#PowellRemarks Bitcoin Falls as Trump Calls Powell 'Stupid' Amid Middle East Tensions

The U.S. central bank is expected to keep interest rates steady, but a post-decision press conference could contain language changes. The price of Bitcoin fell on Wednesday as U.S. President Donald Trump criticized Federal Reserve Chair Jerome Powell amid rising tensions in the Middle East.

From the White House, Trump labeled Powell as "incompetent" arguing that the U.S. central bank "probably won't cut [interest rates] today," despite "there being no inflation" due to tariffs.

Bitcoin was recently trading around $104,800, after a 0.8% decrease over the last day, according to crypto data provider CoinGecko. Altcoins fell harder, with Solana and XRP down 3.2% to $146 and 3.1% to $2.15, respectively.

The Fed is expected to keep interest rates steady for the fourth consecutive meeting on Wednesday, with 99.9% of Fed futures traders backing the chair, according to CME FedWatch.

Although Trump has repeatedly urged Powell to lower rates, the U.S. central bank has been in a wait-and-see mode, while trying to assess how Trump's sporadic approach to tariffs could potentially lead to higher prices and slower economic growth. Trump's immigration policy could also make it more challenging to control inflation, Fed policymakers posited in December.