从4月7日至11日，虚拟资产市场经历了极端波动

随着累计关税率升至145％，中国立即以84％的报复性关税做出反应。在此过程中，标准普尔的500指数在某一时期的峰值下降了18.9％。

The U.S. Federal Reserve's (Fed) interest rate hike is largely priced into the market, but the risk-averse sentiment is expected to continue until there is a reality of interest rate cuts and flexibility in tariff policies.

美国美联储（FED）的利率加息基本上是在市场上的，但是预计规避风险的情绪将继续持续到关税政策的现实降低利率和灵活性为止。

From April 7 to 11, the virtual asset market experienced extreme volatility as the "full-scale tariff war" between the United States and China unfolded.

从4月7日至11日，虚拟资产市场经历了极端波动，因为美国与中国之间的“全面关税战争”展开。

The market is gradually increasing expectations for a transition to a more accommodative currency policy. The consumer price index (CPI) for March in the U.S. fell below market expectations, indicating that the likelihood of inflation remains low. As a result, the possibility of a first interest rate cut in June rose to 62.6%.

市场正在逐渐提高对过渡到更容易货币政策的期望。美国3月份的消费者价格指数（CPI）低于市场预期，这表明通货膨胀的可能性仍然很低。结果，6月首次降低利率的可能性上升至62.6％。

However, considering the pattern of the Fed cutting interest rates twice in December 2024 and November 2025, the probability of a second interest rate cut in the third quarter of next year is still low at 15.8%.

但是，考虑到美联储在2024年12月和2025年11月两次降低利率的模式，明年第三季度第二次降低利率的可能性仍然很低，为15.8％。

The key factor that shook the virtual asset market last week was President Trump's tariff increase on China. As the cumulative tariff rate expanded to 145%, China immediately responded with a retaliatory tariff of 84%. During this process, the Standard & Poor's 500 index fell 18.9% from its peak at one point. A leveraged exchange-traded fund (ETF) incurred a loss of $25.7 billion in just two days.

上周动摇虚拟资产市场的关键因素是特朗普总统对中国的关税增加。随着累计关税率升至145％，中国立即以84％的报复性关税做出反应。在此过程中，标准普尔的500指数在某一时期的峰值下降了18.9％。杠杆交易所交易基金（ETF）在短短两天内损失了257亿美元。

While the S&P 500 index showed volatility close to 10% in a day, Bitcoin's volatility was relatively low. Among the top 50 asset classes by market capitalization, only a few tokens such as HYPE and OKB showed an upward trend, indicating a differentiated flow.

虽然标准普尔500指数一天的波动率接近10％，但比特币的波动率相对较低。在市场资本化的前50个资产类别中，只有少数几个炒作和OKB的代币显示出向上的趋势，表明流动差异。

Choi Seung-ho, a researcher at Jangle, stated, "The market has been facing high uncertainty, repeatedly rising and falling based on a comment from President Trump, but if the perception that increased tariffs are a means to enhance political negotiation power spreads, it could alleviate caution against extreme scenarios."

Jangle的研究人员Choi Seung-Ho表示：“市场一直面临着高度的不确定性，根据特朗普总统的评论反复上升和下降，但是如果认为增加关税是一种增强政治谈判权力传播的手段，那么它可能会减轻对极端风景的谨慎行事。”

He further explained, "If interest rate cuts and other measures materialize in the future, it could serve as a turning point for the recovery of risk assets."

他进一步解释说：“如果将来降低利率和其他措施实现，它可能是恢复风险资产的转折点。”

◇ Large financial and tech corporations in Japan are accelerating the commercialization of stablecoins

◇日本的大型金融和科技公司正在加速稳定的商业化

Sumitomo Mitsui Financial Group (SMFG) plans to issue its own stablecoin next fiscal year by forming a consortium with Avalabs and Fireblocks. They will also integrate the stablecoin with a service for investing in real-world assets (RWA), aiming to launch it as a payment method for use cases such as investing in unlisted ventures.

Sumitomo Mitsui金融集团（SMFG）计划通过与Avalabs和Fireblocks组建一个财团来发布自己的Stablecoin下一个财政年度。他们还将将Stablecoin与用于投资现实世界资产（RWA）的服务集成在一起，旨在将其作为用例付款方式启动，例如投资未列出的风险投资。

Sony Electronics Singapore has introduced "Crypto.com Pay" to support USDC payments in its online store. This marks the first occurrence of digital asset payment in the electronics sector. The virtual asset industry interprets that movements in the financial sector are now extending into real consumption areas.

Sony Electronics Singapore推出了“ Crypto.com Pay”，以支持其在线商店中的USDC付款。这标志着电子领域数字资产支付的首次出现。虚拟资产行业解释说，金融部门的运动现在正在延伸到实际的消费领域。

Through the revised Payment Services Act implemented in June 2023, Japan defines stablecoins as electronic payment methods and restricts issuers to banks, trust companies, and money transfer businesses. As a result, major banks like Sumitomo Mitsui and Mizuho are initiating projects. This is seen as part of the Japanese government's "web3 policy package" to promote the "Asian digital asset hub."

通过2023年6月实施的修订后的付款服务法，日本将Stablecoins定义为电子支付方法，并将发行人限制在银行，信托公司和汇款业务上。结果，诸如Sumitomo Mitsui和Mizuho之类的主要银行正在启动项目。这被视为日本政府“ Web3政策计划”的一部分，以促进“亚洲数字资产中心”。

With more Japanese companies quickly setting up concrete utilization models applicable to the real economy, the competition for dominance over stablecoins in the Asian region is expected to heat up. To respond, South Korea needs to take the initiative in legislative organization, expanding corporate participation and fostering social consensus on the necessity of stablecoins.

随着更多日本公司迅速建立适用于现实经济的具体利用模型，预计亚洲地区对稳定股的统治地位将会加剧。为了做出回应，韩国需要采取立法组织的主动性，扩大公司参与并促进对稳定的社会共识。

◇ Bitcoin holders now have a path to profit

◇比特币持有人现在有利润的途径

Individuals holding Bitcoin can now generate revenue through staking. The digital asset project "Babylon" recently launched its own blockchain, the "Babylon Genesis Chain," and plans to provide token rewards to Bitcoin holders participating in staking. Approximately 49,540 Bitcoins (about 5 trillion won) are staked in the Babylon protocol, occupying more than 80% of the total value locked (TVL) in the Bitcoin DeFi ecosystem.

持有比特币的个人现在可以通过积累来产生收入。数字资产项目“巴比伦”最近推出了自己的区块链“巴比伦创世纪链”，并计划向参与赌场的比特币持有者提供令牌奖励。在巴比伦协议中，大约有49,540个比特币（约5万韩元），占据了比特币Defi生态系统中总价值锁定的80％以上。

Babylon will utilize staked Bitcoin to enhance the security of various blockchain networks and distribute the " $ BABY " token issued as a reward to depositors. In a recent airdrop, 15% of the total supply of $BABY was distributed as rewards to early participants, marking the first instance of realizing the profitability of Bitcoin staking.

巴比伦将利用固定的比特币来增强各种区块链网络的安全性，并分发发行的“ $ baby”代币，以奖励存款人。在最近的Airdrop中，$婴儿的总供应量的15％被分发给了早期参与者，这标志着意识到比特币盈利能力的第一次实例。

The market is placing high expectations on Babylon's project, considering the potential for a large-scale inflow of liquidity from Bitcoin holders and the possibility of a synergistic effect with the DeFi ecosystem.

考虑到比特币持有人大量流动性的潜力以及与Defi生态系统产生协同作用的可能性，市场对巴比伦的项目产生了很高的期望。

CrossAngle is providing essential operational solutions and trust-based community building services targeting companies and foundations adopting Web3. It operates the crypto data intelligence platform Jangle, and the Jangle research team is creating content to showcase trends in the virtual asset investment industry based on global virtual asset information and data.

Crossangle正在提供针对公司和采用Web3的基金会的基于信任的社区建设服务。它运营着加密数据智能平台jangle，而jangle研究团队正在创建内容，以根据全球虚拟资产信息和数据来展示虚拟资产投资行业的趋势。