Cryptocurrency Markets Remain Sluggish Ahead of Good Friday

By Francisco Rodrigues (All times ET unless indicated otherwise) The price of Bitcoin, currently at $71,424.80, remains stagnant near the $66,600 mark as the Good Friday holiday approaches, with geopolitical tensions and shifting macroeconomic expectations limiting price movements. Although Bitcoin experienced a slight increase over the last 24 hours, it was unable to break through the $67,000 barrier. This is largely due to US President Donald Trump's tougher stance on Iran, which now includes threats to the country's infrastructure. The ongoing crisis has driven Brent crude prices to $120 per barrel, a level not seen since 2008, affecting global oil shipping through the Strait of Hormuz. This surge in energy prices has led to increased inflation expectations, undermining the case for interest rate cuts that have supported Bitcoin's recent rally. European inflation has already risen to 2.5%, driven primarily by energy costs. The resulting pressure has exposed a divide in market structure. While institutional investment in Bitcoin ETFs remains 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 1,000 to 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. 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 macroeconomic statements. It's essential to stay informed. 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, refer to CoinDesk's 'Crypto Week Ahead'. Token Events: See CoinDesk's 'Crypto Week Ahead' for a more comprehensive list of events this week. Conferences: 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 become the first Western European vessel to cross the Strait of Hormuz since the Iran war began (euronews), potentially encouraging other carriers to resume operations if the corridor proves reliable in the coming days. This follows Iran's deputy foreign minister Kazem Gharibabadi's announcement of a deal with Oman to secure traffic through the Strait of Hormuz. The US has repatriated a Chinese drug fugitive, a rare move that signals stabilizing ties ahead of the planned Trump-Xi summit next month (The Wall Street Journal). Iran has targeted energy sites in the Gulf, including in Kuwait, hours after Trump issued fresh threats against Iranian infrastructure to pressure Tehran into peace negotiations (Bloomberg). Japan has signaled its readiness to intervene in the foreign exchange market as volatility rises, with the yen trading near the 160-per-dollar mark (Reuters).