Bitcoin BTC $ 70,848.82 slipped below $71,000 after Federal Reserve Chair Jerome Powell highlighted rising oil prices as a new inflation risk. The Fed held interest rates steady as expected, but Powell acknowledged that the surge in energy prices is already influencing the central bank's outlook. The bank raised its 2026 inflation forecast to 2.7% from 2.4%. Despite this, Powell dismissed comparisons to a 1970s-style stagflation, noting that unemployment remains near long-run norms and inflation is only modestly above target. The S&P 500 and Nasdaq closed at the day's lows, down 1.4% and 1.5% respectively.