金融市场正在摇摆，投资者感到担忧，加密货币正在经历另一个不稳定的时期

这是这种激动的核心，一个名字不断出现：唐纳德·特朗普。根据几位分析师和市场观察家的说法，美国总统将实施一项战略

Financial markets are wobbling, investors are uneasy, and the cryptocurrency realm is undergoing another turbulent period. At the heart of this agitation, one name keeps emerging: Donald Trump. According to several analysts and market observers, the American president is implementing a strategy to deliberately weaken the financial markets in order to force the Federal Reserve (Fed) to lower interest rates. A hypothesis that, while spectacular, is based on public statements and concerning economic signals.

金融市场正在摇摆，投资者不安，加密货币领域正在经历另一个动荡的时期。这是这种煽动的核心，一个名字不断出现：唐纳德·特朗普。根据几位分析师和市场观察家的说法，美国总统正在实施一项战略，故意削弱金融市场，以迫使美联储（美联储）降低利率。一个假设，虽然壮观，但它是基于公开声明和关于经济信号的。

Trump and the Fed : A Battle for Influence over Rates

特朗普和美联储：争取影响力的战斗

Last February, Donald Trump publicly stated that the Federal Reserve should lower interest rates, a demand that encountered the inflexibility of Jerome Powell, chairman of the American monetary institution. Faced with this refusal, the Trump administration would have, according to analyst Anthony Pompliano, undertaken to provoke a sharp fall in financial assets in order to pressure the Fed. “The government is taking charge by crashing asset prices to force Jerome Powell to lower rates,” Pompliano claimed.

去年2月，唐纳德·特朗普（Donald Trump）公开表示，美联储应降低利率，这一要求遇到了美国货币机构董事长杰罗姆·鲍威尔（Jerome Powell）的不灵活性。根据分析师安东尼·彼得罗诺（Anthony Pompliano）的说法，面对这一拒绝，特朗普政府承诺会激起金融资产的急剧下跌，以便向美联储施加压力。 Pompliano说：“政府正在通过崩溃资产价格迫使杰罗姆·鲍威尔（Jerome Powell）降低利率来负责。”

The reasons behind this maneuver are multiple. Trump is criticizing the Fed's monetary policy, which he deems too restrictive despite low inflation and a strong labor market. He also denounces the actions of the administration in handling the Covid-19 crisis, which he feels have been insufficient.

这种操作的原因是多个。特朗普批评美联储的货币政策，尽管通货膨胀低下和强大的劳动力市场，但他认为这太限制了。他还谴责政府在处理Covid-19危机方面的行动，他认为这是不够的。

The markets did not take long to react. A collapse of stock indices followed, accompanied by a significant drop in bond yields, with the 10-year Treasury rate losing nearly 60 basis points in a few weeks. This decline in bond yields is directly linked to the anticipation of a Fed rate cut, which would in turn lead to lower yields on government bonds.

市场并不需要很长时间才能做出反应。随后的库存指数崩溃，伴随着债券收益率的显着下降，而10年的国库利率在几周内失去了近60个基点。债券收益率下降直接与预期降低美联储的预期有关，这反过来又导致政府债券的收益率降低。

Alex Krüger, a renowned analyst, corroborated this thesis in a message published on X (formerly Twitter) on March 11, 2025.

著名分析师亚历山大·克鲁格（Alexkrüger）在2025年3月11日在X（以前为Twitter）上发表的一条消息中证实了这一论文。

While there is a plunge in stocks and bonds, cryptocurrencies are not spared from the surrounding volatility. On March 10, a brutal drop in crypto markets accompanied the stock market panic, fueled by rising fears of recession in the United States.

虽然股票和债券有点暴跌，但加密货币并未从周围的波动性中幸免。 3月10日，加密货币市场的残酷下降伴随着股票市场的恐慌，这加剧了对美国经济衰退的恐惧。

JPMorgan has raised the probability of a recession in 2025 to 40 %, up from 30 % previously. For Goldman Sachs, this threat is amplified by Trump’s aggressive trade policy, which could worsen economic tensions.

摩根大通将2025年经济衰退的可能性提高到了40％，高于以前的30％。对于高盛（Goldman Sachs）而言，特朗普的积极贸易政策扩大了这种威胁，这可能会加剧经济紧张局势。

The same day, a report by Blockware Solutions revealed that the Bitcoin network hash rate had dropped to its lowest level in 2025, further attesting to the gloomy period affecting the cryptocurrency market.

同一天，Blockware Solutions的一份报告表明，比特币网络哈希率在2025年下降到其最低水平，进一步证明了影响加密货币市场的阴郁时期。

Despite these difficulties, some institutional players are trying to exploit this period of instability to strengthen their presence in the crypto ecosystem.

尽管遇到了这些困难，但一些机构参与者仍在试图利用这一时期的不稳定时期来加强他们在加密生态系统中的存在。

BlackRock, through its subsidiary Securitize, is expanding its activities in decentralized finance by integrating its tokenized funds into DeFi platforms like Morpho and Compound. This initiative aims to facilitate access to liquidity and yield generation strategies for a broader category of investors.

通过其子公司证券化，贝莱德（Blackrock）正在通过将其令牌资金集成到Morpho和Compound等DEFI平台中，从而扩大了分散融资的活动。该计划旨在促进更广泛类别的投资者获得流动性和产生策略。

In another development, the Cboe BZX exchange is pushing to introduce staking on Fidelity’s Ethereum ETFs. This move, still pending approval from the Securities and Exchange Commission (SEC), underscores the efforts of financial institutions to adapt to the evolving regulatory landscape and integrate new technologies like cryptocurrencies and blockchain.

在另一个发展中，CBOE BZX交流正在推动对Fidelity的以太坊ETF进行赌注。这一举动仍未得到证券交易委员会（SEC）的批准，强调了金融机构为适应不断发展的监管格局的努力，并整合了加密货币和区块链（例如加密货币）。

If Trump manages to impose a rate cut, the effects could be twofold. In the short term, investors could benefit from cheaper credit access, but premature monetary easing risks reviving inflationary pressures.

如果特朗普设法削减税率，则可能会有双重影响。在短期内，投资者可以从便宜的信贷访问中受益，但过早的货币降低风险恢复了通货膨胀压力。

Moreover, by creating artificial volatility in the markets, the president is playing a dangerous game that could further destabilize the global economy.

此外，通过在市场上建立人为的波动，总统正在玩危险的游戏，这可能会进一步破坏全球经济的稳定。

In the immediate term, the crypto market remains suspended on the Fed’s decisions and the political movements in Washington. One thing is certain: the upcoming period could be decisive for the future of financial regulation and the evolution of cryptocurrencies in the global economic system.

在不久的将来，加密货币市场仍然暂停了美联储在华盛顿的决定和政治运动。可以肯定的是：即将到来的时期对于金融监管的未来和全球经济体系中加密货币的演变可能是决定性的。