解放日关税：美国 - 中国贸易战如何涌入加密货币市场

2025年4月6日，资深美国总统唐纳德·特朗普（Donald Trump）通过向中国的所有进口征收毛毯50％的关税，加剧了全球两个最大经济体之间的经济竞争。

Veteran US President Donald Trump has fueled the economic competition between the globe's two greatest economies by rolling out a blanket 50% tariff on all imports from China on April 6, 2025.

资深美国总统唐纳德·特朗普（Donald Trump）于2025年4月6日向中国进口所有进口量提出了50％的关税，从而促进了全球两个最伟大的经济体之间的经济竞争。

The move, which was designed to bring new life to American manufacturing, has instead set off a financial chain reaction that has spilled well outside of conventional markets and right into the center of crypto.

此举旨在为美国制造业带来新的生命，而是引发了一种金融连锁的反应，该反应已在传统市场之外溢出，并位于加密货币中心。

Global Market reaction on Tariffs

全球市场关税的反应

The initial response was one of pandemonium in all financial markets worldwide. The MSCI Asia-Pacific Index dropped more than 3%, and the Shanghai Composite plummeted by 4.7% an indication of serious investor nervousness in China.

最初的回应是全球所有金融市场的pandemonium之一。 MSCI亚太指数下降了3％以上，上海综合指数在中国严重的投资者紧张局势下降了4.7％。

European markets were not immune either: Germany's DAX and the UK's FTSE 100 fell under the weight of dented export expectations.

欧洲市场也不是免疫力：德国的DAX和英国的富时100落在凹陷的出口期望下。

On the other side of the Atlantic, American indices plummeted. The Dow Jones Industrial Average fell 600 points, while the NASDAQ dipped close to 2.5%. The hardest hit were semiconductor and electronics firms depending heavily on Chinese production.

在大西洋的另一侧，美国指数暴跌。道琼斯工业平均水平下降了600点，而纳斯达克股票下跌接近2.5％。最激烈的打击是半导体和电子公司，具体取决于中国的生产。

Fear drove investors into havens, driving gold to a 12-month high and sending U.S. Treasury yields down.

恐惧使投资者进入了避风港，将黄金驾驶到12个月的高点，并使我们的财政部产生了下降。

Crypto Market Reacted

加密市场做出了反应

The crypto space, which many at one time praised as a hedge against macro dislocation, wasn't immune. Bitcoin (BTC) dropped close to 9% in the first 48 hours after the news. Ethereum (ETH) followed suit, dropping more than 8%.

加密货币空间曾经一次称赞是针对宏观脱位的树篱，这是没有免疫力的。新闻后的头48小时，比特币（BTC）下降了近9％。以太坊（ETH）效仿，下降了8％以上。

Risk sentiment had well and truly turned, and the digital asset market, inextricably linked to global investor sentiment, was subjected to sharp liquidation.

风险情绪确实有很好的转变，与全球投资者情绪密不可分的数字资产市场受到了急剧的清算。

Asia-specific tokens such as NEO (baptismally referred to as the "Chinese Ethereum") and VeChain (VET), which is associated with larger Chinese logistics and supply chain companies, experienced gruesome declines falling 12% and 15% respectively.

与较大的中国物流和供应链公司有关的NEO（洗礼称为“中国以太坊”）和Vechain（VET）等亚洲特异的标记，分别下降了12％和15％。

Even US-preferred instruments were not exempt: Solana (SOL) fell by 10%, most of its drop coming courtesy of its extreme vulnerability to DeFi and institutionality trading.

即使是我们偏爱的工具也不是豁免：Solana（Sol）下降了10％，大部分下降的原因是其极端易受挑战和制度性交易的脆弱性。

While it was Layer-1 blockchains that bore the bulk of the blow, stablecoins were not spared either. Tether (USDT) redemption volumes spiked, particularly on Asian exchanges such as Binance and OKX, indicative of a flight to cash.

虽然是1层区块链带有大部分打击，但也没有幸免的稳定剂。系绳（USDT）赎回量飙升，特别是在诸如binance和okx之类的亚洲交流上，这表明飞往现金。

Decentralized exchanges (DEXs) such as Uniswap and PancakeSwap, on the other hand, experienced major volume declines, indicating that retail investors were taking liquidity out of the market instead of trading the dip.

另一方面，分散的交易所（DEX）（例如Uniswap和Pancakeswap）的大量销量下降，表明散户投资者正在将流动性从市场上淘汰而不是交易下降。

So why did stocks and crypto sell off in sync?

那么，为什么股票和加密货币同步出售呢？

For one, crypto remains a speculative asset class. During periods of uncertainty, speculative assets are the first to be dumped.

首先，加密仍然是投机资产类别。在不确定性期间，投机资产是第一个被倾倒的资产。

Second, big institutionals now control a significant proportion of crypto volume. These institutions play macro strategies—when fear increases, their capital reverses and moves to safer bets such as cash, gold, or short-term government bonds.

其次，现在大机构控制着大量加密货币。这些机构采用宏观策略 - 当担心增加，资本逆转并转向更安全的赌注，例如现金，黄金或短期政府债券。

Worsening the situation further were early rumors of capital controls in Hong Kong and Singapore two key crypto hubs. Speculation that regulators might restrict crypto transactions to control capital flight led to further panic, especially among investors based in Asia.

局势进一步恶化的是关于香港和新加坡资本控制的早期谣言，两个主要的加密枢纽。猜测监管机构可能会限制加密交易来控制资本飞行，尤其是在亚洲投资者中。

As Bitcoin struggled, gold shone again. The Gold Shares (GLD) ETF recorded its largest one-day inflow in half a year. U.S. manufacturing ETFs experienced fleeting optimism, but most high-growth technology stocks particularly chipmakers such as Nvidia and TSMC got hammered.

当比特币挣扎时，金再次发光。黄金股（GLD）ETF在半年内记录了其最大的一日流入。美国制造ETF经历了短暂的乐观情绪，但是大多数高增长的技术库存，特别是Nvidia和TSMC等芯片制造商都受到了锤击。

In the cryptocurrency universe, those with lesser geographic and trade exposure performed better. Chainlink (LINK), which is decentralized in its oracle infrastructure, lost less than most, and some investors predicted that utility-based tokens would provide more stability in macro-driven routs.

在加密货币宇宙中，那些地理和贸易暴露较小的人的表现更好。在其Oracle基础架构中分散的ChainLink（Link）损失的损失比大多数人损失少，并且一些投资者预测，基于公用事业的令牌将在宏驱动的Routs中提供更大的稳定性。

Tariffs drama continuous

关税戏剧连续

The tariff drama is more than politics it’s a stress test of the old and new economy. It demonstrated to us that crypto isn’t this digital island nation that is in some way proof against real-world events. Whenever systemic risk beckons, any asset be it fiat, gold, or crypto adapts.

关税戏剧不仅仅是政治，这是对新经济和新经济的压力测试。它向我们证明，加密货币不是这个数字岛国，它以某种方式证明了反对现实世界中的事件。每当有系统性的风险招标时，任何资产，无论是菲亚特，黄金还是加密货币。

It also reshaped the narrative around Bitcoin’s “digital gold” thesis. While it has outperformed in some local crises (like inflation in Argentina or sanctions on Russia), in a globally synchronized panic, Bitcoin failed to serve as a safe haven. That doesn’t diminish its long-term value proposition, but it’s a reminder: we’re not there yet.

它还重塑了比特币的“数字黄金”论文的叙述。尽管它在某些当地危机中表现出色（例如阿根廷的通货膨胀或俄罗斯的制裁），但在全球同步的恐慌中，比特币未能作为避风港。这并没有减少其长期价值主张，但这是一个提醒：我们还没有。

While the world grapples with this latest kick in the teeth of the U.S.–China dynamic, investors and crypto fans will have to reset expectations. Volatility is the new normal, yet in that chop is opportunity.

尽管全世界都在努力解决美国 - 中国动态的最新踢球，但投资者和加密货币粉丝将不得不重置期望。波动率是新的常态，但在这种碎片上是机会。

Builders will redouble efforts on decentralization. Regulators will catch up on how essential good crypto standards are. And investors if smart will learn to hedge risk, control emotions, and diversify better.

建筑商将在权力下放方面加倍努力。监管机构将赶上良好的加密标准。投资者如果Smart会学会对冲风险，控制情绪并更好地多样化。

After all,

毕竟，