Cryptocurrency Markets Remain Sluggish Ahead of Good Friday

By Francisco Rodrigues (All times ET unless indicated otherwise) The price of Bitcoin, currently at $71,047.62, is experiencing a period of stagnation near $66,600 as it approaches the Good Friday holiday. This is due to ongoing geopolitical tensions and shifting macroeconomic expectations that are keeping prices in check. Although Bitcoin saw a slight increase over the last 24 hours, it was unable to break through the $67,000 barrier. The cryptocurrency is facing challenges as U.S. President Donald Trump has adopted a more aggressive stance towards Iran, threatening the country's infrastructure. Brent crude oil has reached $120 per barrel in spot markets, a level not seen since 2008. This surge is a result of the ongoing crisis and its impact on the Strait of Hormuz, a critical route for global oil shipping that has been effectively shut down. The rise in energy prices has led to increased inflation expectations and undermined the case for interest rate cuts, which had been a key factor supporting Bitcoin's recent rally. In Europe, inflation has already risen to 2.5%, driven primarily by energy costs. The current market pressure has exposed a divide in the market structure. While institutional investments in 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 are accumulating. According to the data, wallets holding between 1,000 to 10,000 BTC have sold nearly 188,000 BTC since the peak last year. Approximately half of all Bitcoin in circulation is currently trading at a loss, based on the current prices. As the long weekend approaches, liquidity is expected to remain low. This leaves Bitcoin vulnerable to potential higher volatility due to developments in the Middle East or statements related to macroeconomic trends. It is essential to remain alert to these changes. 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: See CoinDesk's "Crypto Week Ahead" for a more detailed list of events this week. Conferences: Refer to CoinDesk's "Crypto Week Ahead" for a comprehensive list of events this week. Market Movements: Bitcoin Statistics: Technical Analysis: Crypto Equities: Crypto Treasury Companies: ETF Flows: Spot BTC ETFs: Spot ETH ETFs: Source: Farside Investors Global News: A French ship has crossed the Strait of Hormuz, marking 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. It follows Iran's deputy foreign minister, Kazem Gharibabadi, announcing a deal with Oman to secure traffic through the Strait of Hormuz. The U.S. has repatriated a Chinese drug fugitive, signaling 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). Iran targeted more sites in Arab Gulf states, including in Kuwait on Friday morning, hours after Trump issued fresh threats against Iranian infrastructure to pressure Tehran to start peace negotiations. Japan is taking steps to address rising FX volatility, signaling its readiness to act (Reuters). The yen, trading near the psychologically significant 160-per-dollar mark, has raised concerns about potential market intervention, highlighting growing unease over the speed and scale of its decline.