Bitcoin news

Bitcoin Price Slides to $22K as Powell Warns on Inflation

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Alex Thorn

Head of Firmwide Research

Galaxy

Hear Alex Thorn share his take on “Bitcoin and Inflation: It’s Complicated” at Consensus 2023.

Consensus 2023 Logo

Alex Thorn

Head of Firmwide Research

Galaxy

Consensus 2023 Logo

Hear Alex Thorn share his take on “Bitcoin and Inflation: It’s Complicated” at Consensus 2023.

CoinDesk - Unknown

Stephen Alpher is CoinDesk’s co-regional news chief, Americas. He holds BTC and ETH above CoinDesk’s disclosure threshold of $1,000.

Consensus 2023 Logo

Alex Thorn

Head of Firmwide Research

Galaxy

Hear Alex Thorn share his take on “Bitcoin and Inflation: It’s Complicated” at Consensus 2023.

Consensus 2023 Logo

Alex Thorn

Head of Firmwide Research

Galaxy

Consensus 2023 Logo

Hear Alex Thorn share his take on “Bitcoin and Inflation: It’s Complicated” at Consensus 2023.

Inflationary pressures are running higher than expected, Federal Reserve Chairman Jerome Powell said in prepared remarks before the U.S. Senate Banking Committee on Tuesday.

Bitcoin (BTC) fell about 1.6% to below $22,000 in the immediate aftermath of the release of the remarks. The price has bounced a bit since, recently trading at $22,100, while the S&P 500 was down 0.75%.

“The data from January on employment, consumer spending, manufacturing production and inflation have partly reversed the softening [inflation] trends,” Powell said.

While allowing that unseasonably warm weather in January might be responsible for the higher-than-expected inflation figures, Powell said the “process” of returning inflation to the Fed’s target of 2% “has a long way to go and is likely to be bumpy.”

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CoinDesk - Unknown

Stephen Alpher is CoinDesk’s co-regional news chief, Americas. He holds BTC and ETH above CoinDesk’s disclosure threshold of $1,000.

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CoinDesk - Unknown

Stephen Alpher is CoinDesk’s co-regional news chief, Americas. He holds BTC and ETH above CoinDesk’s disclosure threshold of $1,000.

Source: https://www.coindesk.com/markets/2023/03/07/bitcoin-slides-to-22k-as-powell-warns-on-inflation/

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