Tariff policies impact global markets, raising doubts about the encryption asset's hedging properties.

Recently, the United States has once again introduced tariff policies, significantly impacting the global trade landscape. This move has not only shaken traditional financial markets but has also brought huge fluctuations to the encryption currency market.

In April 2025, U.S. President Trump announced a new round of tariff policies affecting multiple countries around the world. This is not the first time Trump has taken such measures; similar policies were implemented during his first term from 2017 to 2020. At that time, the Dow Jones Industrial Average fell by 500 points.

The impact of this tariff policy is more extensive and far-reaching. All three major U.S. stock indices fell sharply, with the Nasdaq index dropping more than 2,300 points from April 2 to April 8, the Dow Jones index down nearly 4,600 points, and the S&P 500 index falling below 5,000 points.

The cryptocurrency market has also been severely impacted. Bitcoin fell to a low of 74,500 USDT on the evening of June 7. Data shows that within 24 hours of the tariff policy taking effect, the entire crypto market declined, with mainstream crypto assets generally dropping by 3%-10%, and a total market capitalization evaporating by approximately 300 billion dollars.

On April 10, Trump announced a 90-day delay in the implementation of tariffs on 75 countries, and the market immediately showed signs of recovery. The price of Bitcoin returned to the 80,000 USDT level, and most encryption currencies showed an upward trend. However, market sentiment remains in a state of extreme panic, and some analysts believe that Trump's move may be suspected of manipulating the market.

This event has raised questions about Bitcoin's "digital gold" safe-haven properties. Compared to traditional gold, Bitcoin did not demonstrate the expected safe-haven effect during this tariff incident. Instead, its price movement showed a stronger correlation with the three major U.S. stock indices.

Research shows that since the launch of the Bitcoin spot ETF, its price has been increasingly influenced by factors such as U.S. Treasury yields, the dollar index, and macro policy expectations. This suggests that Bitcoin may resemble a high-risk asset rather than a traditional safe-haven tool.

Historically, the United States has influenced global trade multiple times through tariff policies. The Smoot-Hawley Tariff Act of 1930 led to further deterioration of the U.S. economy, skyrocketing unemployment rates, and a nearly two-thirds shrinkage in global trade volume. This tariff policy may serve more as a bargaining chip rather than a substantial impact.

In the face of market fluctuations, investors need to reassess the positioning of encryption assets. Long-termism should not be limited to a simple holding strategy, but should focus on projects that stand the test of time and have practical application value. Whether it is public chains, DePIN, AI infrastructure, or decentralized applications like wallets and cross-chain bridges, they are all important cornerstones supporting the development of the industry.

The truly worthy investments are those projects that continuously iterate, drive implementation, and attempt to solve real-world problems using blockchain. In the midst of market fluctuations, maintaining rational thinking and focusing on the long-term value and practical applications of projects may be a wiser choice.