儘管鮑威爾（Powell）的演講很可怕

聯邦儲備主席杰羅姆·鮑威爾（Jerome Powell）在周三的演講中對唐納德·特朗普總統的關稅提出了令人討厭的起訴，這是加密貨幣的鞭打。

Crypto traders weren’t the only ones closely watching Federal Reserve Chairman Jerome Powell on Wednesday. Economists and political scientists also tuned in to hear what the top U.S. central banker had to say about President Donald Trump’s trade policies.

加密交易者並不是唯一密切關注美聯儲主席杰羅姆·鮑威爾（Jerome Powell）的人。經濟學家和政治科學家還調整了我們最高銀行家對唐納德·特朗普總統的貿易政策的看法。

After months of Trump administration officials hinting at the possibility of a trade war with China and other nations, the president went ahead and slapped tariffs on $250 billion worth of Chinese goods this spring. The move sparked immediate backlash from several economists, who warned that the tariffs would ultimately harm U.S. consumers and businesses more than they would help.

經過幾個月的特朗普政府官員暗示與中國和其他國家進行貿易戰爭的可能性，總統今年春季向價值2500億美元的中國商品收取了關稅。此舉引發了幾位經濟學家的立即反彈，他們警告說，關稅最終將損害我們的消費者和企業，而不是他們的幫助。

However, Powell had a different take on the tariffs during his Wednesday afternoon speech at the Economic Club of Chicago.

但是，鮑威爾在周三下午在芝加哥經濟俱樂部的演講中對關稅有所不同。

“The level of the tariff increases announced so far is significantly larger than anticipated, and they are likely to have a material impact on the U.S. economy, reducing output and raising prices,” Powell said.

鮑威爾說：“迄今為止宣布的關稅水平高於預期，它們可能會對美國經濟產生重大影響，降低產出並提高價格。”

“We may find ourselves in the challenging scenario in which our dual-mandate goals are in tension. In the broadest terms, the administration’s stated policies are likely to result in higher inflation and slower growth.”

“我們可能會發現自己處於挑戰性的情況下，我們的雙重目標處於緊張狀態。在最廣泛的角度上，政府規定的政策可能會導致通貨膨脹率更高，增長速度較慢。”

The Fed chair’s ominous outlook for the U.S. economy triggered a precipitous drop in bitcoin’s price. But the digital asset recovered quickly from the $83K level during after-hours trading.

美聯儲主席對美國經濟的不祥前景引發了比特幣價格的急劇下降。但是，在下班後交易期間，數字資產從8.3萬美元的水平迅速恢復。

“Bitcoin (BTC) dropped roughly 2%, from $85,300 to $83,300, within 30 minutes of Fed Chair Jerome Powell’s 1:30 PM EST remarks,” said Dylan Bane, an analyst at crypto data intelligence firm Messari.

加密數據情報公司Messari的分析師Dylan Bane表示：“比特幣（BTC）下降了約2％，從85,300美元降至83,300美元，在美聯儲主席杰羅姆·鮑威爾（Jerome Powell）的第1:30 pm Est發表講話後30分鐘內。”

“Equities followed a similar pattern. The Dow Jones, S&P 500, and Nasdaq fell between 1.5% and 4% over the course of the day, suggesting a broad-based risk-off reaction to Powell’s comments.”

“股票遵循類似的模式。道瓊斯，標準普爾500指數和納斯達克股票在一天的過程中下跌了1.5％至4％，這表明對鮑威爾的評論產生了廣泛的風險反應。”

Overview of Market Metrics

市場指標概述

Bitcoin is currently trading at $84,891.80, continuing its upward momentum with a modest 0.12% gain since yesterday and reflecting a strong 7.09% increase over the past week. The asset fluctuated between $83,314.85 and $85,428.28 during the past 24 hours, indicating a relatively stable trading session despite some broader market hesitation.

比特幣目前的交易價格為84,891.80美元，自昨天以來以0.12％的增長幅度不高，反映了過去一周的7.09％增長。在過去24小時內，該資產波動在83,314.85美元至85,428.28美元之間，表明儘管市場猶豫了一些猶豫，但交易會相對穩定。

Trading volume dipped by 7.13% to $24.59 billion, and market capitalization stands at $1.68 trillion, down by a marginal 0.11% since Wednesday. Bitcoin dominance slipped slightly by 0.02% to 63.92%, a subtle indication that altcoins are beginning to regain minor footing following recent underperformance.

交易量下降了7.13％，至245.9億美元，自周三以來，市值為1.6.8萬億美元，邊際0.11％。比特幣優勢略有下滑0.02％至63.92％，這是一個微妙的跡象表明，山寨幣在最近的表現不佳之後開始重新獲得較小的立足點。

Meanwhile, futures activity showed a modest decline, with total BTC open interest falling 0.54% to $54.36 billion. According to Coinglass, total liquidations amounted to $3.96 million over the past day, with short sellers getting hit the hardest and accounting for $3.92 million of that figure. Long positions, in contrast, remained relatively untouched at just $37,970, signaling strong market confidence and a continued short squeeze environment.

同時，期貨活動顯示出適度的下降，BTC的總利息下降了0.54％，至543.6億美元。根據Coinglass的數據，過去一天的清算總額為396萬美元，賣空者的銷量最大，佔該數字的392萬美元。相比之下，長位置相對較少，僅為37,970美元，這表明了強烈的市場信心和持續的短暫擠壓環境。

Powell Warns Trump Of Negative Impact Of Tariffs

鮑威爾警告特朗普對關稅的負面影響

The Fed chair issued a clear warning about the impact of Trump’s tariffs as he spoke about the U.S. economy at the Economic Club of Chicago.

美聯儲主席對特朗普在芝加哥經濟俱樂部談到美國經濟時的關稅影響明確警告。

“The new administration is in the process of implementing substantial policy changes that may have implications for the outlook for inflation and unemployment,” Powell explained.

鮑威爾解釋說：“新政府正在實施實質性的政策變化，這可能對通貨膨脹和失業的前景產生影響。”

“We may find ourselves in the challenging scenario in which our dual-mandate goals are in tension. In the broadest terms, the administration’s stated policies are likely to result in higher inflation and slower growth.”

“我們可能會發現自己處於挑戰性的情況下，我們的雙重目標處於緊張狀態。在最廣泛的角度上，政府規定的政策可能會導致通貨膨脹率更高，增長速度較慢。”

What Powell is alluding to is a conundrum economists refer to as “stagflation,” where economic growth stagnates while inflation rises, putting central bankers in a pickle because they can’t rein in one metric without adversely impacting the other.

鮑威爾所暗示的是一個難題的經濟學家稱為“停滯”，在通貨膨脹率上升的同時，經濟增長停滯不前，將中央銀行的泡菜置於泡菜中，因為他們不能不對另一個度量產生不利影響。

Both bitcoin and traditional assets reacted with a selloff, but going forward, Bane said he expects the cryptocurrency to eventually reduce its correlation with stock markets, which currently stands at 71%, according to Newhedge.

紐約說，比特幣和傳統資產都對拋售有反應，但貝恩（Bane）表示，他預計加密貨幣最終會降低其與股票市場的相關性，而股票市場目前為71％。

“Until the full impact of tariffs and inflation dynamics plays out, we expect BTC to continue moving broadly in tandem with equities,” Bane said.

貝恩說：“直到關稅和通貨膨脹動態的全部影響效果為止，我們希望BTC繼續與股票的股票息息相關。”

“A true decoupling likely hinges on a fundamental restructuring of the international economic order that could see the U.S. dollar losing its status as the world’s reserve currency.”

“真正的十字形可能取決於國際經濟秩序的基本重組，這可能會使美元失去其作為世界儲備貨幣的地位。”