Bitcoin Falls as US Economy Contracts for First Time in 3 Three Years

The price of Economists expected the U.S. economy to grow at an annualized rate of 0.3% in the three months through March; however, Wednesday’s reading represented the first quarterly decline in economic growth since the first quarter of 2022, according to Bitcoin was recently changing hands around $94,300, immediately falling after Wednesday’s snapshot, according to crypto data provider Major U.S. equity indexes opened in negative territory with the S&P 500 and tech-heavy Nasdaq both sinking over 2%. Bitcoin has largely correlated with stocks throughout its history.Bitcoin boomed as the Federal Reserve delivered a series of rate cuts last year, lowering its benchmark rate to a target range of 4.25% to 4.50%. In December, however, the central bank adopted a relatively cautious stance, Since Trump focused his efforts on reshaping global trade, so-called soft data like the University of Michigan’s consumer survey have pointed to Although the president unveiled a 90-pause on “reciprocal” tariffs earlier this month, other levies have already gone into effect. Those include 25% tariffs on all steel and aluminum imports, a 10% baseline tariff on imports from nearly every nation, sector-specific tariffs, and 145% tariffs on Chinese goods that have now been in place for several weeks.U.S. Treasury Secretary Scott Bessent suggested on Tuesday that American retailers would not face pronounced disruptions from tariffs, despite warnings that shipping volume in the port of Los Angeles is facing a precipitous drop, “We have some great retailers,” Bessent told UPDATE (April 30, 2025, 9:36 a.m. ET): Updates prices. UPDATE (April 30, 2025, 9:46 a.m. ET): Updates with equity index data. Edited by James Rubin