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Bitcoin Drops to $83,000, 24-Hour Decrease of 0.88%

Bitcoin dropped to $83,000, currently quoted at 83,500, with a 24-hour decrease of 0.88%.

Bitcoin Succumbs to Risk Asset Slump as Trump Sets Tariffs

Bitcoin and other major cryptocurrencies dipped after President Donald Trump imposed tariffs on US trading partners worldwide, triggering a slump in risk assets.

Trump announced Wednesday that he will apply a minimum 10% tariff on all exporters to the US and slap additional duties on around 60 nations with the largest trade imbalances with the US. China will face a 34% rate, while the European Union will have a 20% levy and Japan is seeing a 24% tariff. Cryptocurrencies bore the announcement relatively well at first, but began to falter as traders began their day in Asia.

CME to Launch Spot-Quoted Futures in June for Crypto, Equity Index Markets

CME Group is planning to roll out spot-quoted futures contracts on June 30, allowing market participants to trade benchmark crypto and equity index futures in spot-market terms, it said on Wednesday.

Pending regulatory review, the contracts will be available for bitcoin and ether -- the two largest crypto assets -- as well as across four major U.S. stock indices, including the S&P 500, Nasdaq-100, Russell 2000 and Dow Jones Industrial Average.

JPMorgan Economist Warns of Tariff Impact on U.S. Economy

JPMorgan's Chief Economist Michael Feroli has issued a report highlighting the potential economic impact of tariffs imposed by U.S. President Donald Trump. Feroli notes that while the tariffs could generate substantial revenue, they may lead to increased prices, affecting consumer purchasing power. He stated that the newly announced tariffs could raise nearly $400 billion in revenue, approximately 1.3% of GDP. The measures are expected to increase personal consumption expenditure prices by 1-1.5% this year, with inflation effects anticipated by mid-year.

The resulting hit to purchasing power could lead to negative growth in real disposable personal income from the second to third quarter, potentially causing a contraction in real consumer spending during these periods. This impact alone could pose a risk of recession for the economy.

Arizona House Committee Advances Bitcoin Reserve Bills

The Arizona House of Representatives' full committee has approved two bills related to Bitcoin reserves, SB 1025 and SB 1373. The next step involves a third reading, followed by a final vote in the House. If successfully passed, the bills will be sent to the governor for signing into law.

Bitcoin Spot ETF Flow

The overall net inflow of the US Bitcoin spot ETF on Wednesday was $220.76 million. The total net asset value of Bitcoin spot ETFs is $97.35 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 5.73%.

The Bitcoin spot ETF with the highest net inflow on Apr. 2 was ARK 21Shares Bitcoin ETF, with a net inflow of $130.15 million. Following that was Fidelity Wise Origin Bitcoin Fund, with a net inflow of 118.79 million, according to SoSoValue.

SoSoValue