唐納德·特朗普總統的互惠關稅的影響開始被感覺到

弗朗西斯科·羅德里格斯（Francisco Rodrigues）（除非另有說明），唐納德·特朗普（Donald Trump）總統的互惠關稅的影響開始被感覺到。

The impact of President Donald Trump’s reciprocal tariffs is starting to be felt.

唐納德·特朗普總統的互惠關稅的影響開始受到感受。

The U.S. economy contracted for the first time in three years last quarter and stock prices have seen their worst first 100-day performance of a presidential administration since 1974.

上個季度三年來，美國的經濟首次簽約，股價已經使他們自1974年以來總統管理的首個100天表現最差。

Also, markets cooled in the first three months of the year, even as it beat analyst forecasts for both revenue and earnings per share, new figures from trading platform Robinhood showed on Wednesday.

此外，市場在一年中的前三個月都冷卻了，即使它擊敗了分析師預測的收入和每股收益，但來自Trading Platform Robinhood的新數據顯示。

It wasn’t alone, major tech companies including Microsoft and Meta (META.UL) beat estimates and, crucially, Robinhood’s revenue from crypto more than doubled from the year-earlier quarter. That may foreshadow what to look for later today, when Block (SQ.N), Riot Platforms (RIOT.O), Strategy (STRAT.O) and Reddit post results.

並不孤單，包括微軟和Meta（Meta.ul）在內的主要科技公司擊敗了估計值，至關重要的是，Robinhood的收入比全年的季度增加了一倍以上。這可能會預示著今天晚些時候要尋找的東西，當時（sq.n），Riot Platforms（Riot.O），策略（Strat.o）和Reddit Post結果。

“The recent wave of weak macroeconomic data has pointed to both recessionary risks and rising inflation,” James Butterfill, the head of research at CoinShares, told CoinDesk. “Despite this, bitcoin (BTC) has shown remarkable resilience, outperforming the Nasdaq by 11% since ‘Liberation Day’ on April 2.”

Coinshares研究負責人詹姆斯·巴特菲爾（James Butterfill）告訴Coindesk：“最近的宏觀經濟數據較弱的浪潮既表明了經濟衰退的風險和通貨膨脹率上升。” “儘管如此，比特幣（BTC）表現出了顯著的韌性，自4月2日'Liberation Day'以來，納斯達克的表現優於11％。”

Indeed, while first-quarter gross domestic product (GDP) fell 0.3% and major stock indexes post posted losses in last month, bitcoin (BTC) held strong. The largest cryptocurrency rose nearly 15% against the dollar in April as investors started using it as a safe haven, along with gold and the Swiss franc.

確實，儘管第一季度國內生產總值（GDP）下跌了0.3％，而主要股票指數帖子在上個月發布損失，但比特幣（BTC）保持強勁。 4月，當投資者與黃金和瑞士法郎一起將其用作避風港時，最大的加密貨幣在4月對美元兌美元上漲了近15％。

To Butterfill, risk assets are now seemingly benefiting from expectations of an earlier-than-expected interest-rate cut.

對於Butterfill而言，現在的風險資產似乎從預期降低的預期中受益。

“Equities and bitcoin appear to have recoupled, both rebounding today on renewed hopes of an imminent interest-rate cut. A disappointing payroll figure on Friday – which we see as likely – could be the final nail in the coffin for Powell, paving the way for more dovish policy from the Fed.”

“股票和比特幣似乎已經重新耦合，今天都重新構成了即將削減利益率的新希望。週五令人失望的薪資數字 - 我們認為這很可能是鮑威爾棺材中的最後一個指甲，為美聯儲提供了更多骯髒的政策鋪平了道路。”

Yet in the cryptocurrency space, there’s more to keep an eye on. Ethereum’s long-awaited Pectra upgrade, which includes improvements to make the network more user-friendly and efficient, is going live on mainnet on May 7.

然而，在加密貨幣空間中，還有更多關注的地方。 Ethereum期待已久的Pectra升級包括改進，以使網絡更加用戶友好和高效，將於5月7日在Mainnet上直播。

The upgrade is significant for Ethereum, which has been losing ground to more efficient blockchains including Solana (SOL), Base and BNB Chain (BNB). DeFiLlama data shows total value locked (TVL) on Ethereum’s smart contracts grew just 4% in April, compared with 21% on Solana, and 9.9% on BNB Chain. Base saw a minor contraction.

該升級對於以太坊非常重要，以太坊已經失去了更有效的區塊鏈，包括Solana（Sol），基本和BNB鏈（BNB）。 Defillama的數據顯示，以太坊智能合約上的總價值鎖定（TVL）在4月份僅增長4％，而Solana為21％，而BNB鏈的總價值​​僅增長了9.9％。基地看到一個小收縮。

In the past year, Artemis data shows Ethereum net outflows totaled $3.3 billion, while Base and Solana saw $3.3 billion and $3.2 billion in net inflows, respectively. Still, Ethereum recorded $880 million in net inflows in April, suggesting the trend is reversing ahead of Pectra’s activation.

在過去的一年中，Artemis的數據顯示，以太坊淨流出總計33億美元，而Base和Solana的淨流入分別為33億美元和32億美元。儘管如此，以太坊在四月份記錄了8.8億美元的淨流入，這表明這種趨勢正在彼得拉的激活之前逆轉。

The trend has, however, taken its toll. The ETH/BTC ratio has dropped to little over 0.19, the lowest level in five years. Stay alert!

但是，趨勢造成了損失。 ETH/BTC的比率已下降到0.19以上，這是五年來最低水平。保持警覺！

What to Watch

看什麼

Token Events

令牌事件

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會議

CoinDesk's Consensus is taking place in Toronto on May 14-16. Use code DAYBOOK and save 15% on passes.

Coindesk的共識將於5月14日至16日在多倫多進行。使用代碼日書並節省15％的通行證。

Token Talk

代幣談話

By Shaurya Malwa

Shaurya Malwa

Derivatives Positioning

衍生物定位

Market Movements:

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Bitcoin Stats

比特幣統計

Technical Analysis

技術分析

Crypto Equities

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Spot BTC ETFs:

SPOT BTC ETF：

Spot ETH ETFs

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Source: Farside Investors

資料來源：Farside Investors

Overnight Flows

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Chart of the Day

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While You Were Sleeping

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In the Ether

在以太