是最令人担忧的。如果这两种趋势继续下去，衰退可能是一个自我实现的预言。

History says that will negatively impact cryptocurrencies, which trade more closely with growth stocks than as a hedge to inflation or the dollar. So, this could be a short-term reprieve from a long-term downward trend for the market.

历史称，这将对加密货币产生负面影响，加密货币与增长股票更紧密地与通货膨胀或美元的对冲。因此，这可能是从市场的长期向下趋势中的短期缓刑。