#数字资产市场动态 $AT

$ZEC

The Federal Reserve hits the pause button, Trump calls for "another 1% cut"—the global liquidity game is rewriting the underlying logic of the crypto market.

After three consecutive rate cuts in 2025, the Fed suddenly stops. On the other side, Trump, aiming for political gains in the midterm elections, begins openly pressuring the central bank to continue easing liquidity. Behind this tug-of-war is the unavoidable reality of America's $38 trillion national debt bomb: just the interest on debt consumes $1.2 trillion annually, accounting for one-third of the federal government's total revenue.

Numbers tell the story. That 4.3% GDP growth in the US? It’s entirely supported by borrowing and imports. Corporate investments and consumer spending are starting to show fatigue, with retailers and farmers collectively opposing further measures. The script of 2018—tax hikes leading to inflation, which then forced interest rate hikes—has played out not long ago, and no one wants a repeat. Ultimately, the US and China tacitly shelved tariff disputes to avoid a larger upheaval.

China’s approach is different. Export of new energy vehicles accounts for 60% of the global market, breakthroughs in key technologies like chips and industrial software are emerging, and strategic resources like rare earths are under firm pricing control. More importantly, the CIPS financial network—covering 189 countries—saw transaction volume surge 30% in the first half of the year, reaching 35 trillion yuan. Coupled with the digital yuan, forming a "dual-engine" effect, it has become a new possibility for cross-border settlement. The more the US tries to decouple, the more global companies rely on China’s supply chain—this hard power makes RMB assets a new safe haven during turbulent times.

For crypto assets, this is more than just interest rates. If Trump succeeds in forcing a political shift, and the Fed restarts aggressive rate cuts, the resulting global easing liquidity will directly benefit risk assets like Bitcoin and Ethereum. Conversely, if the US debt crisis truly ferments, the RMB cross-border payment innovations led by CIPS could open up entirely new crypto settlement channels. Meanwhile, China’s resilient industrial chain provides an additional risk buffer for the entire crypto market.

The question is: will the Fed’s psychological defenses ultimately be broken by political pressure? Will China’s supply chain advantages combined with CIPS financial innovation attract a tidal wave of crypto funds shifting into RMB-denominated assets? The next move in this global game may be rewriting our investment opportunities.