Major cryptocurrencies showed little bullish momentum Monday, even as hopes for the U.S.-China trade talks lifted Asian stocks and a key Chinese price index fell deeper into deflationary territory.

周一的主要加密货币几乎没有看涨的势头，即使人们对美中贸易谈判的希望提高了亚洲股票，而中国关键的中国价格指数则更深入地进入了通货紧缩领土。

Bitcoin

比特币

Data from Blockchain.com showed a marked slowdown in network activity, with the seven-day moving average of daily on-chain transactions falling to 315.48K, the lowest in at least a year. At press time, BTC was trading at $26,288, changing hands in a green candlestick on the 1-day chart.

来自BlockChain.com的数据显示，网络活动的速度显着放缓，每日链上交易的平均值为7天，降低到315.48K，这是至少一年内最低的。发稿时，BTC的交易价格为26,288美元，在为期1天的图表上以绿色的烛台换手。

The apex cryptocurrency had risen over the past 24 hours as it tested the upper boundary of a 100-day simple moving average at $26,000. The SMA acted as a strong resistance level in March, when BTC dropped sharply after failing to break above the indicator.

Apex加密货币在过去的24小时内已经上升，因为它测试了100天简单移动平均线的上限，为26,000美元。 SMA在3月份起着强大的阻力水平，当时BTC未能突破指示器后急剧下降。

The price action also came as the U.S. dollar showed signs of weakness following last week’s rally. The dollar index fell 0.2% to 103.4, remaining above a 15-month low of 99.17 hit on Thursday.

价格上的行动也发生了，因为美元在上周的集会之后表现出虚弱的迹象。美元指数下降了0.2％至103.4，在周四的15个月低点低于99.17的15个月低点。

The greenback's weakness could be linked to the upcoming U.S. consumer price index data, which is expected to show that Trump-linked tariffs are beginning to heat up consumer prices. Economists polled by Dow Jones expect the CPI to rise 0.2% in May after no change in April.

Greenback的弱点可能与即将到来的美国消费者价格指数数据有关，这预计将表明与特朗普有联系的关税开始加热消费者价格。道琼斯（Dow Jones）对经济学家进行了调查，预计CPI在4月没有变化后5月上升0.2％。

The headline CPI is seen matching April's pace of 0.2% month-on-month growth, equating to an annualized 2.5% rise versus April's 2.3% increase, according to FXStreet. Meawhile, the core inflation, which excludes the volatile food and energy component, is forecast to have ticked higher to 2.9% in May from 2.8% in April.

根据FXSTREET的数据，CPI的标题与4月份每月0.2％的增长相匹配，相当于每年2.5％的增长，而4月份的增长率为2.3％。不包括挥发性食品和能源成分的核心通货膨胀率从4月份的2.8％的2.8％提高到2.9％。

Economists at Barclays expect the data to show first signs of tariffs-related price increases across wide range of core goods.

巴克莱的经济学家预计，数据将显示与关税相关价格上涨的首先迹象。

A hotter-than-expected print could dent Fed rate cuts, potentially injecting downside volatility in financial markets.

超过预期的印刷品可能会降低税率的降低，可能会在金融市场中注入下行波动。

Payments-focused cryptocurrency XRP struggled to gather upside traction despite topping a bearish trendline from the mid-May highs. The cryptocurrency changed hands at $2.24 at press time, down over 1% on the day (UTC). Volatility may increase this week as the XRP Ledger's APEX 2025 conference kicks off in Singapore.

以付款为重点的加密货币XRP努力地收集上升牵引力，尽管五月中期的高点是看跌的趋势线。加密货币在发稿时以2.24美元的价格易手，当天下降了1％以上（UTC）。随着XRP Ledger的Apex 2025会议在新加坡举行，波动性可能会增加。

Meme cryptocurrency DOGE traded nearly 2% lower, closing in on 18 cents, having failed to establish a foothold above the 100-day SMA over the weekend.

Meme Cryptocurrency Doge的交易价格降低了近2％，收盘价为18美分，在周末未能建立高于100天SMA的立足点。

Hang Seng tops 24K

悬挂森顶24K

Hong Kong's Hang Seng index rose 1.3%, topping the 24,000 mark for the first time since March 24, according to data source TradingView. The move came in response to the optimism about the U.S.-China trade talks this week.

根据数据源TradingView的数据，香港的Hang Seng Index上涨了1.3％，自3月24日以来首次超过24,000分。此举是为了回应本周对美国 - 中国贸易谈判的乐观情绪。

"Optimism is as high as it's been since Trump's election as top trade deputies will meet in London starting on Monday. There are indications that talks will go all week and Trump himself is optimistic," ForexLive's Chief Currency Analyst Adam Button said in a blog post.

“乐观主义自从周一开始在伦敦开会以来，特朗普当选为最高贸易代表以来的乐观情绪。有迹象表明会谈将整周进行，而特朗普本人也很乐观，” Forexlive的首席货币分析师亚当·巴顿（Adam Button）在博客中说。

"The meeting should go very well," President Donald Trump said on Truth Social Friday, announcing the new round of trade talks in London.

唐纳德·特朗普（Donald Trump）总统在《真相社交周五》中说：“会议应该很好。”宣布在伦敦举行的新一轮贸易会谈。

Other Asian indices, such as South Korea's KOSPI and China's Shanghai Composite, also gained ground despite the deepening consumer and factory gate deflation in China.

尽管在中国的消费者和工厂门口加深，但其他亚洲指数，例如韩国的Kospi和中国的上海综合，也取得了进展。

China's deflation worsens

中国的通缩恶化

China's consumer prices fell 0.1% year-over-year in May, according to data from the National Bureau of Statistics released on Monday. The CPI first turned negative in February.

根据周一发布的国家统计局的数据，中国的消费者价格在5月份同比下跌0.1％。 CPI在二月份首次变成负面。

The reading missed the year-over-year increase of 0.1% that economists polled by Bloomberg had anticipated and followed April's 0.0% rise. It also marked the weakest reading since December 2022.

读书遗失了彭博社预期的经济学家的同比增长0.1％，并随后4月的0.0％增长。它也标志着自2022年12月以来的读物最薄弱。

Meanwhile, the producer price index, or factory gate prices, fell 3.3% year-over-year in May, registering a sharper decline than the 3.2% drop analysts had expected. Factory gate prices have been in deflation since October 2022.

同时，生产商的价格指数或工厂门价格在5月份同比下降3.3％，比分析师预期的3.2％的下降幅度下降了。自2022年10月以来，工厂门价格一直在放气。

According to Robin Brooks, senior fellow in the Global Economy and Development program at the Brookings Institution, the U.S. tariffs are generating a deflationary shock for major exporters like China.

根据布鲁金斯机构全球经济与发展计划高级研究员罗宾·布鲁克斯（Robin Brooks）的说法，美国关税正在为中国等主要出口商产生通缩冲击。

"China's producer price inflation for consumer goods is down to its lowest level since the 2008 crisis. U.S. tariffs will now push China into full-on deflation. All necessary conditions for deflation are there: weak consumption and a debt overhang. U.S. tariffs are now the catalyst...," Brooks said on X.

“自2008年危机以来，中国对消费品的生产者价格通货膨胀率一直降至其最低水平。美国关税现在将使中国全面放通。所有必要的通货紧缩条件都存在：消费量较弱，债务迫切了。现在，美国关税是催化剂……”布鲁克斯说，”布鲁克斯在x上说。

The worsening deflation could prompt China

加路恶化可能会促使中国