随着市场对特朗普总统关税公告的影响，专家指出，监管清晰度是看涨的催化剂

尽管全球宏观背景充满了不确定性，从拟议的批准美国的关税到固执的通货膨胀和提高的利率，但数字资产表现出了显着的弹性。

Despite a challenging global macro backdrop, digital assets have shown resilience as markets prepare for the impact of President Trump’s tariff announcements.

尽管全球宏观背景具有挑战性，但由于市场为特朗普总统的关税公告的影响做准备，数字资产仍表现出韧性。

Experts told Benzinga that regulatory clarity is the clearest bullish catalyst, while a looming correction in equities is the most prominent downside risk.

专家告诉本辛加，监管清晰度是最明显的看涨催化剂，而股票的迫在眉睫的校正是最突出的下行风险。

What HappenedDespite a global macro backdrop filled with uncertainties—from proposed sweeping U.S. tariffs to stubborn inflation and elevated rates—digital assets have shown remarkable resilience.

发生了什么事，尽管全球宏观背景充满了不确定性，从拟议的批准美国关税到顽固的通货膨胀和提高的利率 - 数字资产表现出了显着的韧性。

But analysts and industry leaders warn that the current rally may be masking deeper tensions.

但是分析师和行业领导人警告说，目前的集会可能正在掩盖更深的紧张局势。

Speaking with Benzinga, Mike Cahill, CEO of Douro Labs, a key contributor to the Pyth Network (PYTH/USD) Network, believes the optimism in markets is short-term in nature.

Pyth网络（PYTH/USD）网络的主要贡献者Douro Labs首席执行官Mike Cahill与Benzinga交谈，他认为市场上的乐观情绪在本质上是短期的。

"Markets rallying into the tariff announcement reflect a classic case of short-term optimism winning out over long-term uncertainty," said Cahill.

卡希尔说：“集中在关税公告中的市场反映了一个经典的短期乐观案例，即长期不确定性赢得了胜利。”

For Cahill, the real story isn't about euphoria or complacency, but selective positioning by experienced traders. "Calling it ‘nothing ever happens’ is premature."

对于卡希尔来说，真实的故事不是关于欣快感或自满的，而是经验丰富的交易者的选择性定位。 “称其为'永远不会发生'还为时过早。”

Cahill sees regulatory clarity, particularly around stablecoins and tokenized assets, as the clearest positive catalyst ahead.

Cahill认为调节性清晰度，尤其是在稳定的资产和令牌资产附近，是前方最明显的阳性催化剂。

"That's the green light institutions are waiting for to go all in."

“那是绿灯机构正在等待全力以赴。”

On the flip side, he warns that a macro shock, driven by high rates and escalating trade tensions, could rapidly sap liquidity and hurt sentiment across risk assets, including crypto.

另一方面，他警告说，受高比率和贸易紧张局势升级的宏观冲击可能会迅速消除流动性并在包括加密货币在内的风险资产之间受到伤害。

"A broader pullback in equities would also spill over into crypto, especially in the current market cycle where crypto traders are largely an extension of the broader institutional fabric."

“股票的更广泛的回调也将溢出到加密货币中，尤其是在当前的市场周期中，加密货币交易者在很大程度上是更广泛的机构结构的扩展。”

Another industry expert, Gadi Chait, Investment Manager at Xapo Bank, framed the recent market drop as part of a broader tug-of-war between long-term conviction and short-term anxiety.

Xapo Bank投资经理Gadi Chait的另一位行业专家构成了最近的市场下降，这是长期定罪与短期焦虑之间更广泛的拔河活动的一部分。

"Bitcoin (BTC/USD) investors have been bracing for today's announcement, so a price drop comes as no surprise," said Chait, referring to anticipated trade actions from the Trump administration.

查特说：“比特币（BTC/USD）投资者一直在为今天的宣布做好准备，因此价格下跌也就不足为奇了。”

For Chait, Bitcoin remains a long-term bet on sovereignty and scarcity, unaffected by momentary volatility. "We've been here before, and we'll likely be here again, but Bitcoin's long-term trajectory remains undeniable."

对于Chait来说，比特币仍然是对主权和稀缺性的长期押注，不受瞬时波动的影响。 “我们以前去过这里，我们可能会再次来到这里，但是比特币的长期轨迹仍然不可否认。”

The price of Bitcoin has recently fluctuated between $76,600 and $94,500, stabilizing around $85,000 on Tuesday.

比特币的价格最近波动在76,600美元至94,500美元之间，周二稳定在85,000美元左右。

Chait cautioned that a break below $76,600 could shift sentiment decisively, but until then, the broader range remains intact.

Chait警告说，低于$ 76,600的休息可能会果断地改变情绪，但在此之前，更广泛的范围仍然完好无损。

Also Read: Coinbase CEO Brian Armstrong Advocates For Stablecoins: ‘Consumers Deserve A Bigger Piece Of The Pie’

另请阅读：Coinbase首席执行官Brian Armstrong倡导Stablecoins：“消费者应该得到更大的派”

Ryan Lee, Chief Analyst at Bitget Research, highlighted how geopolitical tension could actually amplify Bitcoin's appeal.

BITGET Research的首席分析师Ryan Lee强调了地缘政治紧张局势如何真正扩大比特币的吸引力。

"Trump's proposed tariffs potentially supercharge Bitcoin's appeal by shaking confidence in fiat currencies like the U.S. dollar," said Lee.

李说：“特朗普提议的关税可能会通过对美元等法定货币充满信心，这可能会增强比特币的吸引力。”

Lee also noted that stagflation risk—rising prices without accompanying growth—might drive more traders toward decentralized assets as traditional safe havens falter.

李还指出，散落的风险（不伴随增长而提高了价格）可能会推动更多的交易者进入分散资产，因为传统的避风港步履蹒跚。

"We'd expect a spike in Bitcoin demand—perfect for our users to ride the wave using spot, futures, or our staking options."

“我们希望比特币需求激增 - 让我们的用户使用现场，期货或我们的堆放选择来骑行。”

Why It Matters: Still, not all analysts are interpreting the current moment as a full-blown crypto bull run.

为什么它很重要：尽管如此，并非所有分析师都将当前时刻解释为成熟的加密公牛运行。

Xia Yumin, CTO at Galxe, noted that gains in the space have largely been isolated to Bitcoin, with Ethereum (ETH/USD) and most altcoins lagging.

Galxe的首席技术官Xia Yumin指出，该空间中的收益已在很大程度上被隔离到比特币中，以太坊（ETH/USD）和大多数Altcoins滞后。

"If we examine the market at a micro level, the significant gains are mainly concentrated in Bitcoin," Yumin observed.

Yumin观察到：“如果我们在微观水平上检查市场，那么显着的收益主要集中在比特币上。”

While Bitcoin may challenge prior highs in the coming quarter, Ethereum will need more technical or sentiment-driven momentum to breakout.

尽管比特币可能会在下一季度挑战先前的高点，但以太坊将需要更多技术或情感驱动的动力来突破。

Looking ahead, Yumin identified macroeconomic policy—specifically U.S. interest rates—as a defining force for crypto valuations.

展望未来，Yumin将宏观经济政策（特别是美国利率）确定为加密估值的决定性力量。

"Interest rate cuts as anticipated during each FOMC meeting will continue to elevate BTC's valuation as a scarce asset."

“在每次FOMC会议期间预期的降低利率将继续提高BTC的估值作为稀缺资产。”

He also noted a clear and present risk: a downturn in U.S. equities.

他还指出了一种清晰的风险：美国股票的低迷。

"In a crypto market that currently lacks its own independent narrative, any downturn in equities will likely drag crypto down with it."

“在目前缺乏自己的独立叙述的加密市场中，任何股票的低迷都可能将加密货币拖延。”

As traders await more details on the Trump administration's "reciprocal tariffs," estimated to impact nearly $3 trillion in imports, the financial markets are sending mixed signals.

随着贸易商在等待特朗普政府的“互惠关税”的更多细节，估计会影响近3万亿美元的进口，金融市场发出了混杂的信号。

U.S. bond yields remain elevated, and expectations for a Fed rate cut remain tepid.

美国的债券收益率仍然提高，对美联储降低率的期望仍然保持温和。

The CME FedWatch tool currently shows markets pricing in an 85.5% chance of the Fed holding rates steady through May.

CME FedWatch工具目前显示市场定价为85.5％，即美联储持有率持续到5月。