关税，关税，关税。特朗普在本周中占主导地位的征收税款。

特朗普在本周中占主导地位的征收税款。一开始，关税将股票和加密货币明显降低。到最后

Tariffs, Trump and crypto

关税，特朗普和加密货币

At the beginning of the week, the threat of widespread U.S. tariffs on goods imported from China and other countries had already sent stocks and crypto appreciably lower.

在本周初，美国对从中国和其他国家进口的商品的广泛关税的威胁已经明显降低了股票和加密货币。

By the end of the week, all new non-China tariffs were set to be paused for 90 days, and markets were up again. Bitcoin returned to a level ($82,000) that it was at this time last week.

到本周末，所有新的非中国关税都将暂停90天，市场再次上升。比特币恢复了上周这个时候的水平（82,000美元）。

And analysts were debating whether, in the panic of the previous days, it showed “safe haven” qualities (like gold) or whether it was a risk-asset like many others.

分析师正在辩论，在前几天的恐慌中，它表现出“避风港”的品质（例如黄金），还是像其他许多人一样是风险资源。

The consensus was that bitcoin performed resiliently rather than completely reassuringly.

共识是比特币表现出色，而不是完全令人放心。

Our Asia reporting team led the way on our markets coverage. Omkar Godbole started the week strong by revealing how the unwinding of the "basis trade" could impact bitcoin price. Sam Reynolds wrote on how Kalshi was set to win its legal battle in Nevada, hours before the prediction market got its first victory in the state. Shaurya Malwa reported on the first XRP ETF listing in the U.S. and how Teucrium's leveraged fund received $5m during its first day of trading.

我们的亚洲报告团队领导了我们的市场报道。 Omkar Godbole通过揭示“基础贸易”的放松可能影响比特币价格的强劲开始。萨姆·雷诺兹（Sam Reynolds）写道，卡尔西（Kalshi）如何赢得在内华达州的法律斗争，这是在预测市场获得该州首次胜利的数小时。 Shaurya Malwa报道了美国的第一个XRP ETF上市，以及Teucrium的Leveraged Fund如何在交易的第一天获得500万美元。

From our European team, there was some timely analysis from James Van Straten, and the All-Important U.S. 10-Year Yield Moving in the Wrong Direction for Trump, and a story showing the resilience of the decentralized economy from Oliver Knight, How DeFi 'Defied' Market Carnage as Traders Poured Millions Amid Panic. Our coverage expanded beyond just tariffs and market reactions, with Jamie Crawley's scoop, Rootstock Prepares to Release SDKs for Bitcoin Layer 2s Using BitVMX after he took the opportunity offered by an embargoed press release to phone the company and interview the founder. And there was a nice DeFi follow-up on the repercussions of HyperLiquid's price manipulation exploit from March by Oliver, How the Hype for HyperLiquid's Vault Evaporated on Concerns Over Centralization.

从我们的欧洲团队中，詹姆斯·范·斯特拉滕（James van Straten）进行了一些及时的分析，而美国至关重要的10年收益率向特朗普朝着错误的方向发展，一个故事显示了奥利弗·奈特（Oliver Knight）的分散经济的韧性，随着贸易商在恐慌中倒入数百万美元的贸易商时，贸易商却如何抗拒。我们的覆盖范围不仅扩大了关税和市场反应，而且杰米·克劳利（Jamie Crawley）的勺子，Rootstock准备使用BITVMX释放使用比特币2层的SDK，此前他抓住了禁运的新闻稿提供的机会来给公司打电话给公司并采访创始人。而且，关于超流动性的价格操纵从3月起的利用的影响进行了很好的后续措施，Oliver从3月开始利用了高流动性保管库的炒作如何蒸发到对集中化的担忧。

Meanwhile, there was lots of news that wasn’t tariff-related.

同时，有很多新闻与关税无关。

Paul Atkins was confirmed as the new SEC chair. The Department of Justice closed down its crypto enforcement unit, prompting criticism, from Democrats and others, that it’s not serious about combating malfeasance. The SEC approved ETH ETF options, following a long delay. And President Trump put an end to a controversial DeFi accounting rule.

保罗·阿特金斯（Paul Atkins）被确认为新的SEC主席。司法部关闭了其加密执法部门，促使民主党人和其他人促使批评，这并不严重打击渎职行为。 SEC批准了ETH ETF选项，并在很长的延迟之后。特朗普总统结束了有争议的违规会计规则。

It was a week that showed how crypto was increasingly central to finance and even macro-economics. Fun times are ahead.

这一周表明了加密货币对金融甚至宏观经济学的核心程度越来越大。有趣的时光即将到来。