從4月7日至11日，虛擬資產市場經歷了極端波動

隨著累計關稅率升至145％，中國立即以84％的報復性關稅做出反應。在此過程中，標準普爾的500指數在某一時期的峰值下降了18.9％。

The U.S. Federal Reserve's (Fed) interest rate hike is largely priced into the market, but the risk-averse sentiment is expected to continue until there is a reality of interest rate cuts and flexibility in tariff policies.

美國美聯儲（FED）的利率加息基本上是在市場上的，但是預計規避風險的情緒將繼續持續到關稅政策的現實降低利率和靈活性為止。

From April 7 to 11, the virtual asset market experienced extreme volatility as the "full-scale tariff war" between the United States and China unfolded.

從4月7日至11日，虛擬資產市場經歷了極端波動，因為美國與中國之間的“全面關稅戰爭”展開。

The market is gradually increasing expectations for a transition to a more accommodative currency policy. The consumer price index (CPI) for March in the U.S. fell below market expectations, indicating that the likelihood of inflation remains low. As a result, the possibility of a first interest rate cut in June rose to 62.6%.

市場正在逐漸提高對過渡到更容易貨幣政策的期望。美國3月份的消費者價格指數（CPI）低於市場預期，這表明通貨膨脹的可能性仍然很低。結果，6月首次降低利率的可能性上升至62.6％。

However, considering the pattern of the Fed cutting interest rates twice in December 2024 and November 2025, the probability of a second interest rate cut in the third quarter of next year is still low at 15.8%.

但是，考慮到美聯儲在2024年12月和2025年11月兩次降低利率的模式，明年第三季度第二次降低利率的可能性仍然很低，為15.8％。

The key factor that shook the virtual asset market last week was President Trump's tariff increase on China. As the cumulative tariff rate expanded to 145%, China immediately responded with a retaliatory tariff of 84%. During this process, the Standard & Poor's 500 index fell 18.9% from its peak at one point. A leveraged exchange-traded fund (ETF) incurred a loss of $25.7 billion in just two days.

上週動搖虛擬資產市場的關鍵因素是特朗普總統對中國的關稅增加。隨著累計關稅率升至145％，中國立即以84％的報復性關稅做出反應。在此過程中，標準普爾的500指數在某一時期的峰值下降了18.9％。槓桿交易所交易基金（ETF）在短短兩天內損失了257億美元。

While the S&P 500 index showed volatility close to 10% in a day, Bitcoin's volatility was relatively low. Among the top 50 asset classes by market capitalization, only a few tokens such as HYPE and OKB showed an upward trend, indicating a differentiated flow.

雖然標準普爾500指數一天的波動率接近10％，但比特幣的波動率相對較低。在市場資本化的前50個資產類別中，只有少數幾個炒作和OKB的代幣顯示出向上的趨勢，表明流動差異。

Choi Seung-ho, a researcher at Jangle, stated, "The market has been facing high uncertainty, repeatedly rising and falling based on a comment from President Trump, but if the perception that increased tariffs are a means to enhance political negotiation power spreads, it could alleviate caution against extreme scenarios."

Jangle的研究人員Choi Seung-Ho表示：“市場一直面臨著高度的不確定性，根據特朗普總統的評論反复上升和下降，但是如果認為增加關稅是一種增強政治談判權力傳播的手段，那麼它可能會減輕對極端風景的謹慎行事。”

He further explained, "If interest rate cuts and other measures materialize in the future, it could serve as a turning point for the recovery of risk assets."

他進一步解釋說：“如果將來降低利率和其他措施實現，它可能是恢復風險資產的轉折點。”

◇ Large financial and tech corporations in Japan are accelerating the commercialization of stablecoins

◇日本的大型金融和科技公司正在加速穩定的商業化

Sumitomo Mitsui Financial Group (SMFG) plans to issue its own stablecoin next fiscal year by forming a consortium with Avalabs and Fireblocks. They will also integrate the stablecoin with a service for investing in real-world assets (RWA), aiming to launch it as a payment method for use cases such as investing in unlisted ventures.

Sumitomo Mitsui金融集團（SMFG）計劃通過與Avalabs和Fireblocks組建一個財團來發布自己的Stablecoin下一個財政年度。他們還將將Stablecoin與用於投資現實世界資產（RWA）的服務集成在一起，旨在將其作為用例付款方式啟動，例如投資未列出的風險投資。

Sony Electronics Singapore has introduced "Crypto.com Pay" to support USDC payments in its online store. This marks the first occurrence of digital asset payment in the electronics sector. The virtual asset industry interprets that movements in the financial sector are now extending into real consumption areas.

Sony Electronics Singapore推出了“ Crypto.com Pay”，以支持其在線商店中的USDC付款。這標誌著電子領域數字資產支付的首次出現。虛擬資產行業解釋說，金融部門的運動現在正在延伸到實際的消費領域。

Through the revised Payment Services Act implemented in June 2023, Japan defines stablecoins as electronic payment methods and restricts issuers to banks, trust companies, and money transfer businesses. As a result, major banks like Sumitomo Mitsui and Mizuho are initiating projects. This is seen as part of the Japanese government's "web3 policy package" to promote the "Asian digital asset hub."

通過2023年6月實施的修訂後的付款服務法，日本將Stablecoins定義為電子支付方法，並將發行人限制在銀行，信託公司和匯款業務上。結果，諸如Sumitomo Mitsui和Mizuho之類的主要銀行正在啟動項目。這被視為日本政府“ Web3政策計劃”的一部分，以促進“亞洲數字資產中心”。

With more Japanese companies quickly setting up concrete utilization models applicable to the real economy, the competition for dominance over stablecoins in the Asian region is expected to heat up. To respond, South Korea needs to take the initiative in legislative organization, expanding corporate participation and fostering social consensus on the necessity of stablecoins.

隨著更多日本公司迅速建立適用於現實經濟的具體利用模型，預計亞洲地區對穩定股的統治地位將會加劇。為了做出回應，韓國需要採取立法組織的主動性，擴大公司參與並促進對穩定的社會共識。

◇ Bitcoin holders now have a path to profit

◇比特幣持有人現在有利潤的途徑

Individuals holding Bitcoin can now generate revenue through staking. The digital asset project "Babylon" recently launched its own blockchain, the "Babylon Genesis Chain," and plans to provide token rewards to Bitcoin holders participating in staking. Approximately 49,540 Bitcoins (about 5 trillion won) are staked in the Babylon protocol, occupying more than 80% of the total value locked (TVL) in the Bitcoin DeFi ecosystem.

持有比特幣的個人現在可以通過積累來產生收入。數字資產項目“巴比倫”最近推出了自己的區塊鏈“巴比倫創世紀鏈”，併計劃向參與賭場的比特幣持有者提供令牌獎勵。在巴比倫協議中，大約有49,540個比特幣（約5萬韓元），佔據了比特幣Defi生態系統中總價值鎖定的80％以上。

Babylon will utilize staked Bitcoin to enhance the security of various blockchain networks and distribute the " $ BABY " token issued as a reward to depositors. In a recent airdrop, 15% of the total supply of $BABY was distributed as rewards to early participants, marking the first instance of realizing the profitability of Bitcoin staking.

巴比倫將利用固定的比特幣來增強各種區塊鍊網絡的安全性，並分發發行的“ $ baby”代幣，以獎勵存款人。在最近的Airdrop中，$嬰兒的總供應量的15％被分發給了早期參與者，這標誌著意識到比特幣盈利能力的第一次實例。

The market is placing high expectations on Babylon's project, considering the potential for a large-scale inflow of liquidity from Bitcoin holders and the possibility of a synergistic effect with the DeFi ecosystem.

考慮到比特幣持有人大量流動性的潛力以及與Defi生態系統產生協同作用的可能性，市場對巴比倫的項目產生了很高的期望。

CrossAngle is providing essential operational solutions and trust-based community building services targeting companies and foundations adopting Web3. It operates the crypto data intelligence platform Jangle, and the Jangle research team is creating content to showcase trends in the virtual asset investment industry based on global virtual asset information and data.

Crossangle正在提供針對公司和採用Web3的基金會的基於信任的社區建設服務。它運營著加密數據智能平台jangle，而jangle研究團隊正在創建內容，以根據全球虛擬資產信息和數據來展示虛擬資產投資行業的趨勢。