Crypto Market Remains Sluggish Ahead of Good Friday Amid Geopolitical Tensions

By Francisco Rodrigues (All times ET unless indicated otherwise) The bitcoin price, currently at $70,954.50, is experiencing a period of stagnation near $66,600 as it approaches the Good Friday holiday, with geopolitical tensions and shifting macroeconomic expectations exerting downward pressure on prices. Despite a slight increase over the last 24 hours, bitcoin has failed to break through the $67,000 barrier. This struggle is exacerbated by U.S. President Donald Trump's hardened stance on Iran, which now includes threats to the country's infrastructure. The ongoing crisis has driven Brent crude prices to $120 per barrel, a level not seen since 2008, due to the impact on the Strait of Hormuz, a critical artery for global oil shipping that has been effectively shut down. The surge in energy prices has led to increased inflation expectations, undermining the case for interest rate cuts that have supported bitcoin's recent rally. European inflation has already risen to 2.5%, driven primarily by energy costs. This pressure has revealed a divide in market structure, with institutional inflows into bitcoin ETFs remaining steady, totaling $22 million in net inflows this week. However, data from CryptoQuant indicates that total apparent demand has turned negative, with large holders distributing more bitcoin than they accumulate. According to the data, wallets holding between 1,000 and 10,000 BTC have shed nearly 188,000 BTC since the peak last year. At current prices, almost half of all circulating bitcoin is trading at a loss. As the market heads into the long weekend, liquidity is expected to remain low, leaving bitcoin vulnerable to potentially higher volatility based on developments in the Middle East or macro-related statements. It is essential to remain vigilant. For further analysis of today's activity in altcoins 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 A comprehensive list of events this week can be found in CoinDesk's "Crypto Week Ahead". Market Movements Bitcoin Statistics Technical Analysis Crypto Equities Crypto Treasury Companies ETF Flows Spot BTC ETFs Spot ETH ETFs Source: Farside Investors Overnight Developments A French ship has crossed the Strait of Hormuz in the first Western European transit during the Iran war (euronews), which could 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, marking a sign of stabilizing ties (The Wall Street Journal). This is the first case of its kind in recent years and is seen as a rare move that points to cooperation ahead of the planned Trump-Xi summit next month. Iran has targeted Gulf energy sites as Trump warns of further attacks (Bloomberg), with Iran targeting more sites in Arab Gulf states, including in Kuwait, hours after Trump issued fresh threats against Iranian infrastructure to pressure Tehran to start peace negotiations. Japan has turned up the heat on FX as volatility rises, signaling readiness to act (Reuters), with the yen trading near the psychologically key 160-per-dollar mark, lingering at levels that stoke concerns of market intervention and highlighting growing unease over the speed and scale of its decline.