Bitcoin price news: BTC adds to losses following Fed pause, Powell press conference
Bitcoin fell below $71,000 and stocks closed lower after the Fed held rates steady and Powell cited rising oil prices as an inflation risk.Summary
Bitcoin's price dropped below $71,000 on Wednesday as Federal Reserve Chair Jerome Powell highlighted rising oil prices, linked to the war in Iran, as a potential new risk to the inflation outlook. The Fed maintained its current interest rates, but Powell acknowledged the impact of the energy price surge on inflation projections, stating that the persistence of this impact remains uncertain. Policymakers increased their 2026 inflation forecast to 2.7% from 2.4%. Despite these concerns, Powell dismissed comparisons to 1970s-style stagflation, noting the current low unemployment rate. Markets reacted negatively, with Bitcoin declining almost 5%, Ether falling 6.5%, and the S&P 500 and Nasdaq closing at session lows. Digital asset-related stocks also experienced significant declines.
(Source：CoinDesk)