加密貨幣市場在周二表現出顯著的穩定性，似乎對特朗普政府關稅政策的經濟影響感到悲觀不安。

比特幣以高於95,000美元的高度收回的比特幣，而傳統股票市場也持續了恢復趨勢，促使一些分析師質疑市場是否在基本的經濟風險中準確定價。

Cryptocurrency markets displayed notable stability on Tuesday, seemingly unfazed by mounting pessimism regarding the economic impact of the Trump administration’s tariff policies.

加密貨幣市場在周二表現出顯著的穩定性，似乎對特朗普政府關稅政策的經濟影響感到悲觀不安。

Bitcoin edged higher, reclaiming ground above $95,000, while traditional stock markets also continued a recovery trend, prompting some analysts to question whether markets are accurately pricing in underlying economic risks.

比特幣以高於95,000美元的高度收回的比特幣，而傳統股票市場也持續了恢復趨勢，促使一些分析師質疑市場是否在基本的經濟風險中準確定價。

Markets march higher despite warning signs

市場儘管有警告信號，市場越來越高

Bitcoin (BTC) continued its recent positive momentum, gaining about 1% over the preceding 24 hours to trade near $95,400.

比特幣（BTC）繼續其最近的積極勢頭，比前24小時的交易收入約為95,400美元。

This move brought the key $96,000 level – last seen in late February – within striking distance.

此舉帶來了關鍵的$ 96,000水平，最後一次是2月下旬 - 在驚人的距離之內。

The broader crypto market showed similar resilience, with the CoinDesk 20 index advancing 1.1%.

更廣泛的加密貨幣市場表現出類似的彈性，Coindesk 20指數上漲了1.1％。

Bitcoin Cash (BCH) stood out with a significant 6.3% surge.

比特幣現金（BCH）升高了6.3％。

Crypto-related equities also participated, albeit modestly, with Coinbase (COIN) up 0.9% and MicroStrategy (MSTR) adding 3.3%, while Janover (JNVR) continued its strong run (+16%) linked to its Solana accumulation strategy.

與加密相關的股票也參加了謙虛，儘管Coinbase（Coin）上漲了0.9％，而MicroStrategy（MSTR）增加了3.3％，而Janover（JNVR）繼續進行了與其Solana累積策略相關的強勁運行（+16％）。

This relative calm in digital assets mirrored strength in traditional equities.

這種數字資產中的相對平靜反映了傳統股票的實力。

Both the S&P 500 and the Nasdaq composite posted gains of 0.55%, extending the recovery from the tariff-induced panic seen earlier in April.

標準普爾500指數和納斯達克綜合的收益均為0.55％，從4月早些時候看到的關稅引起的恐慌中延長了回收率。

Economic data paints sobering picture

經濟數據繪畫清醒圖片

However, this market buoyancy unfolded against a backdrop of increasingly concerning economic indicators, suggesting a potential slowdown possibly linked to the White House’s tariff strategies.

但是，這種市場浮力是在越來越多的經濟指標的背景下展開的，這表明潛在的放緩可能與白宮的關稅策略有關。

The Conference Board reported that US consumer confidence plummeted to its lowest level since May 2020, with the forward-looking consumer outlook component hitting its weakest point since 2011.

會議委員會報告說，美國消費者的信心下降到自2020年5月以來的最低水平，前瞻性的消費者前景組件達到了自2011年以來的最弱點。

Simultaneously, the latest Job Openings and Labor Turnover Survey (JOLTS) indicated a cooling labor market, with job openings falling to 7.19 million in March, significantly below the expected 7.5 million.

同時，最新的職位空缺和勞動力流動調查（JOLTS）表明，勞動力市場是一個冷卻勞動力市場，3月份的職位空缺降至719萬，大大低於預期的750萬。

Adding to the complex policy environment, Secretary of Commerce Howard Lutnick mentioned Tuesday that a trade deal had been reached with an unspecified country, though he noted it still required ratification, offering little immediate clarity on the broader tariff situation.

霍華德·盧特尼克（Howard Lutnick）週二提到，除了複雜的政策環境外，還與未指定的國家達成了貿易協議，儘管他指出，這仍然需要批准，幾乎沒有立即對更廣泛的關稅情況的明確性。

Analyst warns of market ‘blindness’ to fundamental risks

分析師警告市場“失明”以下基本風險

This apparent disconnect between market performance and weakening economic data has raised red flags among some observers.

市場績效與經濟數據削弱之間的明顯脫節使一些觀察者之間的危險信號升高了。

Jeff Park, head of Alpha Strategies at digital asset investment firm Bitwise, expressed strong concern about the market’s perspective.

數字資產投資公司Bitwise的Alpha策略負責人Jeff Park對市場的觀點表示強烈關注。

“Hard to fathom how blind the market really is,” Park posted on the social media platform X (formerly Twitter).

帕克在社交媒體平台X（以前是Twitter）上發布：“很難理解市場的真正盲目性。”

He argued that the market’s intense focus on potential Federal Reserve interest rate cuts misses a larger, more fundamental risk.

他認為，市場對潛在的美聯儲利率降低的強烈關注降低了更大，更根本的風險。

“A Fed cut means nothing if US creditworthiness is permanently impaired by the global community as resulted by dollar weaponization,” Park elaborated, linking the potential damage to Trump administration policies that leverage the dollar’s global role.

帕克詳細闡述說：“如果美國的信譽措施永久損害了全球社區，那麼美聯儲的削減將一無所有。”

He suggested that speculation about whether the Fed might be forced to cut rates to offset tariff impacts is misplaced.

他建議，關於是否可能被迫降低費率以抵消關稅影響的猜測是錯誤的。

“That’s the mispricing we are talking about here,” he continued.

他繼續說：“這是我們在這裡談論的錯誤定價。”

The myopic focus on whether [we] are getting a fed cut in May/June is completely irrelevant if the notion of the risk-free as we know it is fundamentally challenged forever, which means cost of capital globally is going higher.

如果我們知道的無風險概念永遠在根本上受到挑戰，這意味著全球資本的成本越來越高，近視關注[我們]是否在5月/6月被削減的美聯儲削減是完全無關緊要的。

Park’s comments highlight a deeper concern: that markets might be rallying on short-term hopes (like potential rate cuts) while ignoring potentially severe, longer-term structural damage to the US financial standing and the global cost of capital caused by ongoing policy uncertainty and aggressive trade tactics.

帕克的評論強調了一個更深的關注點：市場可能會在短期希望（例如削減稅率）上集會，同時忽略了對美國金融地位的潛在嚴重，長期結構性損害，以及由持續的政策不確定性和積極進取的貿易策略造成的全球資本成本。

While Bitcoin holds firm near recent highs, the debate continues over whether current market strength reflects genuine resilience or a dangerous disregard for underlying economic headwinds.

儘管比特幣持近最近的高點，但目前的市場實力是否反映了真正的韌性還是無視經濟逆風的危險，這一辯論仍在繼續。