In the third issue of Bitcoin Intelligence Report, on March 31st we wrote: Higher for Longer Since Trump’s election victory, markets responded with early optimism, largely brushing off the threat of tariffs. But over time, that complacency has faded—and we now appear to be entering the “suddenly” phase of this story. With tariffs now set to be broader and more enduring than initially expected, markets are likely to face sustained pressure. Expect to see: Broad selloffs across both stocks and bonds Read below.