Crypto Markets Remain Sluggish Ahead of Good Friday Amid Geopolitical Tensions

By Francisco Rodrigues (All times ET unless indicated otherwise) The Bitcoin price, currently at $72,230.72, is experiencing a period of stagnation near the $66,600 mark as the approach of Good Friday coincides with heightened geopolitical tensions and shifting expectations in the macroeconomic landscape, which are keeping prices in check. Despite a minor increase over the last 24 hours, Bitcoin has failed to surpass the $67,000 threshold. This struggle comes as U.S. President Donald Trump adopts a more aggressive stance towards Iran, now threatening the country's infrastructure. The price of Brent crude has reached $120 per barrel in spot markets, 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 shipping that has been effectively shut down. This surge in energy prices has led to higher inflation expectations, undermining the case for rate cuts, which had been a key factor supporting Bitcoin's recent rally. Inflation in Europe has already risen to 2.5%, driven primarily by energy costs. The current pressure has exposed a divide in market structure. While institutional inflows 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 distributing more than they accumulate. According to the data, wallets holding between 1,000 to 10,000 BTC have shed nearly 188,000 BTC since the peak last year. 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 statements related to the macroeconomic situation. It is essential to remain vigilant. For further analysis of today's activity in altcoins and derivatives, refer to Crypto Markets Today. Key Events to Watch: For a comprehensive list of events this week, see CoinDesk's "Crypto Week Ahead". Token Events: See CoinDesk's "Crypto Week Ahead" for a more detailed list of events this week. Conferences: Refer to CoinDesk's "Crypto Week Ahead" for a 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 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 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 struck more sites in Arab Gulf states, including in Kuwait on Friday morning, just hours after Trump issued fresh threats against Iranian infrastructure to pressure Tehran into starting peace negotiations. Japan has increased its foreign exchange heat as volatility rises, signaling readiness to act (Reuters): With the yen trading near the psychologically significant 160-per-dollar mark, it has lingered at levels that raise concerns of market intervention, highlighting growing unease over the speed and scale of its decline.