Major cryptocurrencies fell sharply after Donald Trump’s primetime address signaled a tougher stance toward Iran, undermining a short-lived global market rally. Bitcoin dropped 2.2% to $66,609, giving back gains from Tuesday. Ether fell 2.2% to $2,056, BNB declined 3.9% to $591, XRP lost 2.5%.
Global Equities and Oil Prices Impacted
Trump’s speech offered no path to de-escalation. Brent crude jumped 5% to above $106 a barrel. Asian shares fell 2.1%, while U.S. and European equity futures dropped more than 1.2%. The US dollar strengthened, and Treasuries declined amid inflation concerns. The Strait of Hormuz, closed since mid-March, would reopen “naturally” after hostilities, but no timeline was given.
Bitcoin’s Volatility and Seasonal Outlook
Bitcoin has traded between roughly $60,000 and $73,000 over five weeks, reacting sharply to conflict headlines. The Fear and Greed Index remains at 12, signaling extreme fear. Analysts note April is historically strong for Bitcoin, with an average gain of 20.9% in positive years. The cryptocurrency also rebounded off two-month uptrend support near $60,000 and is attempting to reclaim its 50-day moving average.
Despite seasonal optimism, traders warn that geopolitical escalation dominates market movements. The pattern of rallies and reversals over the past five weeks is expected to continue until the conflict itself shows signs of resolution.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.
Leave a Reply