#美国加征关税 The impact of the U.S. tariff policy on the blockchain market mainly manifests in two aspects: macroeconomic pressure and market sentiment fluctuations.

1. **Increased correlation of risk assets**: The tariff policy of the Trump administration has intensified expectations of a global economic recession, leading to a significant decline in traditional risk assets like U.S. stocks, with investor panic spilling over into the cryptocurrency market. For example, on February 28, after Trump announced the tariff increase, Bitcoin fell more than 4% in a single day, while the Nasdaq index also dropped, reflecting the strong correlation between the crypto market and tech stocks.

2. **Liquidity tightening and policy uncertainty**: The inflationary pressures caused by tariffs may limit the Federal Reserve's ability to cut interest rates, compounded by the U.S. Treasury General Account (TGA) halting liquidity injections into the market, which further tightens the funding environment. As a liquidity-sensitive area, the crypto market faces selling pressure in the short term, with Bitcoin's market value evaporating by 22% at one point.

3. **Long-term safe-haven attribute in doubt**: Although some opinions suggest that crypto assets may become a hedge against the weakening of the dollar's credibility, the current market tends to view them as risk assets. The EU forecasts that tariffs could lead to a 7% decline in global GDP; if the economic recession deepens, investors may turn to traditional safe-haven assets like gold rather than the more volatile cryptocurrencies.

In summary, tariff policies suppress the performance of the crypto market in the short term by impacting the real economy, exacerbating market volatility, and creating policy games; in the long term, it is necessary to pay attention to whether unconventional policies like the U.S. 'cryptocurrency strategic reserve' can reshape its financial position.#美国加征关税 $