自从1月20日美国总统唐纳德·特朗普就职典礼以来

自从1月20日美国总统唐纳德·特朗普就职典礼以来

The recent interplay between US President Donald Trump's administration and macroeconomic trends has kept crypto investors on the edge of their seats, especially as the president's signature policy agenda — tariffs — slashed into cryptocurrency market value and rattled global markets.

美国总统唐纳德·特朗普（Donald Trump）的政府与宏观经济趋势之间的最新相互作用使加密货币投资者处于席位的边缘，尤其是当总统的标志性政策议程（关税）被削减到加密货币市场价值并震撼了全球市场时。

Since Trump's inauguration on Jan. 20, Bitcoin (BTC) has swung from a record high of $109,000 to below $78,000 as major tariff announcements from the US and retaliatory moves from trade partners shaved off chunks of cryptocurrency market value.

自从特朗普于1月20日开幕以来，比特币（BTC）从创纪录的109,000美元降至78,000美元以下，这是美国的主要关税公告和贸易伙伴的报复性举动，从而剃掉了加密货币市场价值的一部分。

"The back-and-forth on tariffs, with Trump sometimes tough and sometimes accommodating, has left markets in a limbo state, where few people are willing to be decidedly bullish but just as few are willing to part with their assets, fearing to be left on the side-lines at the next rally," Justin d'Anethan, head of sales at crypto firm Liquify, told Cointelegraph.

"The back-and-forth on tariffs, with Trump sometimes tough and sometimes accommodating, has left markets in a limbo state, where few people are willing to be decidedly bullish but just as few are willing to part with their assets, fearing to be left on the side-lines at the next rally," Justin d'Anethan, head of sales at crypto firm Liquify, told Cointelegraph.

By mid-March, investors began regaining confidence as White House messaging pointed to a more measured approach. But mixed signals remain, and with a second wave of "reciprocal tariffs" looming on April 2 — dubbed Liberation Day — market jitters haven't fully subsided.

到3月中旬，由于白宫消息传递指出了一种更具衡量的方法，投资者开始重新获得信心。但是保留了混合的信号，第二次浪潮在4月2日迫在眉睫的“相互关税”（称为解放日），市场烦恼尚未完全消退。

March began with administration officials hinting at tailoring tariffs to each country's trade practices and potentially avoiding them entirely if partners lowered their own barriers. As financial markets, rattled for weeks by the tariff saga, began to recover, Bitcoin rose to $88,474 on March 24.

游行始于政府官员暗示为每个国家的贸易做法裁缝关税，如果合作伙伴降低了自己的障碍，则可能完全避免他们。随着金融市场被关税传奇的浪费数周，开始恢复，比特币在3月24日上涨至88,474美元。

"In the week leading up to Trump’s reciprocal tariffs on April 2, expect market volatility, corporate lobbying for exemptions, preemptive price hikes, and global diplomatic efforts to mitigate the impact," said Ryan Lee, chief analyst at Bitget Research in a recent written analysis shared with Cointelegraph.

Bitget研究在与Cointelegraph的最新书面分析中，BITGET研究首席分析师Ryan Lee说：“在4月2日特朗普的相互关税之前的一周中，预计市场波动，公司游说豁免，先发制人的价格上涨以及全球外交努力来减轻影响。”

"After the tariffs take effect, anticipate inflation spikes, supply chain disruptions, and mixed job outcomes, with potential stock market shocks and retaliatory trade measures from partners like China and Canada possibly slowing US economic growth."

“在关税生效后，预期通货膨胀率，供应链中断和混合工作成果，以及潜在的股票市场冲击以及中国和加拿大等合作伙伴的报复性贸易措施，可能会减缓美国经济增长。”

March also saw the administration unveil plans for a Strategic Bitcoin Reserve and digital asset stockpile — including XRP, SOL, and ADA.

三月还揭示了战略性比特币储备和数字资产库存的计划，包括XRP，SOL和ADA。

But the news arrived amid heightened concern over the Trump administration's handling of immigration and fentanyl smuggling, leading to an executive order imposing 10% tariffs on all Chinese imports and 25% on Canadian and Mexican goods, effective Feb. 4, despite warnings from China, Canada and Mexico of retaliation.

但是，由于对特朗普政府对移民和芬太尼走私的处理的关注，这一消息传来了，这导致行政命令对所有中国进口征收10％的关税，而对加拿大和墨西哥商品的关税则为2月4日，尽管来自中国，加拿大，加拿大，加拿大和墨西哥的报复。

The move also prompted a backlash from US allies, with EU officials saying the administration should focus on cooperation over competition.

此举还引起了美国盟友的强烈反对，欧盟官员说，政府应专注于竞争的合作。

The administration later announced a one-month exemption on tariffs for US automakers importing from Canada and Mexico, and the White House extended the tariff pause on many imports that qualify under the USMCA.

政府随后宣布对从加拿大和墨西哥进口的美国汽车制造商的关税征收一个月的豁免，白宫延长了关税暂停，这是根据USMCA符合条件的许多进口。

At the same time, President Trump credited Mexican President Claudia Sheinbaum for "unprecedented" border cooperation and cooperation in curbing fentanyl smuggling, and Prime Minister Justin Trudeau signaled Canada was working to ease tensions with the US.

同时，特朗普总统将墨西哥总统克劳迪娅·谢因鲍姆（Claudia Sheinbaum）归功于遏制芬太尼走私方面的“前所未有的”边境合作与合作，总理贾斯汀·特鲁多（Justin Trudeau）表示加拿大努力缓解与美国的紧张局势。

The administration's tone began to soften in mid-March, with Treasury Secretary Scott Bessent saying tariffs would be tailored to each country's trade practices and could be avoided entirely if partners lowered their own barriers.

政府在3月中旬开始软化，财政部长Scott Bessent表示，关税将针对每个国家的贸易做法量身定制，如果合作伙伴降低了自己的障碍，则可以完全避免。

Financial markets, rattled for weeks by the tariff saga, began to recover. On March 24, Bitcoin rose to $88,474 on reports that the administration's next round of tariffs would be more targeted than initially feared.

金融市场被关税传奇持续了数周，开始恢复。 3月24日，比特币上涨至88,474美元，报道说，政府的下一轮关税将比最初所担心的更为有针对性。

"The optimism over the administration's handling of the tariff situation is also likely to keep traders upbeat," said Ben Azouri, an analyst at CapitalVia.

Capitalvia的分析师本·阿苏里（Ben Azouri）表示：“对政府处理关税情况的乐观情绪也可能使交易者乐观。”

However, despite the recent shift in strategy, the administration's trade agenda remains a key focus for investors, especially with the second phase of "reciprocal tariffs" set to take effect on April 2— also known as Liberation Day.

但是，尽管战略最近发生了变化，但政府的贸易议程仍然是投资者的重点，尤其是第二阶段的“相互关税”定于4月2日生效，也称为解放日。

"The optimism over the administration's handling of the tariff situation is also likely to keep traders upbeat," said Ben Azouri, an analyst at CapitalVia.

Capitalvia的分析师本·阿苏里（Ben Azouri）表示：“对政府处理关税情况的乐观情绪也可能使交易者乐观。”

However, despite the recent shift in strategy, the administration's trade agenda remains a key focus for investors, especially with the second phase of "reciprocal tariffs" set to take effect on April 2— also known as Liberation Day.

但是，尽管战略最近发生了变化，但政府的贸易议程仍然是投资者的重点，尤其是第二阶段的“相互关税”定于4月2日生效，也称为解放日。

"In the week leading up to Trump’s reciprocal tariffs on April 2, expect market volatility, corporate lobbying for exemptions, preemptive price hikes, and global diplomatic efforts to mitigate the impact," said Ryan Lee, chief analyst at Bitget Research in a recent written analysis shared with Cointelegraph.

Bitget研究在与Cointelegraph的最新书面分析中，BITGET研究首席分析师Ryan Lee说：“在4月2日特朗普的相互关税之前的一周中，预计市场波动，公司游说豁免，先发制人的价格上涨以及全球外交努力来减轻影响。”

"After the tariffs take effect, anticipate inflation spikes, supply chain disruptions, and mixed job outcomes, with potential stock market shocks and retaliatory trade measures from partners like China and Canada possibly slowing US economic growth."

“在关税生效后，预期通货膨胀率，供应链中断和混合工作成果，以及潜在的股票市场冲击以及中国和加拿大等合作伙伴的报复性贸易措施，可能会减缓美国经济增长。”

Investors should also continue monitoring traditional market developments, especially with Bitcoin's rising correlation with traditional indexes, said Liquify's d'Anethan.

Liquifie的D'Anethan说，投资者还应继续监视传统的市场发展，尤其是比特币与传统指数的不断上升的相关性。

"With BTC’s correlation to the S&P

“随着BTC与标准普尔的相关性