正在进行的加密价格恢复可以归因于一群被称为债券警惕者的投资者

正在进行的加密价格恢复可以归因于一群被称为债券警惕者的投资者，这是经济学家Ed Yardeni创造的这个词。

A group of investors, often referred to as bond vigilantes, are keeping the government in check by selling bonds whenever there is a big policy change.

一群经常被称为债券警惕者的投资者在发生巨大的政策变更时出售债券，使政府受到控制。

The term was popularized by economist Ed Yardeni,

该术语由经济学家Ed Yardeni普及

These investors, in essence, sell their bond holdings when there is a significant policy change.

本质上，这些投资者在发生重大政策变更时出售其债券持股。

This pushes yields high and makes it expensive for the government to borrow.

这推动了很高的收益，使政府借贷变得昂贵。

The rally mirrored the stock market’s performance.

拉力赛反映了股票市场的业绩。

U.S. stock indices, such as the Dow Jones and the Nasdaq 100, have all jumped by over 10% from their monthly lows.

美国股票指数，例如道琼斯琼斯和纳斯达克100号，都从每月低点跃升了10％以上。

International indices like the German DAX and French CAC 40 have also jumped.

德国DAX和法国CAC 40等国际指数也跃升了。

Earlier this month, President Donald Trump applied the highest levies to China, but a baseline 10% tariff was applied across the board with additional reciprocal tariffs that vary by nation.

本月早些时候，唐纳德·特朗普总统向中国提出了最高征税，但全面征收了10％的基准关税，并随着国家而异。

But Trump blinked after so-called “bond vigilantes” sprung into action.

但是特朗普在所谓的“邦德警惕性”迅速采取行动后眨了眨眼。

Investors essentially sold off bonds to pressure the government to reverse course.

投资者本质上出售了债券，以迫使政府扭转道路。

“The Bond Vigilantes have struck again,” wrote Yardeni. “As far as we can tell, at least with respect to U.S. financial markets, they are the only 1.000 hitters in history.”

Yardeni写道：“邦德警惕者再次袭来。” “据我们所知，至少在美国金融市场方面，它们是历史上仅有的1.000个击球手。”

U.S. bond yields went higher, with the 10-year Treasuries hitting 4.585 percent and the 30-year retesting 5 percent for the first time since January.

美国的债券收益率更高，十年期的国债达到4.585％，自1月以来首次重新测试了30年。

The rising bond yields meant that the U.S. public debt servicing would go up.

债券收益率上升意味着美国的公共债务服务将上升。

Also, they meant that the president would likely fail in his plan for massive tax cuts.

另外，他们意味着总统可能会失败他的大规模减税计划。

Significant unfunded tax cuts would have pushed bond yields higher.

明显的无资金减税将使债券收益率更高。

Trump commented on the bond market bluntly:

特朗普直言不讳地评论了债券市场：

“The bond market is very tricky. I was watching it.”

“债券市场非常棘手。我在看它。”

Crypto rallies

加密集会

Bitcoin (BTC) price rose and retested the important resistance at $95,000 for the first time in over a month.

比特币（BTC）的价格上涨，并重新测试了一个多个月以来首次以95,000美元的价格重新测试。

Brett (BRETT), the biggest meme coin on the Base blockchain, jumped by 95 percent in the last seven days.

Brett（Brett）是基本区块链上最大的模因硬币，在过去的七天中跃升了95％。

Other top coins, such as Virtual Protocol (VIRTUAL), Official Trump (TRUMP), Sui (SUI), and Dogwifhat (WIF), have all jumped by over 50 percent in the last seven days.

其他顶级硬币，例如虚拟协议（虚拟），官方特朗普（特朗普），SUI（SUI）和Dogwifhat（WIF），在过去的七天中，它们都增加了50％以上。

As a result, the market cap of all coins jumped to $3 trillion.

结果，所有硬币的市值跃升至3万亿美元。

Bond vigilantes also contributed to Trump’s decision to abandon firing Jerome Powell from the Federal Reserve.

邦德警惕者还为特朗普决定放弃杰罗姆·鲍威尔从美联储解雇。

The U.S. president cannot legally remove the Fed chair without cause.

美国总统不能在没有理由的情况下法律上卸下美联储椅子。

If the Supreme Court allowed such a move to stand, it would have led to a lack of confidence in U.S. bonds and the greenback.

如果最高法院允许这样的举动立场，那将导致对美国债券和绿色的信心缺乏信心。

It would have also likely pushed bond vigilantes to dump Treasuries again.

这也可能会推动邦德警惕者再次抛弃国库。

Trump also hinted that he was ready to strike a deal with China, even though China denied talks were taking place.

特朗普还暗示，即使中国否认正在进行谈判，他也准备与中国达成协议。

Therefore, crypto prices may continue to rise in the coming weeks as tariff risks ease, and the odds of Federal Reserve cuts increase.

因此，随着关税风险易于使用，加密价格可能会继续上涨，美联储削减的几率增加。