Cryptocurrency Markets Stall Ahead of Good Friday as Global Tensions Rise

By Francisco Rodrigues (All times ET unless otherwise specified) The price of Bitcoin, currently at $70,798.28, remains stagnant near $66,600 as the Good Friday holiday approaches, with geopolitical tensions and shifting macroeconomic expectations limiting price movements. Although Bitcoin experienced a slight increase over the past 24 hours, it was unable to break through the $67,000 barrier. This struggle comes as U.S. President Donald Trump adopts a tougher stance on Iran, now threatening the country's infrastructure. The price of Brent crude has 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 vital artery for global oil transportation that has been effectively shut down. The surge in energy prices has led to increased inflation expectations, undermining the case for interest rate cuts, which had been a key factor in Bitcoin's recent rally. Inflation in Europe has already risen to 2.5%, driven by energy costs. This pressure has revealed 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 distributing more 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 Bitcoin in circulation 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 macroeconomic statements. It is essential to stay alert. 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, please refer to CoinDesk's 'Crypto Week Ahead'. Token Events: Please see CoinDesk's 'Crypto Week Ahead' for a more comprehensive list of events this week. Conferences: Please see 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 crossed the Strait of Hormuz in the first Western European transit during the Iran war (euronews): This news 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, 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): Iran has targeted 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 increased its FX efforts as volatility rises, signaling readiness to act (Reuters): The yen, trading near the psychologically key 160-per-dollar mark, has sparked concerns of market intervention, highlighting growing unease over the speed and scale of its decline.