Crypto Markets Stall Ahead of Good Friday as Geopolitical Tensions Escalate

By Francisco Rodrigues (All times ET unless indicated otherwise) The price of Bitcoin, currently at $71,295.01, remains stagnant near the $66,600 mark as the cryptocurrency market approaches the Good Friday holiday, with ongoing geopolitical tensions and shifting macroeconomic expectations limiting price movements. Despite a minor increase in the last 24-hour period, Bitcoin failed to surpass the $67,000 threshold. This stagnation is largely due to U.S. President Donald Trump's hardened stance on Iran, which now includes threats to the country's infrastructure. The ongoing crisis has caused Brent crude to reach $120 per barrel on spot markets, a level not seen since 2008, as the Strait of Hormuz, a crucial global oil shipping route, has effectively been shut down. The surge in energy prices has driven up inflation expectations, undermining the case for interest rate cuts that had been supporting Bitcoin's recent rally. European inflation has already risen to 2.5%, primarily due to energy costs. This pressure has exposed a divide in market structure. While institutional investments in Bitcoin ETFs continue to flow in, with $22 million in net inflows this week, data from CryptoQuant indicates that total apparent demand has turned negative, with large holders selling more than they are buying. According to the data, wallets holding between 1,000 to 10,000 BTC have sold nearly 188,000 BTC since the peak last year. At current prices, almost half of all Bitcoin in circulation is being traded at a loss. As the market heads into the long weekend, liquidity is expected to remain low, leaving Bitcoin vulnerable to higher volatility based on developments in the Middle East or macro-related statements. It is essential to remain vigilant. For a more in-depth analysis of today's activity in alternative coins and derivatives, please refer to Crypto Markets Today. Key Events to Watch: For a comprehensive list of events this week, please see CoinDesk's 'Crypto Week Ahead'. Token Events: Please see CoinDesk's 'Crypto Week Ahead' for a more comprehensive list of events this week. Conferences: Refer to CoinDesk's 'Crypto Week Ahead' for a more comprehensive list of events this week. Market Trends: Bitcoin Statistics: Technical Analysis: Crypto Equities: Crypto Treasury Companies: ETF Flows: Spot BTC ETFs: Spot ETH ETFs: Source: Farside Investors Global Developments: A French ship has crossed the Strait of Hormuz in the first Western European transit during the Iran war (euronews), which may encourage other carriers to resume operations if the corridor proves reliable in the coming days. This follows Iran's deputy foreign minister Kazem Gharibabadi's announcement of a deal with Oman to secure traffic through the Strait of Hormuz. The U.S. has repatriated a Chinese drug fugitive, a rare move that signals stabilizing ties ahead of the planned Trump-Xi summit next month (The Wall Street Journal). Iran has targeted Gulf energy sites as Trump warns of further attacks (Bloomberg), with Iran striking more sites in Arab Gulf states, including in Kuwait, hours after Trump issued fresh threats against Iranian infrastructure to pressure Tehran into peace negotiations. Japan has signaled its readiness to intervene in the foreign exchange market as volatility rises, with the yen trading near the psychologically key 160-per-dollar mark, highlighting growing concerns over the speed and scale of its decline (Reuters).