加密货币市场在周二表现出显着的稳定性，似乎对特朗普政府关税政策的经济影响感到悲观不安。

比特币以高于95,000美元的高度收回的比特币，而传统股票市场也持续了恢复趋势，促使一些分析师质疑市场是否在基本的经济风险中准确定价。

Cryptocurrency markets displayed notable stability on Tuesday, seemingly unfazed by mounting pessimism regarding the economic impact of the Trump administration’s tariff policies.

加密货币市场在周二表现出显着的稳定性，似乎对特朗普政府关税政策的经济影响感到悲观不安。

Bitcoin edged higher, reclaiming ground above $95,000, while traditional stock markets also continued a recovery trend, prompting some analysts to question whether markets are accurately pricing in underlying economic risks.

比特币以高于95,000美元的高度收回的比特币，而传统股票市场也持续了恢复趋势，促使一些分析师质疑市场是否在基本的经济风险中准确定价。

Markets march higher despite warning signs

市场尽管有警告信号，市场越来越高

Bitcoin (BTC) continued its recent positive momentum, gaining about 1% over the preceding 24 hours to trade near $95,400.

比特币（BTC）继续其最近的积极势头，比前24小时的交易收入约为95,400美元。

This move brought the key $96,000 level – last seen in late February – within striking distance.

此举带来了关键的$ 96,000水平，最后一次是2月下旬 - 在惊人的距离之内。

The broader crypto market showed similar resilience, with the CoinDesk 20 index advancing 1.1%.

更广泛的加密货币市场表现出类似的弹性，Coindesk 20指数上涨了1.1％。

Bitcoin Cash (BCH) stood out with a significant 6.3% surge.

比特币现金（BCH）升高了6.3％。

Crypto-related equities also participated, albeit modestly, with Coinbase (COIN) up 0.9% and MicroStrategy (MSTR) adding 3.3%, while Janover (JNVR) continued its strong run (+16%) linked to its Solana accumulation strategy.

与加密相关的股票也参加了谦虚，尽管Coinbase（Coin）上涨了0.9％，而MicroStrategy（MSTR）增加了3.3％，而Janover（JNVR）继续进行了与其Solana累积策略相关的强劲运行（+16％）。

This relative calm in digital assets mirrored strength in traditional equities.

这种数字资产中的相对平静反映了传统股票的实力。

Both the S&P 500 and the Nasdaq composite posted gains of 0.55%, extending the recovery from the tariff-induced panic seen earlier in April.

标准普尔500指数和纳斯达克综合的收益均为0.55％，从4月早些时候看到的关税引起的恐慌中延长了回收率。

Economic data paints sobering picture

经济数据绘画清醒图片

However, this market buoyancy unfolded against a backdrop of increasingly concerning economic indicators, suggesting a potential slowdown possibly linked to the White House’s tariff strategies.

但是，这种市场浮力是在越来越多的经济指标的背景下展开的，这表明潜在的放缓可能与白宫的关税策略有关。

The Conference Board reported that US consumer confidence plummeted to its lowest level since May 2020, with the forward-looking consumer outlook component hitting its weakest point since 2011.

会议委员会报告说，美国消费者的信心下降到自2020年5月以来的最低水平，前瞻性的消费者前景组件达到了自2011年以来的最弱点。

Simultaneously, the latest Job Openings and Labor Turnover Survey (JOLTS) indicated a cooling labor market, with job openings falling to 7.19 million in March, significantly below the expected 7.5 million.

同时，最新的职位空缺和劳动力流动调查（JOLTS）表明，劳动力市场是一个冷却劳动力市场，3月份的职位空缺降至719万，大大低于预期的750万。

Adding to the complex policy environment, Secretary of Commerce Howard Lutnick mentioned Tuesday that a trade deal had been reached with an unspecified country, though he noted it still required ratification, offering little immediate clarity on the broader tariff situation.

霍华德·卢特尼克（Howard Lutnick）周二提到，除了复杂的政策环境外，还与未指定的国家达成了贸易协议，尽管他指出，这仍然需要批准，几乎没有立即对更广泛的关税情况的明确性。

Analyst warns of market ‘blindness’ to fundamental risks

分析师警告市场“失明”以下基本风险

This apparent disconnect between market performance and weakening economic data has raised red flags among some observers.

市场绩效与经济数据削弱之间的明显脱节使一些观察者之间的危险信号升高了。

Jeff Park, head of Alpha Strategies at digital asset investment firm Bitwise, expressed strong concern about the market’s perspective.

数字资产投资公司Bitwise的Alpha策略负责人Jeff Park对市场的观点表示强烈关注。

“Hard to fathom how blind the market really is,” Park posted on the social media platform X (formerly Twitter).

帕克在社交媒体平台X（以前是Twitter）上发布：“很难理解市场的真正盲目性。”

He argued that the market’s intense focus on potential Federal Reserve interest rate cuts misses a larger, more fundamental risk.

他认为，市场对潜在的美联储利率降低的强烈关注降低了更大，更根本的风险。

“A Fed cut means nothing if US creditworthiness is permanently impaired by the global community as resulted by dollar weaponization,” Park elaborated, linking the potential damage to Trump administration policies that leverage the dollar’s global role.

帕克详细阐述说：“如果美国的信誉措施永久损害了全球社区，那么美联储的削减将一无所有。”

He suggested that speculation about whether the Fed might be forced to cut rates to offset tariff impacts is misplaced.

他建议，关于是否可能被迫降低费率以抵消关税影响的猜测是错误的。

“That’s the mispricing we are talking about here,” he continued.

他继续说：“这是我们在这里谈论的错误定价。”

The myopic focus on whether [we] are getting a fed cut in May/June is completely irrelevant if the notion of the risk-free as we know it is fundamentally challenged forever, which means cost of capital globally is going higher.

如果我们知道的无风险概念永远在根本上受到挑战，这意味着全球资本的成本越来越高，近视关注[我们]是否在5月/6月被削减的美联储削减是完全无关紧要的。

Park’s comments highlight a deeper concern: that markets might be rallying on short-term hopes (like potential rate cuts) while ignoring potentially severe, longer-term structural damage to the US financial standing and the global cost of capital caused by ongoing policy uncertainty and aggressive trade tactics.

帕克的评论强调了一个更深的关注点：市场可能会在短期希望（例如削减税率）上集会，同时忽略了对美国金融地位的潜在严重，长期结构性损害，以及由持续的政策不确定性和积极进取的贸易策略造成的全球资本成本。

While Bitcoin holds firm near recent highs, the debate continues over whether current market strength reflects genuine resilience or a dangerous disregard for underlying economic headwinds.

尽管比特币持近最近的高点，但目前的市场实力是否反映了真正的韧性还是无视经济逆风的危险，这一辩论仍在继续。