比特币（BTC）已成为加密货币市场的“安全硬币”

几个压力点正在融合：市场上更投机的角落，例如用于分散的物理基础设施网络（DEPIN），用于人工智能（AI）代理商的内存和硬币的代币。他们的表现不佳强调了投资者的谨慎。

The cryptocurrency market has seen better days, with several stress points converging to keep upbeat traders at bay.

加密货币市场已经过了更好的日子，有几个压力点融合，以使乐观的交易者陷入困境。

Most cryptocurrency tokens have struggled to maintain any upward momentum throughout 2024, especially after the cryptocurrency market experienced significant gains in the final months of 2023.

大多数加密货币令牌都在整个2024年都在努力保持任何向上的动力，尤其是在2023年最后几个月的加密货币市场经历了显着增长之后。

However, the speculative corners of the market, such as tokens used for Decentralized Physical Infrastructure Networks (DePINs), memecoins and coins used for Artificial Intelligence (AI) agents, have been hardest hit. Their underperformance highlights growing investor caution.

但是，市场的投机拐角，例如用于分散的物理基础设施网络（Depins），用于人工智能代理商（AI）代理商的代币，是最大的打击。他们的表现不佳强调了投资者的谨慎。

Kar Yong Ang, a financial market analyst at Octa broker, explains: ‘As of right now, the market clearly sees more value in Bitcoin vs the rest of the crypto universe. The global macroeconomic situation is highly unstable, with tariffs drama still unfolding and rising protectionism potentially threatening the U.S. dollar’s reserve currency status. As a result, investors’ capital has migrated from high-risk crypto space like alt-coins into relatively low-risk Bitcoin. In fact, Bitcoin has become a sort of “safe-haven coin” of the crypto market’.

Octa Broker的金融市场分析师Kar Yong Ang解释说：“截至目前，该市场显然看到比特币与加密货币宇宙的其余部分相比。全球宏观经济状况非常不稳定，关税戏剧仍在不断发展，贸易保护主义可能威胁到美元的储备货币状况。结果，投资者的资本已从高风险的加密货币（如Alt-Coins）迁移到相对低风险的比特币。实际上，比特币已成为加密货币市场的一种“安全硬币”。

Indeed, broader financial markets have become increasingly concerned about the deteriorating U.S. twin deficits (fiscal and trade), both of which are on an unsustainable trajectory. The yields on the U.S. 20-year government bonds rose above 5.15% on 22 May, almost a two-year high, while the U.S. Dollar Index (DXY) dropped below the critical 100 mark, reflecting eroding confidence in the USD’s safe-haven status. Furthermore, ratings agency Moody’s downgraded the U.S. sovereign rating, one notch down from ‘Aaa’ to ‘Aa1’ due to concerns about the nation’s growing debt.

确实，更广泛的金融市场变得越来越关注美国双胞胎赤字（财政和贸易），这两者都处于不可持续的轨迹上。 5月22日，美国20年政府债券的收益率上升了5.15％，几乎为期两年，而美元指数（DXY）降至关键的100大关以下，这反映了对美元的避风势健康状况的信心。此外，由于对美国日益增长的债务的担忧，评级机构穆迪（Moody）的穆迪（Moody）将美国主权评级降低到“ AAA”为“ AA1”。

Concurrently, most cryptocurrencies continue to act as high-beta proxies for global sentiment, and in today’s global macroeconomic environment, that sensitivity is proving to be a significant headwind. Tariff disputes between the U.S. and China, macroeconomic uncertainty, and declining equity market performance are all contributing to a reduction in overall risk appetite, thereby negatively impacting most cryptocurrencies. However, Bitcoin appears to be a major exception in this regard.

同时，大多数加密货币继续充当全球情感的高beta代理，在当今的全球宏观经济环境中，这种敏感性被证明是一个重大的逆风。美国和中国之间的关税纠纷，宏观经济的不确定性和股票市场绩效下降都导致整体风险胃口的降低，从而对大多数加密货币产生负面影响。但是，在这方面，比特币似乎是一个主要例外。

Kar Yong Ang explains: ‘At first, the BTC rally appeared to be highly speculative: the market had positively reacted to Trump’s softer stance towards the Federal Reserve (Fed) Chairman and U.S.-China trade deal. Later, however, Bitcoin became the only major crypto coin to set a new all-time high. It suggests a continuing flight to perceived safety within the crypto universe, while alt-coin flows remain diminished’.

Kar Yong Ang解释说：“起初，BTC集会似乎是高度投机性的：市场对特朗普对美联储（美联储）董事长和美国 - 中国贸易协议的柔和立场做出了积极反应。然而，后来，比特币成为唯一一枚新的加密硬币，这是一个新的历史最高水平。这表明在加密货币宇宙内持续启动安全的安全性，而Alt-Coin流仍然减少。

Still, the ongoing macroeconomic uncertainty and potential failure of the U.S. to resolve its trade tensions with the European Union (EU) could act as an immediate catalyst, potentially triggering a renewed bearish phase for Bitcoin. Just recently, U.S. President Donald Trump’s threat to impose 50% tariffs on the EU triggered a classical risk-off move—a sell-off in BTCUSD and a rally in XAUUSD.

尽管如此，美国持续的宏观经济不确定性和潜在的无法解决与欧盟（EU）解决其贸易紧张局势的可能性可能是直接的催化剂，有可能引发比特币的新看跌阶段。就在最近，美国总统唐纳德·特朗普（Donald Trump）对欧盟征收50％关税的威胁引发了经典的冒险举动，这是BTCUSD的抛售和Xauusd的集会。

Traders and long-term investors should keep a close eye on:

贸易商和长期投资者应密切关注：

* The U.S. 20-year government bond yields.

*美国20年的政府债券收益率。

* The U.S. Dollar Index (DXY).

*美元索引（DXY）。

* The latest updates on the U.S. trade disputes with China and the EU.

*有关与中国和欧盟的贸易纠纷的最新更新。

Tactical patience will be essential this summer. Rushing in to buy Bitcoin now may be unwise, but carefully buying the dips is more reasonable. Key levels to watch are 105,000, 98,000, 94,000, 89,000, and 84,000.

战术耐心将在今年夏天至关重要。现在急于购买比特币可能是不明智的，但是仔细购买蘸酱更合理。观看的关键水平是105,000、98,000、94,000、89,000和84,000。

Compliance reminder: trading Contracts for Difference (CFDs) carries a high level of risk and may not be suitable for all investors. Emotional trading can increase this risk. Always trade within your means and understand the risks involved.

合规性提醒：差额交易合同（CFD）具有很高的风险，可能不适合所有投资者。情绪交易可以增加这种风险。始终以您的手段交易并了解所涉及的风险。

Octa is an international broker that has been providing online trading services worldwide since 2011. It offers commission-free access to financial markets and various services used by clients from 180 countries who have opened more than 52 million trading accounts. To help its clients reach their investment goals, Octa offers free educational webinars, articles, and analytical tools.

Octa是一家国际经纪人，自2011年以来一直在全球提供在线交易服务。它提供了无佣金的访问金融市场和来自180个国家开设超过5200万个交易帐户的客户使用的各种服务。为了帮助客户达到投资目标，Octa提供免费的教育网络研讨会，文章和分析工具。

The company is involved in a comprehensive network of charitable and humanitarian initiatives, including the improvement of educational infrastructure and short-notice relief projects supporting local communities.

该公司参与了慈善和人道主义倡议的综合网络，包括改善教育基础设施和支持当地社区的简报救济项目。

Since its foundation, Octa has won more than 100 awards, including the ‘Most Reliable Broker Global 2024’ award from Global Forex Awards and the ‘Best Mobile Trading Platform 2024’ award from Global Brand Magazine.

自成立以来，Octa赢得了100多个奖项，包括全球外汇奖的“最可靠的Broker Global 2024奖”和《全球品牌杂志》获得的“最佳移动交易平台2024”奖。