Crypto Markets Stall Ahead of Good Friday as Global Tensions Rise

By Francisco Rodrigues (All times ET unless indicated otherwise) The price of Bitcoin, currently at $70,788.41, remains stagnant near $66,600 as it approaches the Good Friday holiday, with geopolitical tensions and shifting macroeconomic expectations keeping prices in check. Despite a slight increase in the last 24-hour period, Bitcoin failed to surpass the $67,000 threshold. Its progress is hindered by U.S. President Donald Trump's tougher stance on Iran, which now includes threats to the country's infrastructure. Brent crude oil prices have reached $120 per barrel on the spot market, a level not seen since 2008, due to the ongoing crisis and its impact on the Strait of Hormuz, a crucial global oil shipping route that has been effectively blocked. The surge in energy prices has led to higher inflation expectations, undermining 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 by energy costs. The pressure has exposed a divide in market structure. While institutional investments in Bitcoin ETFs remain steady, with $22 million in net inflows this week, data from CryptoQuant shows that total apparent demand has turned negative, with large holders selling more than they are buying. According to the data, wallets holding 1,000 to 10,000 BTC have sold nearly 188,000 BTC since the peak last year. Almost 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, leaving Bitcoin vulnerable to potential higher volatility due to developments in the Middle East or macro-related statements. It is essential to stay alert and monitor the situation closely. For more analysis of today's activity in altcoins and derivatives, please see Crypto Markets Today. Key Events to Watch: For a comprehensive list of events this week, refer to CoinDesk's 'Crypto Week Ahead'. Token Events and Conferences: Please see CoinDesk's 'Crypto Week Ahead' for a more detailed list of events this week. Market Analysis: Bitcoin Statistics: Technical Analysis: Crypto Equities and Treasury Companies: ETF Flows, including Spot BTC and ETH ETFs: Source: Farside Investors Global News Recap: 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, following Iran'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 points to potential cooperation ahead of the planned Trump-Xi summit next month. Iran has targeted Gulf energy sites, and Trump has warned of further attacks (Bloomberg). The situation continues to escalate, with Iran targeting sites in Arab Gulf states, including Kuwait, hours after Trump issued fresh threats against Iranian infrastructure. Japan has signaled its readiness to act as FX volatility rises, with the yen trading near the key 160-per-dollar mark (Reuters). The country's growing concerns over the speed and scale of the yen's decline may lead to market intervention.