尽管华尔街抛售后托里克斯（Tariff Shock）

2025年4月，美国贸易政策和全球政治变化驱动了重大的宏观经济冲击，但加密货币市场表现出弹性。

April 2025 saw major macroeconomic shocks, but the crypto market showed surprising resilience. Despite a US tariff war that sparked a global stock market crash and wiped out over $8.5 trillion in market value, Bitcoin managed to post a 16% monthly gain.

2025年4月看到了重大的宏观经济冲击，但加密货币市场表现出令人惊讶的弹性。尽管美国的关税战争引发了全球股市崩溃，并消除了超过8.5万亿美元的市场价值，但比特币还是每月收益16％。

The world's largest cryptocurrency decoupled from equities and rebounded strongly to trade at $94,729 by the end of April, marking a 16.16% monthly gain. However, traditional markets remain volatile, with the S&P 500 plunging 12% and the Dow Jones dropping 2,200 points.

到4月底，全球最大的加密货币与股票脱钩，并以94,729美元的价格反弹，标志着每月收益16.16％。但是，传统市场仍然波动，标准普尔500指数下跌12％，道琼斯琼斯下跌2200点。

While crypto traders appear to have priced in the geopolitical risk, the strong recovery in BTC has reignited expectations of a breakout toward the $100,000 resistance.

尽管加密货币交易者似乎已经处于地缘政治风险的价格，但BTC的强劲复苏已经重新激发了对100,000美元阻力的突破的期望。

Furthermore, Ethereum's blockchain continues to lead in real-world asset (RWA) tokenization, capturing 60% of the total market share, an increase of 20% from the previous month.

此外，以太坊的区块链继续领先于现实世界中的资产（RWA）令牌化，捕获了总市场份额的60％，比上个月增加了20％。

According to GrowThePie, the value of RWAs on Ethereum reached $6.2 billion in April, driven by growing institutional adoption. Firms like BlackRock and Franklin Templeton have rolled out tokenized bond and gold pilots, highlighting Ethereum's robust infrastructure.

根据GrowthEpie的说法，在机构采用的日益增长的推动下，RWAS对以太坊的价值在4月达到了62亿美元。贝莱德（Blackrock）和富兰克林·邓普顿（Franklin Templeton）等公司已经推出了令牌债券和金牌飞行员，突显了以太坊的强大基础设施。

BlackRock CEO Larry Fink also reaffirmed this stance, stating that Ethereum is the "natural default" for tokenization, given its composability and ecosystem maturity.

贝莱德首席执行官拉里·芬克（Larry Fink）还重申了这一立场，并指出以太坊是令牌化的“自然默认”，鉴于其成熟度和生态系统成熟度。

In other news, Canada's Liberal Party, known for its crypto-skeptic stance, managed to win the majority of seats in the country's federal elections on April 28. However, the party fell short of securing a full majority, setting the stage for a minority government and potentially complicating the process of passing crypto legislation.

在其他新闻中，加拿大以其加密持怀疑态度的立场闻名的加拿大自由党设法在4月28日赢得了该国联邦选举中的大多数席位。但是，该党没有获得全部席位，为少数政府奠定了基础，为少数政府奠定了基础，并有可能使通过加密立法的过程变得复杂。

The Liberals, led by former central banker Mark Carney, secured 169 seats, just three less than the majority needed to form a government on their own. This outcome follows a close campaign that saw the Conservative Party, which is more supportive of crypto, perform poorly.

由前中央银行家马克·卡尼（Mark Carney）领导的自由党获得了169个席位，仅比自己组建政府所需的大多数人少三个。这一结果是在一场近距离运动之后，使保守党更支持加密党，表现不佳。

Despite opinion polls that had initially favored the Conservatives and their pro-crypto stance, the Liberals ultimately pulled ahead. The shift in momentum can be attributed to the Conservatives' close association with Trump-era rhetoric, which included suggestions that Canada should become the "51st US state."

尽管民意测验最初偏向于保守派及其亲克赖特托立场，但自由主义者最终还是提前了。势头的转变可以归因于保守党与特朗普时代的言论的密切联系，其中包括加拿大应该成为“美国第51个州”的建议。

This association ultimately proved detrimental to the Conservatives, as voters grew weary of the divisive political discourse and expressed a desire for unity and stability.

随着选民对分裂性的政治话语的厌倦，并表示对团结和稳定的渴望，该协会最终被证明对保守派有害。

Finally, two US states introduced new crypto-related bills in April 2025. In Texas, HB 5352 proposes a Blockchain Technology Pilot Program to evaluate state-level use cases in transparency, efficiency, and security.

最后，美国两个州于2025年4月推出了新的与加密相关的账单。在德克萨斯州，HB 5352提出了一个区块链技术试点计划，以评估国家级别用例，以透明，效率和安全性评估。

In Georgia, HR 905 urges K–12 education institutions to implement blockchain and cryptocurrency literacy programs.

在佐治亚州，HR 905敦促K – 12教育机构实施区块链和加密货币扫盲计划。

The stablecoin sector also saw strong gains, adding $4 billion in market capitalization.

Stablecoin行业也获得了巨大的收益，增加了40亿美元的市值。

Key factors driving stablecoin demand include:

推动稳定需求的关键因素包括：

The STABLE Act passed a key vote in the US House Financial Services Committee.

《稳定法》通过了美国众议院金融服务委员会的重要投票。

The SEC dropped its inquiry into PayPal USD (PYUSD), signaling a softening of regulatory pressure.

SEC将其调查放到了PayPal USD（PYUSD）中，这表明调节压力的软化。

Japan continues to lead with a permissive framework for stablecoins and RWAs.

日本继续以稳定的稳定框架和RWAS的宽松框架领先。

According to data from IntoTheBlock, investors are increasingly viewing stablecoins as safe-haven assets, especially amid macroeconomic and market volatility.

根据Intotheblock的数据，投资者越来越多地将Stablecoins视为安全资产，尤其是在宏观经济和市场波动中。