标题：加密货币市场在商务部长霍华德·卢特尼克（Howard Lutnick）的评论之后稳定下来，他说唐纳德·特朗普总统周三可以宣布，北美自由贸易协定涵盖的加拿大和墨西哥进口商品的关税途径。

在商务部长霍华德·卢特尼克（Howard Lutnick）的评论之后，加密货币市场已经稳定了一定的稳定，他说唐纳德·特朗普（Donald Trump）总统可以在周三宣布对北美自由贸易协定（NAFTA）涵盖的加拿大和墨西哥进口的关税释放途径。

The crypto market has seen some stabilization following comments from Commerce Minister Howard Lutnick, who said President Donald Trump could announce on Wednesday a pathway for tariff relief on Canadian and Mexican imports covered by the North American Free Trade Agreement (NAFTA).

在商务部长霍华德·卢特尼克（Howard Lutnick）的评论后，加密货币市场已经稳定了，他说唐纳德·特朗普（Donald Trump）总统可能在周三宣布，北美自由贸易协定（NAFTA）涵盖的加拿大和墨西哥进口税率是对关税的途径。

This has helped Bitcoin (BTC) rebound to nearly $90K, pushing the total crypto market cap over $2.9 trillion. The recovery could extend further as recent trade war fears and market volatility have renewed bets on Federal Reserve (Fed) rate cuts.

这使比特币（BTC）反弹近9万美元，使总加密货币市值超过了2.9万亿美元。随着最近的贸易战争的恐惧和市场波动率更新了对美联储（美联储）降低税率的赌注，回收率可能会进一步延伸。

According to CME's FedWatch tool, the market is now pricing in at least three rate cuts for this year, while the 10-year Treasury yield has pulled back to 4.15%, down from 4.80% at the time of Trump's inauguration. Meanwhile, Germany's move to abandon its fiscal constraints has led to surging bond yields, kicking off a sell-off in the dollar index that could encourage risk-taking in the market.

根据CME的FedWatch工具的数据，该市场现在至少以今年的至少降低3税率，而10年的财政收益率已降至4.15％，低于特朗普就职时的4.80％。同时，德国放弃其财政限制的举动导致了债券收益率飙升，从而启动了美元指数的抛售，这可以鼓励市场上的冒险。

As a result, there’s a chance we might see Bitcoin revisit its weekend high of $95,000, especially as technical charts are showing signs of seller exhaustion.

结果，我们有可能会看到比特币重新访问其95,000美元的周末高点，尤其是当技术图表显示出卖方疲惫的迹象时。

However, worsening growth concerns could limit these gains. Just two days ago, the Atlanta Fed's GDP forecast slid into negative territory at -2.8%, raising fears of stagflation, as noted by Singapore-based QCP Capital. The firm highlighted the importance of monitoring corporate yield spreads—both high-yield and investment-grade bonds—relative to U.S. Treasury yields for signs of market stress. "While this isn't signaling panic now, it's a trend we're closely watching," QCP said in a Telegram broadcast.

但是，增长问题的恶化可能会限制这些收益。就在两天前，亚特兰大美联储的GDP预测跌至-2.8％，这引起了人们对滞水的恐惧，正如新加坡QCP Capital所指出的那样。该公司强调了监测公司收益率差的重要性（包括高收益级和投资级债券）对美国财政部收益率的市场压力迹象。 QCP在电报广播中说：“虽然这不是现在引起恐慌的信号，但这是我们密切关注的趋势。”

One crucial aspect is determining how much of the 10-year yield decline and the weakness in the dollar can be attributed to traders adjusting their expectations about U.S. economic exceptionalism, which was largely driven by the Biden era's fiscal splurge. With the rise of ETFs and Trump's pro-crypto stance, Bitcoin has become more of a U.S. play, and a shift in the U.S. exceptionalism narrative could translate into significant volatility for BTC.

一个至关重要的方面是确定10年的收益率下降和美元的弱点可以归因于交易者调整对美国经济异常主义的期望，这在很大程度上是由拜登时代的财政浪费所驱动的。随着ETF和特朗普的亲克赖普托立场的兴起，比特币变得更像是美国的戏剧，美国的异常主义叙事的转变可能转化为BTC的重大波动。

JPMorgan, however, foresees a strengthening of the U.S. exceptionalism narrative under Trump's Presidency.

然而，摩根大通预计，在特朗普总统任期下，美国的杰出主义叙事得到了加强。

All of this means that Wednesday's U.S. ISM non-manufacturing (services) PMI and Friday's nonfarm payrolls could significantly influence the crypto markets.

所有这些都意味着，星期三的美国ISM非制造（服务）PMI和周五的非农业工资可能会极大地影响加密货币市场。

There are also rumors that President Trump will unveil the crypto reserve strategy at the White House Crypto Summit this Friday. With Trump having made considerable promises, the markets will be closely watching to see if he delivers; otherwise, there could be further turmoil ahead. Stay alert!

也有传言说，特朗普总统将在本周五的白宫加密峰会上推出加密储备策略。特朗普做出了巨大的诺言，市场将密切关注他是否提供。否则，可能会有进一步的动荡。保持警觉！

What to Watch

看什么

Crypto:

加密：

March 5, 11:00 a.m.: Circle is hosting a live webinar titled “State of the USDC Economy 2025” featuring Circle Chief Strategy Officer and Head of Global Policy Dante Disparte and three other executives from Bridge, Nubank and Cumberland.

3月5日，上午11:00：Circle将举办一项现场网络研讨会，名为“ USDC经济2025年”，由Circle首席战略官兼全球政策Dante Disparte和其他三名高管来自Bridge，Nubank和Cumberland。

March 6: Ethereum-based L2 blockchain MegaETH is deploying its public testnet, with user onboarding starting on March 10.

3月6日：基于以太坊的L2区块链Megaeth将部署其公共测试网，用户将于3月10日开始。

March 7: President Trump will host the inaugural White House Crypto Summit, bringing together top cryptocurrency founders, CEOs and investors.

3月7日：特朗普总统将主持首届白宫加密峰会，将高级加密货币创始人，首席执行官和投资者汇集在一起​​。

March 11: The Bitcoin Policy Institute and U.S. Senator Cynthia Lummis are co-hosting the invitation-only one-day event "Bitcoin for America" in Washington.

3月11日：比特币政策研究所和美国参议员辛西娅·卢米斯（Cynthia Lummis）正在华盛顿共同主持仅邀请函的一日活动“美国比特币”。

March 12: Hemi, an L2 blockchain that operates on both Bitcoin and Ethereum, has its mainnet launch.

3月12日：Hemi是一个在比特币和以太坊上运行的L2区块链，其主网发射。

Macro

宏

March 5, 8:00 a.m.: S&P Global will release February Brazil economic activity data.

3月5日，上午8:00：标准普尔全球将发布2月2月巴西经济活动数据。

Services PMI Prev. 47.6

服务PMI Prev。 47.6

Composite PMI Prev. 48.2

复合PMI上一篇。 48.2

March 5, 8:15 a.m.: Automatic Data Processing AADP will release February U.S. non-farm private sector employment data.

3月5日，上午8:15：自动数据处理AADP将于2月发布美国非农业私营部门就业数据。

ADP Employment Change Est. 140K vs. Prev. 183K

ADP就业变更est。 140k与上一篇。 183k

March 5, 9:30 a.m.: S&P Global will release February Canada economic activity data.

3月5日上午9:30：标准普尔全球将发布2月加拿大经济活动数据。

Services PMI Prev. 49

服务PMI Prev。 49

Composite PMI Prev. 49.5

复合PMI上一篇。 49.5

March 5, 9:45 a.m.: S&P Global will release February U.S. economic activity data.

3月5日，上午9:45：标准普尔全球将发布2月美国经济活动数据。

Services PMI Est. 49.7 vs. Prev. 52.9

PMI服务是。 49.7与上一条。 52.9

Composite PMI Est. vs. 50.4 vs. Prev. 52.7

复合PMI EST。 vs. 50.4 vs.上一篇。 52.7

March 5, 10:00 a.m.: Institute for Supply Management (ISM) will release February U.S. economic activity data.

3月5日上午10:00：供应管理研究所（ISM）将发布2月美国经济活动数据。

Services PMI Est. 52.6 vs. Prev. 52

PMI服务是。 52.6与上一条。 52