即使按照加密標準，也是一個動蕩的一周。

隨著行業愛好者和商業領袖在法國首都中心舉行為期一周的行業活動時，代幣的價格鞭打了。

Even by crypto standards, it’s been a volatile week.

即使按照加密標準，也是一個動蕩的一周。

As industry enthusiasts and business leaders descended on Paris for a weeklong industry event in the heart of the French capital, token prices whipsawed.

隨著行業愛好者和商業領袖在法國首都中心舉行為期一周的行業活動時，代幣的價格鞭打了。

The market’s largest digital assets plummeted by double digits on Monday, only to bounce back on Wednesday after US President Donald Trump announced he would pause harsh tariffs on the world’s largest economy.

該市最大的數字資產週一被雙數位數下降，但在美國總統唐納德·特朗普（Donald Trump）宣布他將對世界上最大的經濟體持續嚴重關稅後，在周三反彈。

Bitcoin, Ethereum and XRP all jumped 8% on Thursday morning.

比特幣，以太坊和XRP在周四早上躍升了8％。

By Friday, Ethereum dropped another 4%. Other assets are trading flat.

到星期五，以太坊又下降了4％。其他資產交易平坦。

“It’s chaos,” John Nahas, vice president of business development at Ava Labs, told DL News on the sidelines of Paris Blockchain Week.

“這是混亂，” Ava Labs業務發展副總裁John Nahas在巴黎區塊鏈週的旁觀方面告訴DL新聞。

It’s also not what industry enthusiasts expected from Trump’s so-called crypto embrace.

這也不是行業愛好者對特朗普所謂的加密貨幣擁抱的期望。

In his first weeks in office, the president appointed financial regulators that dropped or delayed several high-profile lawsuits against crypto firms, appointed the country’s first-ever crypto czar, and signed a slew of executive orders that prioritise the industry.

在任職的頭幾周中，總統任命了金融監管機構，他們撤銷或推遲了針對加密貨幣公司的幾項備受矚目的訴訟，任命了該國有史以來的第一個加密沙皇，並簽署了一系列行政命令，將其優先考慮該行業。

And yet prices slump.

價格低落。

Since Trump took office on January 20, the total crypto market has dropped by almost 30%, or nearly $1 trillion, according to CoinGecko.

根據Coingecko的說法，自從特朗普於1月20日上任以來，加密貨幣市場的總數下降了近30％，即近1萬億美元。

“The irony is you went from complete regulatory uncertainty to regulatory certainty,” Nahas said.

納哈斯說：“具有諷刺意味的是，您從完全的監管不確定性轉變為監管確定性。”

“But now there’s general market and geopolitical uncertainty.”

“但是現在有一般市場和地緣政治不確定性。”

Delayed plans

延遲計劃

Nahas didn’t concede that Trump has been bad for crypto.

納哈斯（Nahas）並不承認特朗普（Trump）對加密貨幣不利。

Still, timelines for some crypto firms have changed even as American crypto rules take shape.

儘管如此，即使在美國加密規則成形的情況下，一些加密貨幣公司的時間表也發生了變化。

Chiliz, the crypto company behind sports-branded cryptocurrencies issued by stalwart soccer clubs like Juventus and PSG, provides a unique glimpse into this dynamic.

奇利茲（Chiliz）是由尤文圖斯（Juventus）和PSG等堅定的足球俱樂部發行的運動品牌加密貨幣背後的加密貨幣公司，為這種動態提供了獨特的瞥見。

Alexander Dreyfus, the company’s CEO, said Chiliz spent $80 million to establish similar partnerships with 27 NBA teams, 13 NFL teams, 13 NHL teams, and the entire MLS in 2021 and 2022.

該公司首席執行官亞歷山大·德雷福斯（Alexander Dreyfus）表示，Chiliz花了8000萬美元與2021年和2022年的27支NBA球隊，13支NFL團隊，13個NHL球隊以及整個MLS建立了類似的合作夥伴關係。

It eventually left the country in 2024 due to regulatory reasons, among other strategic reasons, according to Dreyfus.

Dreyfus表示，由於監管原因以及其他戰略原因，它最終於2024年離開該國。

The Securities and Exchange Commission included the company’s token, called CHZ, in a long list of several other tokens that the agency alleged were securities in its lawsuit against Consensys in 2024.

證券交易委員會包括該公司的代幣，名為CHZ，在2024年對Consensys訴訟中的證券中的其他幾個代幣中的一長串代幣中。

The SEC dropped the lawsuit in April, and Dreyfus says he’s now rekindling those major league relationships stateside.

SEC在4月放棄了訴訟，Dreyfus表示，他現在正在將這些美國職業棒球大聯盟的關係重新紮根。

“Whoever is relevant to what we’ve done in the past and what we want to do in the future, we’re reengaging with them,” Dreyfus said.

Dreyfus說：“誰與我們過去所做的事情以及我們將來想做的事情有關，我們都會與他們重新接觸。”

The timeline for when the company can reveal anything on this front is still murky due to the Trump-induced market chop, he said.

他說，由於特朗普引起的市場股，該公司何時可以在這方面透露任何東西的時間表仍然陰暗。

Supply chain chaos

供應鏈混亂

Reports are also emerging of how Trump’s tariff action has spurred discussions among crypto mining outfits and hardware wallet providers to reroute critical supply chains.

關於特朗普的關稅行動如何激發了加密貨幣礦業服和硬件錢包提供商的討論，以重新布魯特重新供應鏈條。

Asked whether Ledger, the industry’s largest wallet provider, was having similar discussions, Ian Rodgers, the firm’s chief design officer, said it’s still far too early.

該公司首席設計官伊恩·羅傑斯（Ian Rodgers）說，該行業最大的錢包提供商是否有類似的討論，當時該行業最大的錢包提供商表示還為時過早。

Ledger has a partnership with Foxconn, one of the largest electronics manufacturers in the world with factories around Asia.

Ledger與富士康（Foxconn）建立了合作夥伴關係，後者是世界上最大的電子製造商之一，在亞洲各地擁有工廠。

“We’re not worried yet,” he told DL News. “There will be a sane solution to this. And there are people, like Nike, that are in a much harder place than we are.”

他對DL新聞說：“我們還不擔心。” “這將有一個理智的解決方案。而且，像耐克這樣的人在一個比我們更難的地方。”

Still, others say that lagging price is lagging price.

儘管如此，其他人仍說落後的價格是落後的價格。

“On the crypto agenda in the United States, we’ve probably made more progress in four months in this new administration than in four years,” Dante Disparte, the chief strategy officer of stablecoin issuer Circle, declared on Tuesday.

“在美國的加密議程中，在新政府中，我們可能在四個月內取得了比四年的進步。” Stablecoin發行人圈子的首席戰略官Dante Disparte週二宣布。

Ironically, Circle is another company that’s entered a holding pattern amid market chaos.

具有諷刺意味的是，Circle是另一家在市場混亂中進入持有模式的公司。

Days after Circle filed to list publicly on the New York Stock Exchange in April, it moved to delay the listing, according to the Wall Street Journal.

根據《華爾街日報》的報導，圓圈於4月在紐約證券交易所公開上市的幾天后，它推遲了上市。

‘First time, huh?’

“第一次，是嗎？”

For still more hardened crypto founders, any complaints about the recent market turbulence are for the birds.

對於更堅固的加密創始人，對最近市場動蕩的任何抱怨都是針對鳥類的。

The industry managed to climb to $2.6 trillion with very little government assistance, after all.

畢竟，在政府的援助很少，該行業設法攀升至2.6萬億美元。

Charles Hoskinson, the founder of Cardano development firm IOHK, said that even in the face of plunging prices, many in the industry are showing a remarkable lack of stomach.

Cardano開發公司IOHK的創始人查爾斯·霍斯金森（Charles Hoskinson）表示，即使面對價格下跌，許多行業中的許多人也表現出明顯的胃部。

“We’ve lived through 90% downturns in crypto,” he told DL News in an exclusive interview.

他在一次獨家採訪中對DL新聞說：“我們在加密貨幣中經歷了90％的衰退。”

“It’s like the meme with the guy with the noose on his neck, where he’s, like, ’first time, huh?‘”

“這就像與絞索絞索的傢伙的模因一樣，他在哪裡，就像，'第一次，吧？'”

Liam Kelly is a Berlin-based reporter for DL News. Got a tip? Email him at liam@dlnews.com.

利亞姆·凱利（Liam Kelly）是DL新聞的柏林記者。有小費嗎？通過liam@dlnews.com給他發送電子郵件。