The price of Bitcoin fell below $95,000 on Wednesday after the U.S. Bureau of Economic Analysis said that the economy contracted at an annualized rate of 0.3% in the first quarter, underscoring recession concerns tied to U.S. President Donald Trump’s tariffs. 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 Trading Economics.Bitcoin was recently changing hands around $94,300, immediately falling after Wednesday’s snapshot, according to crypto data provider CoinGecko. Altcoins wavered, with Ethereum and Solana each falling 3% to $1,760 and $143 over the past day, respectively. A disappointing ADP jobs report on Tuesday showing that U.S. employers created just 62,000 jobs in April, about half of what analysts expected also unsettled 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. A disappointing ADP jobs report on Tuesday showing that U.S. employers created just 62,000 jobs in April, about half of what analysts expected also unsettled 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.

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