Cryptocurrency Markets Experience Limited Activity Ahead of Good Friday

By Francisco Rodrigues (All times ET unless indicated otherwise) The price of Bitcoin, currently at $70,841.40, remains stagnant within a narrow range near $66,600 as the market approaches the Good Friday holiday. Geopolitical tensions and shifting expectations regarding macroeconomic trends continue to exert downward pressure on prices. Although Bitcoin experienced a slight increase over the last 24-hour period, it failed to surpass the $67,000 threshold. The cryptocurrency's struggles are exacerbated by U.S. President Donald Trump's increasingly harsh stance on Iran, which now includes threats against the country's infrastructure. The price of Brent crude has reached $120 per barrel on spot markets, a level not seen since 2008, due to the ongoing crisis and its impact on the Strait of Hormuz. This key global oil shipping route has effectively been shut down, leading to a surge in energy prices. The resulting increase in inflation expectations has undermined the case for rate cuts, a crucial factor supporting Bitcoin's recent rally. In Europe, inflation has already risen to 2.5%, driven primarily by energy costs. This pressure has revealed a divide in market structure. While institutional inflows into Bitcoin ETFs remain steady, with $22 million in net inflows this week, data from CryptoQuant indicates that total apparent demand has turned negative. Large holders are distributing more Bitcoin than they accumulate. According to the data, wallets holding 1,000 to 10,000 BTC have shed nearly 188,000 BTC since last year's peak. At current prices, almost half of all circulating Bitcoin is trading at a loss. As the long weekend approaches, 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 more analysis of today's activity in altcoins and derivatives, see Crypto Markets Today. Key Events to Watch: For a comprehensive list of events this week, see CoinDesk's 'Crypto Week Ahead'. Token Events: For a comprehensive list of events this week, see CoinDesk's 'Crypto Week Ahead'. Conferences: For a comprehensive list of events this week, see 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). This development could encourage other carriers to resume operations if the corridor proves reliable in the coming days, following 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 rare move that signals cooperation ahead of the planned Trump-Xi summit next month (The Wall Street Journal). Iran has targeted Gulf energy sites, and Trump has warned of further attacks (Bloomberg). Iran targeted additional sites in Arab Gulf states, including Kuwait, hours after Trump issued fresh threats against Iranian infrastructure to pressure Tehran into peace negotiations. Japan has intensified its FX efforts as volatility rises, signaling its readiness to act (Reuters). The yen, trading near the psychologically significant 160-per-dollar mark, has sparked concerns about potential market intervention, highlighting growing unease over the speed and scale of its decline.