Bitcoin, ETH, SOL, XRP Drop as Iran Ceasefire Frays Within 48 Hours

Markets

What to know:

Bitcoin’s price was $70,981 on Thursday, a slight decrease of 0.5% from the previous day. However, it remained up 6.1% for the week. This followed a temporary rally sparked by news of a two-week ceasefire between the U.S. and Iran, but optimism began to fade less than two days after the agreement was announced.

According to Iranian Parliament Speaker Mohammad Bagher Ghalibaf, the proposed ceasefire agreement has been violated in three areas, though he didn’t say which ones. Meanwhile, Israel continued its attacks in Lebanon.

The Strait of Hormuz, a vital route for shipping, is still largely blocked, even though Iran promised to allow tankers to pass through in an organized way. Very few tankers are actually getting through.

Brent crude oil prices recovered, rising by about 2% to around $97 a barrel after a significant drop the previous day. Wednesday saw prices fall over 10%, the largest single-day decrease in six years. This turnaround shows how quickly the market shifted from anticipating a lasting peace to worrying about whether the current ceasefire will hold, not just through the weekend, but for the entire two-week period it’s meant to last.

Following a week of gains, several major cryptocurrencies saw price drops. Ether decreased by 2.6% to $2,180, while Solana (SOL) fell 3.1% to $81.96. XRP lost 3% of its value, dropping to $1.33, and dogecoin decreased by 3.4% to $0.091. BNB experienced a smaller decline of 2.2%, remaining around $600.

Asian stock markets fell slightly, with more companies losing value than gaining, following a big jump the previous day fueled by optimism about a ceasefire. Stock markets in the US and Europe are also expected to open lower, likely ending a four-day period of gains for global stocks. Bond prices remained stable after briefly rising, as investors worried that increasing oil prices could lead to higher inflation.

The Federal Reserve is still concerned about rising inflation and a slowing job market, suggesting they’ll likely keep interest rates high for an extended period. In Japan, wages are growing at levels not seen in decades, leading many to believe the country will also raise its interest rates.

This situation creates what one expert calls a chaotic tightening of financial conditions across leading economies, made worse by global political instability that makes it hard to predict future interest rate movements.

Bitcoin’s price increase from $67,000 to $72,700 following news of a potential ceasefire, and its continued stability above $70,000 even with some fluctuations on Thursday, represents the most positive price movement we’ve seen in the six weeks since the conflict began.

Bitcoin is still trading between $65,000 and $73,000, a range it’s been in since late February. However, it’s currently moving towards the higher end of that range, rather than staying near the lower end.

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2026-04-09 07:10