Crypto Market Stalls Ahead of Good Friday Amid Rising Oil Prices and Geopolitical Tensions

By Francisco Rodrigues (All times ET unless indicated otherwise) The Bitcoin price, currently at $70,943.36, remains stagnant in a narrow range near $66,600 as the market approaches the Good Friday holiday. This stagnation is largely due to escalating geopolitical tensions and shifting macroeconomic expectations, which are keeping prices in check. Although Bitcoin experienced a slight increase over the last 24 hours, it was unable to break through the $67,000 barrier. The cryptocurrency is struggling due to U.S. President Donald Trump's tougher stance on Iran, which now includes threats against the country's infrastructure. The price of Brent crude has surged to $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. This key global oil shipping route has effectively been shut down, leading to a significant increase in energy prices. The rise in energy prices has driven up 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 increased to 2.5%, primarily due to rising energy costs. The current market pressure has revealed 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. This means that large holders are distributing more Bitcoin than they are accumulating. According to the data, wallets holding between 1,000 and 10,000 BTC have sold approximately 188,000 BTC since the peak last year. Nearly half of all circulating Bitcoin is currently trading at a loss, based on the current prices. As the market heads into the long weekend, liquidity is expected to remain low. This leaves Bitcoin vulnerable to potentially higher volatility, depending on developments in the Middle East or statements related to macroeconomic issues. It is essential to stay alert and monitor the situation closely. For more analysis of today's activity in altcoins and derivatives, please refer to Crypto Markets Today. Key Events to Watch: For a more comprehensive list of events this week, please see CoinDesk's Crypto Week Ahead. Token Events: Please see CoinDesk's Crypto Week Ahead for a more 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 Recent 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 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 as Trump warns of further attacks (Bloomberg). Iran launched attacks on more sites in Arab Gulf states, including in Kuwait, hours after Trump issued fresh threats against Iranian infrastructure to pressure Tehran into peace negotiations. Japan has signaled its readiness to act as FX volatility rises, with the yen trading near the psychologically key 160-per-dollar mark (Reuters). The yen's decline has raised concerns about potential market intervention, highlighting growing unease over the speed and scale of its depreciation.