President Donald Trump cited new inflation data in continuing to pressure Federal Reserve Chair Jerome Powell to lower interest rates, calling him a "numbskull" but adding that he won't seek to remove him.

The crypto markets have been on edge ever since. Bitcoin's price dipped to $106,000 on June 12 amid market uncertainties.  In the past, crypto markets have often responded to the Fed's rate cut decisions.

President Trump went straight for Jerome Powell’s neck on Thursday, calling the Federal Reserve chair a “numbskull” during remarks at the White House while demanding an immediate cut to interest rates.