Bitcoin is trading at around $70,600 this morning, extending Wednesday’s 3.5% slide from $74,500 after the Fed left its benchmark rate unchanged at 3.50%–3.75%. Chair Jerome Powell acknowledged that rising oil prices have “for sure showed up” in the central bank’s inflation outlook, pushing its 2026 forecast to 2.7% from 2.4%.
Blockchain data tracked by Lookonchain shows at least two long-term holders together sold more than 1,650 bitcoin worth over $117 million early Thursday, according to reports by CoinDesk. One veteran whale has offloaded 650 BTC and a separate early adopter dumped a full 1,000 BTC.
The oil picture worsened overnight. Israel’s attack on Iran’s South Pars gasfield on Wednesday prompted Iran’s Revolutionary Guards to threaten strikes on oil and gas facilities across the region. European gas prices have risen 25%, having risen 30% previously. This is the highest level since the conflict began. Crude oil has climbed above $110 a barrel following Iranian strikes on regional energy infrastructure. The Nasdaq closed at its session low Wednesday, down 1.5%, while the Dow posted its lowest close of 2026.
European markets are feeling the weight this morning. The FTSE 100 was 1.9% lower in early trade, Germany’s DAX dipped 2%, and the CAC fell 1.5%, with S&P 500 and Nasdaq futures also pointing to a negative open on Wall Street. The Bank of England and ECB both meet today, and neither is expected to move.