Briefly,
- Bitcoin fell below $95,000 as quarterly GDP dropped for the first quarter since 2022.
- Ethereum and Solana fell by approximately 3%.
- U.S. President Donald Trump's trade tariffs have unsettled markets.
Prices of Bitcoin After the U.S. Bureau of Economic Analysis, Wednesday’s price of gold fell below $95,000 You can also read about the importance of this in our article The economy shrank at a rate of annualized 0.3% during the first quarter. This highlights the recession fears linked to President Trump’s tariffs.
According to the U.S. Census Bureau, the U.S. economic growth rate for the quarter ending March was 0.3%, which is lower than the economists’ expectations. However, the reading on Wednesday represents the first decline in quarterly economic growth since 2022. Trading Economics.
According to cryptocurrency data providers, Bitcoin traded recently at around $94,300 and immediately fell after the snapshot on Wednesday. CoinGecko. Altcoins have been in a downward spiral, as Ethereum You can also find out more about the following: Solana In the past 24 hours, both fell by 3% each to $1760 and $143.
A disappointing ADP job report, released by ADP on Tuesday and showing that U.S. businesses created 62,000 jobs only in April – about half the number analysts predicted – also upset markets. The U.S. central bank's preferred inflation gauge, the Personal Consumption Expenditures, cooled in April from the previous month, although the impact of Trump's tariff war has yet to appear.
Major U.S. equity indexes opened in negative territory with the S&P 500 and tech-heavy Nasdaq both sinking over 2%. Bitcoin’s history has been largely associated with the stock market.
Bitcoin grew as the Federal Reserve lowered its benchmark interest rate from 4.25%-4.50%. However, in December the central bank adopted an approach that was more conservative. Pointing The Fed is concerned about possible changes in immigration and trade policy that may occur under Trump, which could make it more difficult to achieve price stability.
So-called “soft data” like the University of Michigan Consumer Survey have shown that since Trump’s efforts to reshape global trade. plunging sentiment Consumers in the United States are requesting more information. On Wednesday’s data on economic growth, it was clear that Trump tariffs were having a detrimental impact on an economy that is trying to grow.
Other levies are already in effect, despite the 90-day pause that President Trump announced earlier this month on “reciprocal tariffs”. These include tariffs of 25% on steel and aluminum, 10% on most imports and sector-specific levies.
U.S. Treasury secretary Scott Bessent said on Tuesday that American retail businesses would not be affected by tariffs despite the fact that there are warnings about a sharp drop in shipping volumes at Los Angeles’ port. per Reuters.
Bessent said, “We are fortunate to have some excellent retailers.” Fox News. I assume that they had pre-ordered. “I think there will be some elasticity.” […]We will then see how quickly China wants to deescalate.”
ADVANCED UPDATE: (April 30th, 2025 at 9:36 AM ET ET): Updates prices.
ADVANCED UPDATE: (April 30th, 2025 at 9:46 AM ET ET): Stock index updates.
Update: April 30, 2025 10:48 AM ET ET): The latest updates with job data
James Rubin, Editor
