火星财经消息，据金十数据报道，中信证券研报称，美国 4 月 CPI 增速大致表现温和且低于预期，但家具、家电、玩具等商品的价格似乎已开始反映白宫加征关税的影响，本次总体同比 2.3% 的增速可能已是今年全年的低点。我们静态测算，在考虑 5 月 12 日中美联合声明后，白宫年初以来的关税措施若维持不变，则可能将累计提升美国 PCE 平减指数约 0.85%、并在长期拖累美国 GDP 规模约 0.3%，特朗普政府须让美国的处方药至少平均降价三成才能抵消其关税措施的通胀影响。美国关税水平的“天花板”和“地板”都已依稀可见，贸易政策的能见度正在恢复，这对美股等风险资产而言是件好事，美元可能也将在近期迎来支撑，我们对美债依旧较谨慎。

<div>火星财经消息，据金十数据报道，中信证券研报称，美国 4 月 CPI 增速大致表现温和且低于预期，但家具、家电、玩具等商品的价格似乎已开始反映白宫加征关税的影响，本次总体同比 2.3% 的增速可能已是今年全年的低点。我们静态测算，在考虑 5 月 12 日中美联合声明后，白宫年初以来的关税措施若维持不变，则可能将累计提升美国 PCE 平减指数约 0.85%、并在长期拖累美国 GDP 规模约 0.3%，特朗普政府须让美国的处方药至少平均降价三成才能抵消其关税措施的通胀影响。美国关税水平的“天花板”和“地板”都已依稀可见，贸易政策的能见度正在恢复，这对美股等风险资产而言是件好事，美元可能也将在近期迎来支撑，我们对美债依旧较谨慎。</div>

中信证券评美国 4 月 CPI：不易持久的“好数据”

<Mars Finance> According to Jinshi Data, CITIC Securities research report stated that the US April CPI growth rate was roughly moderate and lower than expected, but prices of goods such as furniture, home appliances, and toys seem to have begun reflecting the impact of White House tariffs. The current year-on-year growth rate of 2.3% may be the lowest point for the entire year. We statically calculate that after considering the Sino-US joint statement on May 12th, if the White House's tariff measures since the beginning of the year remain unchanged, it may cumulatively increase the US PCE deflator by approximately 0.85% and drag down US GDP scale by about 0.3% in the long term. The Trump administration must reduce the average price of prescription drugs by at least 30% to offset the inflationary impact of its tariff measures. The "ceiling" and "floor" of US tariff levels are becoming visible, and the visibility of trade policies is being restored, which is good news for risk assets such as US stocks, and the US dollar may also receive support in the near term. We remain cautious about US bonds.

<div>According to Mars Finance and Golden Ten Data, CITIC Securities research report stated that the US April CPI growth rate was generally moderate and below expectations. However, prices of furniture, home appliances, and toys seem to have begun reflecting the impact of White House tariffs. The current year-on-year growth rate of 2.3% may be the lowest point for the entire year. Through static calculations, considering the Sino-US joint statement on May 12th, if the White House's tariff measures since the beginning of the year remain unchanged, they may cumulatively increase the US PCE deflator by approximately 0.85% and drag down US GDP by about 0.3% in the long term. The Trump administration must reduce prescription drug prices by at least 30% to offset the inflationary impact of its tariff measures. The "ceiling" and "floor" of US tariff levels are becoming visible, and trade policy visibility is being restored, which is good news for risk assets such as US stocks, and the US dollar may also receive support in the near term. We remain cautious about US bonds.</div>

CITIC Securities comments on the US April CPI: "Good data" that will not last long

In the crypto world, what truly determines victory is never code, but the interplay between liquidity, power, and regulation. The rise and fall of BUSD is not merely a tragic tale of a stablecoin, but a financial war waged by exchanges attempting to "unify the world."

When BUSD was thrust onto the historical stage, it carried not only a compliance narrative, but also Binance's ambition to reshape the stablecoin order through coercive measures—by manipulating exchange rates and merging trading pairs, directly swallowing competitors' liquidity into its own ledger.

The "automatic conversion" of 2022 was a textbook example of a blitzkrieg; and 2023...

The Rise and Fall of Binance's Dominance: From BUSD's "Unification" to $U's "Conquering the World"—The Stablecoin Wars

Source: Galaxy Research; Translation: Jinse Finance xz
Bitcoin's closing price in 2025 is expected to be roughly the same as the level at the beginning of the year.
The cryptocurrency market experienced a genuine bullish wave in the first ten months of this year. Regulatory reforms continued to advance, ETFs continued to attract funds, and on-chain activity became increasingly active. Bitcoin hit an all-time high of $126,080 on October 6th.
However, the market failed to deliver the expected breakthrough after the initial frenzy; instead, it experienced rotation, repricing, and rebalancing. This was driven by factors such as unmet macroeconomic expectations, a shift in investment narratives, leveraged margin calls, and massive...

Galaxy: 26 Predictions for the Crypto Market in 2026

Messari released "The Crypto Theses 2026," a report that predicts future trends in public blockchains, DeFi, AI, DePIN, and TradFi. From Messari's perspective, 2026 will be a pivotal year for cryptocurrencies, marking a shift from "speculative" to "system-level integration."

Author: Messari
Compiled/Translated by: ODIG Invest
Messari Releases "The Crypto Theses 2026"...