#美国加征关税 The U.S. tariff policy has created a "double-edged sword" effect on the cryptocurrency market. In the short term, escalating trade frictions heighten market risk aversion, triggering a wave of cryptocurrency sell-offs. After Trump announced tariffs on China, Canada, and Mexico in February 2025, Bitcoin plummeted 7% to $92,000 within 24 hours, while Ethereum dropped 25%, leading to over $2 billion in liquidations across the network. The main reason is that investors shifted their view of crypto assets to high-risk categories and turned to traditional safe-haven assets like the dollar.

However, the long-term logic remains unchanged:

1. **Inflation Hedge Demand**: If tariffs drive up U.S. inflation, the narrative of Bitcoin as "digital gold" may strengthen, attracting capital back;

2. **De-dollarization Opportunities**: Trade wars undermine the dollar's credibility, potentially increasing demand for stablecoins (like USDT) and Bitcoin's cross-border payment attributes;

3. **Regulatory Game**: Under policy uncertainty, U.S. crypto tax regulations have temporarily postponed FIFO rules, but the DeFi report highlights disputes that underscore the tug-of-war between the industry and policy.

The market should be wary of the risk of political tool manipulation, such as the Trump family's issuance of the Meme coin $TRUMP, which drains liquidity, as their team controls 80% of the tokens, posing a hidden selling pressure risk. The disturbances caused by tariffs will eventually settle, while the cryptocurrency market's sensitivity to macro signals has become the new normal.