Share this article
BTC
$85,043.88
+
3.18%ETH
$1,655.48
+
5.94%USDT
$0.9996
+
0.02%XRP
$2.1584
+
7.72%BNB
$598.90
+
2.48%SOL
$130.54
+
8.96%USDC
$0.9999
+
0.01%DOGE
$0.1674
+
5.61%ADA
$0.6607
+
6.47%TRX
$0.2500
+
4.30%LEO
$9.3116
-
0.27%LINK
$13.12
+
4.84%AVAX
$20.52
+
7.68%XLM
$0.2478
+
7.04%SUI
$2.3186
+
6.29%SHIB
$0.0₄1260
+
4.76%TON
$2.9915
+
1.93%HBAR
$0.1729
+
3.81%BCH
$346.60
+
11.88%OM
$6.3246
-
0.94%Sign Up
- Back to menuPrices
- Back to menuResearch
- Back to menuConsensus
- Back to menu
- Back to menu
- Back to menu
- Back to menuWebinars & Events
Bitcoin Price Slides to $22K as Powell Warns on Inflation
The Federal Reserve chairman said economic figures from January were stronger than expected.
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%.
STORY CONTINUES BELOW
"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."
Stephen Alpher
Stephen is CoinDesk's managing editor for Markets. He previously served as managing editor at Seeking Alpha. A native of suburban Washington, D.C., Stephen went to the University of Pennsylvania's Wharton School, majoring in finance. He holds BTC above CoinDesk’s disclosure threshold of $1,000.
