On April 8, according to the latest report released by the Binance Institute, since Trump returned to the White House and significantly increased import tariffs, the U.S. weighted tariff rate has soared to a new high in the past 100 years, and global trade tensions have increased significantly. The crypto market fluctuated violently. BTC fell by more than 19% from its high at the beginning of the year, ETH fell by more than 40%, the total market value shrank by nearly US$1 trillion, and safe-haven funds poured into gold and bonds. Research pointed out that continued trade frictions and stagflation risks have put the Federal Reserve facing policy dilemmas, and the market has begun to expect interest rates to be cut several times during the year. In the short term, Bitcoin's linkage with the stock market has increased and its negative correlation with gold has shown its "risk asset" attribute. However, in the long run, if inflation continues to remain high and interest rates fall, Bitcoin may become an investment choice for "anti-inflation hard assets." The report concludes that the crypto market may remain volatile and highly sensitive in the short term, while the long-term prospects depend on the evolution of the global macro environment, the Federal Reserve's policy path and whether the crypto industry can regain its independent narrative and asset positioning.