Markets Stall Ahead of Good Friday as Global Tensions Rise: Crypto Daybook Americas

By Francisco Rodrigues (All times ET unless stated otherwise) The cryptocurrency market, led by Bitcoin, is experiencing a period of stagnation as it approaches the Good Friday holiday, with prices constrained by escalating geopolitical tensions and shifting macroeconomic expectations. Bitcoin, currently trading at $70,591.18, has been unable to break out of its tight range near $66,600. Despite a slight increase over the past 24 hours, the cryptocurrency failed to surpass the $67,000 threshold. This struggle is partly attributed to U.S. President Donald Trump's hardened stance on Iran, which now includes threats against the country's infrastructure. The ongoing crisis has led to a significant surge in Brent crude prices, reaching $120 per barrel, a level not seen since 2008. This increase in energy costs has driven up inflation expectations, undermining the case for interest rate cuts, a crucial factor supporting Bitcoin's recent rally. Inflation in Europe has risen to 2.5%, primarily driven by energy costs. The current market pressure has exposed a divide in market structure. While institutional investments into Bitcoin ETFs remain steady, 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. Approximately half of all circulating Bitcoin is currently trading at a loss. As the long weekend approaches, 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 stay informed about market developments. For a more in-depth 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 comprehensive list of events this week. Conferences: Refer to CoinDesk's 'Crypto Week Ahead' for a more 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 Overnight Developments: A French ship has successfully 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, 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, signaling stabilizing ties (The Wall Street Journal). This rare move is the first of its kind in recent years and points to potential cooperation ahead of the planned Trump-Xi summit next month. Iran has targeted Gulf energy sites, and Trump has issued fresh warnings of further attacks (Bloomberg). Iran's actions have included targeting sites in Arab Gulf states, including Kuwait, just hours after Trump's threats against Iranian infrastructure to pressure Tehran into peace negotiations. Japan has increased its foreign exchange heat as volatility rises, 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.