比特幣（BTC）已成為加密貨幣市場的“安全硬幣”

幾個壓力點正在融合：市場上更投機的角落，例如用於分散的物理基礎設施網絡（DEPIN），用於人工智能（AI）代理商的內存和硬幣的代幣。他們的表現不佳強調了投資者的謹慎。

The cryptocurrency market has seen better days, with several stress points converging to keep upbeat traders at bay.

加密貨幣市場已經過了更好的日子，有幾個壓力點融合，以使樂觀的交易者陷入困境。

Most cryptocurrency tokens have struggled to maintain any upward momentum throughout 2024, especially after the cryptocurrency market experienced significant gains in the final months of 2023.

大多數加密貨幣令牌都在整個2024年都在努力保持任何向上的動力，尤其是在2023年最後幾個月的加密貨幣市場經歷了顯著增長之後。

However, the speculative corners of the market, such as tokens used for Decentralized Physical Infrastructure Networks (DePINs), memecoins and coins used for Artificial Intelligence (AI) agents, have been hardest hit. Their underperformance highlights growing investor caution.

但是，市場的投機拐角，例如用於分散的物理基礎設施網絡（Depins），用於人工智能代理商（AI）代理商的代幣，是最大的打擊。他們的表現不佳強調了投資者的謹慎。

Kar Yong Ang, a financial market analyst at Octa broker, explains: ‘As of right now, the market clearly sees more value in Bitcoin vs the rest of the crypto universe. The global macroeconomic situation is highly unstable, with tariffs drama still unfolding and rising protectionism potentially threatening the U.S. dollar’s reserve currency status. As a result, investors’ capital has migrated from high-risk crypto space like alt-coins into relatively low-risk Bitcoin. In fact, Bitcoin has become a sort of “safe-haven coin” of the crypto market’.

Octa Broker的金融市場分析師Kar Yong Ang解釋說：“截至目前，該市場顯然看到比特幣與加密貨幣宇宙的其餘部分相比。全球宏觀經濟狀況非常不穩定，關稅戲劇仍在不斷發展，貿易保護主義可能威脅到美元的儲備貨幣狀況。結果，投資者的資本已從高風險的加密貨幣（如Alt-Coins）遷移到相對低風險的比特幣。實際上，比特幣已成為加密貨幣市場的一種“安全硬幣”。

Indeed, broader financial markets have become increasingly concerned about the deteriorating U.S. twin deficits (fiscal and trade), both of which are on an unsustainable trajectory. The yields on the U.S. 20-year government bonds rose above 5.15% on 22 May, almost a two-year high, while the U.S. Dollar Index (DXY) dropped below the critical 100 mark, reflecting eroding confidence in the USD’s safe-haven status. Furthermore, ratings agency Moody’s downgraded the U.S. sovereign rating, one notch down from ‘Aaa’ to ‘Aa1’ due to concerns about the nation’s growing debt.

確實，更廣泛的金融市場變得越來越關注美國雙胞胎赤字（財政和貿易），這兩者都處於不可持續的軌跡上。 5月22日，美國20年政府債券的收益率上升了5.15％，幾乎為期兩年，而美元指數（DXY）降至關鍵的100大關以下，這反映了對美元的避風勢健康狀況的信心。此外，由於對美國日益增長的債務的擔憂，評級機構穆迪（Moody）的穆迪（Moody）將美國主權評級降低到“ AAA”為“ AA1”。

Concurrently, most cryptocurrencies continue to act as high-beta proxies for global sentiment, and in today’s global macroeconomic environment, that sensitivity is proving to be a significant headwind. Tariff disputes between the U.S. and China, macroeconomic uncertainty, and declining equity market performance are all contributing to a reduction in overall risk appetite, thereby negatively impacting most cryptocurrencies. However, Bitcoin appears to be a major exception in this regard.

同時，大多數加密貨幣繼續充當全球情感的高beta代理，在當今的全球宏觀經濟環境中，這種敏感性被證明是一個重大的逆風。美國和中國之間的關稅糾紛，宏觀經濟的不確定性和股票市場績效下降都導致整體風險胃口的降低，從而對大多數加密貨幣產生負面影響。但是，在這方面，比特幣似乎是一個主要例外。

Kar Yong Ang explains: ‘At first, the BTC rally appeared to be highly speculative: the market had positively reacted to Trump’s softer stance towards the Federal Reserve (Fed) Chairman and U.S.-China trade deal. Later, however, Bitcoin became the only major crypto coin to set a new all-time high. It suggests a continuing flight to perceived safety within the crypto universe, while alt-coin flows remain diminished’.

Kar Yong Ang解釋說：“起初，BTC集會似乎是高度投機性的：市場對特朗普對美聯儲（美聯儲）董事長和美國 - 中國貿易協議的柔和立場做出了積極反應。然而，後來，比特幣成為唯一一枚新的加密硬幣，這是一個新的歷史最高水平。這表明在加密貨幣宇宙內持續啟動安全的安全性，而Alt-Coin流仍然減少。

Still, the ongoing macroeconomic uncertainty and potential failure of the U.S. to resolve its trade tensions with the European Union (EU) could act as an immediate catalyst, potentially triggering a renewed bearish phase for Bitcoin. Just recently, U.S. President Donald Trump’s threat to impose 50% tariffs on the EU triggered a classical risk-off move—a sell-off in BTCUSD and a rally in XAUUSD.

儘管如此，美國持續的宏觀經濟不確定性和潛在的無法解決與歐盟（EU）解決其貿易緊張局勢的可能性可能是直接的催化劑，有可能引發比特幣的新看跌階段。就在最近，美國總統唐納德·特朗普（Donald Trump）對歐盟徵收50％關稅的威脅引發了經典的冒險舉動，這是BTCUSD的拋售和Xauusd的集會。

Traders and long-term investors should keep a close eye on:

貿易商和長期投資者應密切關注：

* The U.S. 20-year government bond yields.

*美國20年的政府債券收益率。

* The U.S. Dollar Index (DXY).

*美元索引（DXY）。

* The latest updates on the U.S. trade disputes with China and the EU.

*有關與中國和歐盟的貿易糾紛的最新更新。

Tactical patience will be essential this summer. Rushing in to buy Bitcoin now may be unwise, but carefully buying the dips is more reasonable. Key levels to watch are 105,000, 98,000, 94,000, 89,000, and 84,000.

戰術耐心將在今年夏天至關重要。現在急於購買比特幣可能是不明智的，但是仔細購買蘸醬更合理。觀看的關鍵水平是105,000、98,000、94,000、89,000和84,000。

Compliance reminder: trading Contracts for Difference (CFDs) carries a high level of risk and may not be suitable for all investors. Emotional trading can increase this risk. Always trade within your means and understand the risks involved.

合規性提醒：差額交易合同（CFD）具有很高的風險，可能不適合所有投資者。情緒交易可以增加這種風險。始終以您的手段交易並了解所涉及的風險。

Octa is an international broker that has been providing online trading services worldwide since 2011. It offers commission-free access to financial markets and various services used by clients from 180 countries who have opened more than 52 million trading accounts. To help its clients reach their investment goals, Octa offers free educational webinars, articles, and analytical tools.

Octa是一家國際經紀人，自2011年以來一直在全球提供在線交易服務。它提供了無佣金的訪問金融市場和來自180個國家開設超過5200萬個交易帳戶的客戶使用的各種服務。為了幫助客戶達到投資目標，Octa提供免費的教育網絡研討會，文章和分析工具。

The company is involved in a comprehensive network of charitable and humanitarian initiatives, including the improvement of educational infrastructure and short-notice relief projects supporting local communities.

該公司參與了慈善和人道主義倡議的綜合網絡，包括改善教育基礎設施和支持當地社區的簡報救濟項目。

Since its foundation, Octa has won more than 100 awards, including the ‘Most Reliable Broker Global 2024’ award from Global Forex Awards and the ‘Best Mobile Trading Platform 2024’ award from Global Brand Magazine.

自成立以來，Octa贏得了100多個獎項，包括全球外匯獎的“最可靠的Broker Global 2024獎”和《全球品牌雜誌》獲得的“最佳移動交易平台2024”獎。