尽管鲍威尔（Powell）的演讲很可怕

联邦储备主席杰罗姆·鲍威尔（Jerome Powell）在周三的演讲中对唐纳德·特朗普总统的关税提出了令人讨厌的起诉，这是加密货币的鞭打。

Crypto traders weren’t the only ones closely watching Federal Reserve Chairman Jerome Powell on Wednesday. Economists and political scientists also tuned in to hear what the top U.S. central banker had to say about President Donald Trump’s trade policies.

加密交易者并不是唯一密切关注美联储主席杰罗姆·鲍威尔（Jerome Powell）的人。经济学家和政治科学家还调整了我们最高银行家对唐纳德·特朗普总统的贸易政策的看法。

After months of Trump administration officials hinting at the possibility of a trade war with China and other nations, the president went ahead and slapped tariffs on $250 billion worth of Chinese goods this spring. The move sparked immediate backlash from several economists, who warned that the tariffs would ultimately harm U.S. consumers and businesses more than they would help.

经过几个月的特朗普政府官员暗示与中国和其他国家进行贸易战争的可能性，总统今年春季向价值2500亿美元的中国商品收取了关税。此举引发了几位经济学家的立即反弹，他们警告说，关税最终将损害我们的消费者和企业，而不是他们的帮助。

However, Powell had a different take on the tariffs during his Wednesday afternoon speech at the Economic Club of Chicago.

但是，鲍威尔在周三下午在芝加哥经济俱乐部的演讲中对关税有所不同。

“The level of the tariff increases announced so far is significantly larger than anticipated, and they are likely to have a material impact on the U.S. economy, reducing output and raising prices,” Powell said.

鲍威尔说：“迄今为止宣布的关税水平高于预期，它们可能会对美国经济产生重大影响，降低产出并提高价格。”

“We may find ourselves in the challenging scenario in which our dual-mandate goals are in tension. In the broadest terms, the administration’s stated policies are likely to result in higher inflation and slower growth.”

“我们可能会发现自己处于挑战性的情况下，我们的双重目标处于紧张状态。在最广泛的角度上，政府规定的政策可能会导致通货膨胀率更高，增长速度较慢。”

The Fed chair’s ominous outlook for the U.S. economy triggered a precipitous drop in bitcoin’s price. But the digital asset recovered quickly from the $83K level during after-hours trading.

美联储主席对美国经济的不祥前景引发了比特币价格的急剧下降。但是，在下班后交易期间，数字资产从8.3万美元的水平迅速恢复。

“Bitcoin (BTC) dropped roughly 2%, from $85,300 to $83,300, within 30 minutes of Fed Chair Jerome Powell’s 1:30 PM EST remarks,” said Dylan Bane, an analyst at crypto data intelligence firm Messari.

加密数据情报公司Messari的分析师Dylan Bane表示：“比特币（BTC）下降了约2％，从85,300美元降至83,300美元，在美联储主席杰罗姆·鲍威尔（Jerome Powell）的第1:30 pm Est发表讲话后30分钟内。”

“Equities followed a similar pattern. The Dow Jones, S&P 500, and Nasdaq fell between 1.5% and 4% over the course of the day, suggesting a broad-based risk-off reaction to Powell’s comments.”

“股票遵循类似的模式。道琼斯，标准普尔500指数和纳斯达克股票在一天的过程中下跌了1.5％至4％，这表明对鲍威尔的评论产生了广泛的风险反应。”

Overview of Market Metrics

市场指标概述

Bitcoin is currently trading at $84,891.80, continuing its upward momentum with a modest 0.12% gain since yesterday and reflecting a strong 7.09% increase over the past week. The asset fluctuated between $83,314.85 and $85,428.28 during the past 24 hours, indicating a relatively stable trading session despite some broader market hesitation.

比特币目前的交易价格为84,891.80美元，自昨天以来以0.12％的增长幅度不高，反映了过去一周的7.09％增长。在过去24小时内，该资产波动在83,314.85美元至85,428.28美元之间，表明尽管市场犹豫了一些犹豫，但交易会相对稳定。

Trading volume dipped by 7.13% to $24.59 billion, and market capitalization stands at $1.68 trillion, down by a marginal 0.11% since Wednesday. Bitcoin dominance slipped slightly by 0.02% to 63.92%, a subtle indication that altcoins are beginning to regain minor footing following recent underperformance.

交易量下降了7.13％，至245.9亿美元，自周三以来，市值为1.6.8万亿美元，边际0.11％。比特币优势略有下滑0.02％至63.92％，这是一个微妙的迹象表明，山寨币在最近的表现不佳之后开始重新获得较小的立足点。

Meanwhile, futures activity showed a modest decline, with total BTC open interest falling 0.54% to $54.36 billion. According to Coinglass, total liquidations amounted to $3.96 million over the past day, with short sellers getting hit the hardest and accounting for $3.92 million of that figure. Long positions, in contrast, remained relatively untouched at just $37,970, signaling strong market confidence and a continued short squeeze environment.

同时，期货活动显示出适度的下降，BTC的总利息下降了0.54％，至543.6亿美元。根据Coinglass的数据，过去一天的清算总额为396万美元，卖空者的销量最大，占该数字的392万美元。相比之下，长位置相对较少，仅为37,970美元，这表明了强烈的市场信心和持续的短暂挤压环境。

Powell Warns Trump Of Negative Impact Of Tariffs

鲍威尔警告特朗普对关税的负面影响

The Fed chair issued a clear warning about the impact of Trump’s tariffs as he spoke about the U.S. economy at the Economic Club of Chicago.

美联储主席对特朗普在芝加哥经济俱乐部谈到美国经济时的关税影响明确警告。

“The new administration is in the process of implementing substantial policy changes that may have implications for the outlook for inflation and unemployment,” Powell explained.

鲍威尔解释说：“新政府正在实施实质性的政策变化，这可能对通货膨胀和失业的前景产生影响。”

“We may find ourselves in the challenging scenario in which our dual-mandate goals are in tension. In the broadest terms, the administration’s stated policies are likely to result in higher inflation and slower growth.”

“我们可能会发现自己处于挑战性的情况下，我们的双重目标处于紧张状态。在最广泛的角度上，政府规定的政策可能会导致通货膨胀率更高，增长速度较慢。”

What Powell is alluding to is a conundrum economists refer to as “stagflation,” where economic growth stagnates while inflation rises, putting central bankers in a pickle because they can’t rein in one metric without adversely impacting the other.

鲍威尔所暗示的是一个难题的经济学家称为“停滞”，在通货膨胀率上升的同时，经济增长停滞不前，将中央银行的泡菜置于泡菜中，因为他们不能不对另一个度量产生不利影响。

Both bitcoin and traditional assets reacted with a selloff, but going forward, Bane said he expects the cryptocurrency to eventually reduce its correlation with stock markets, which currently stands at 71%, according to Newhedge.

纽约说，比特币和传统资产都对抛售有反应，但贝恩（Bane）表示，他预计加密货币最终会降低其与股票市场的相关性，而股票市场目前为71％。

“Until the full impact of tariffs and inflation dynamics plays out, we expect BTC to continue moving broadly in tandem with equities,” Bane said.

贝恩说：“直到关税和通货膨胀动态的全部影响效果为止，我们希望BTC继续与股票的股票息息相关。”

“A true decoupling likely hinges on a fundamental restructuring of the international economic order that could see the U.S. dollar losing its status as the world’s reserve currency.”

“真正的十字形可能取决于国际经济秩序的基本重组，这可能会使美元失去其作为世界储备货币的地位。”