Crypto Snoozes as Oil Surges and Macro Stir: What’s Next for Bitcoin?

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Crypto snoozes into Good Friday as <a href="https://pricpr.com/brent">oil</a> and macro stir: Crypto Daybook Americas

What to know:

By Francisco Rodrigues (All times ET unless indicated otherwise)

As a crypto investor, I’m watching Bitcoin hover around $66,600 right now. With Good Friday coming up and a lot of uncertainty in the world – both politically and with the overall economy – it’s not surprising to see the price staying pretty stable for the moment. It feels like things are paused until we get some clarity.

The cryptocurrency experienced a small increase in price over the past day, but didn’t manage to climb above $67,000. This is likely due to growing concerns, as former U.S. President Donald Trump has suggested he may take a tougher approach to Iran, including potential threats to its infrastructure.

Brent crude oil prices surged to $120 a barrel – a level not reached since 2008 – due to the current crisis and disruptions to shipping through the Strait of Hormuz, a vital route for global oil transport that is now largely blocked.

Rising energy prices are fueling concerns about inflation and making it less likely that interest rates will be lowered soon. Lower interest rates had been a major factor driving the recent increase in Bitcoin’s value. In Europe, inflation is already at 2.5% due to these higher energy costs.

Recent market activity is showing a contrast between different types of investors. While institutions continue to steadily invest in bitcoin ETFs – adding a net $22 million this week – overall demand has dropped. Data suggests that large bitcoin holders are now selling more than they’re buying.

Bitcoin wallets holding between 1,000 and 10,000 BTC have collectively lost almost 188,000 BTC in value since prices peaked last year, according to recent data. Currently, almost half of all bitcoins in circulation are now worth less than their purchase price.

With the long weekend approaching, trading activity is expected to be low. This could make Bitcoin prices more sensitive to news from the Middle East or any major economic announcements. Keep a close watch on things!

What to Watch

For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead”.

  • Crypto
    • Nothing scheduled.
  • Macro
    • April 3, 8:30 a.m.: U.S. Nonfarm Payrolls for March est. 48K (Prev. -92K)
    • April 3, 8:30 a.m.: U.S. Unemployment Rate for March est. 4.5% (Prev. 4.4%)
    • April 3, 10:00 a.m.: U.S. ISM Services PMI for March (Prev. 56.1)
  • Earnings (Estimates based on FactSet data)
    • Nothing scheduled.

Token Events

For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead”.

Conferences

For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead”.

  • Day 1 of 3: ETHGlobal Cannes 2026 (Cannes, France)

Market Movements

  • BTC is down 0.35% from 4 p.m. ET Thursday at $66,785.73 (24hrs: +0.65%)
  • ETH is unchanged at $2,058.20 (24hrs: +0.94%)
  • CoinDesk 20 is up 0.26% at 1,902.32 (24hrs: +0.80%)
  • Ether CESR Composite Staking Rate is up 1 bps at 2.77%
  • BTC funding rate is at -0.0007% (-0.7731% annualized) on Binance

  • DXY is unchanged at 99.99
  • Gold futures are up 1.07% at $4,701.30
  • Silver futures are up 0.60% at $73.17
  • Nikkei 225 closed up 1.26% at 53,123.49
  • Hang Seng closed down 0.70% at 25,116.53
  • FTSE 100 is unchanged at 10,436.29
  • Euro Stoxx 50 is down 0.26% at 5,678.00
  • DJIA closed on Thursday down 0.13% at 46,504.67
  • S&P 500 closed up 0.11% at 6,582.69
  • Nasdaq Composite closed up 0.18% at 21,879.18
  • S&P/TSX Composite closed up 0.46% at 33,108.20
  • U.S. 10-Year Treasury rate is down 1 bps at 4.31%
  • E-mini S&P 500 futures are up 0.12% at 6,613.00
  • E-mini Nasdaq-100 futures are up 0.10% at 24,167.25
  • E-mini Dow Jones Industrial Average futures are up 0.10% at 46,678.00

Bitcoin Stats

  • BTC Dominance: 58.54% (-0.24%)
  • Ether to bitcoin ratio: 0.030821 (0.23%)
  • Hashrate (seven-day moving average): 997 EH/s
  • Hashprice (spot): $30.68
  • Total Fees: 2.54 BTC / $170,134
  • CME Futures Open Interest: 106,230 BTC
  • BTC priced in gold: 15.9 oz
  • BTC vs gold market cap: 4.46%

Technical Analysis

  • The chart shows daily swings in tether’s dominance rate in candlestick format. The dominance rate represents the share of stablecoin tether in the total crypto market.
  • The dominance rate is rising again after a temporary pullback, or counter-trend correction. This breakout suggests that the broader uptrend in dominance has likely resumed.
  • This has bearish implications for the broader market, as dollar-pegged assets like Tether typically gain dominance during market-wide sell-offs.

Crypto Equities

  • Coinbase Global (COIN): closed on Thursday at $171.46 (–0.88%), unchanged in after-hours
  • Galaxy Digital (GLXY): closed at $17.64 (+1.55%), +0.28% at $17.69
  • MARA Holdings (MARA): closed at $8.71 (+8.33%), –1.03% at $8.62
  • Riot Platforms (RIOT): closed at $12.86 (+2.47%), unchanged at $12.86
  • Core Scientific (CORZ): closed at $16.23 (+6.08%), –0.62% at $16.13
  • CleanSpark (CLSK): closed at $8.79 (+1.97%), unchanged at $8.80
  • Exodus Movement (EXOD): closed at $6.10 (–8.68%), –0.80% at $6.05
  • CoinShares Bitcoin Miners ETF (WGMI): closed at $35.76 (+2.58%), –0.17% at $35.70
  • Circle Internet Group (CRCL): closed at $90.26 (–0.53%), +0.60% at $90.80
  • Bullish (BLSH): closed at $36.37 (+3.71%), –0.19% at $36.30

Crypto Treasury Companies

  • Strategy (MSTR): closed at $119.83 (–2.40%), +0.34% at $120.24
  • Strive Asset Management (ASST): closed at $9.75 (–4.04%), +0.10% at $9.76
  • SharpLink Gaming (SBET): closed at $6.19 (–4.18%), +0.32% at $6.21
  • Upexi (UPXI): closed at $0.98 (–1.32%), –2.12% at $0.95
  • Lite Strategy (LITS): closed at $1.12 (–0.88%), unchanged at $1.12

ETF Flows

Spot BTC ETFs

  • Daily net flow: $9 million
  • Cumulative net flows: $55.93 billion
  • Total BTC holdings ~ 1.28 million

Spot ETH ETFs

  • Daily net flow: -$71.2 million
  • Cumulative net flows: $11.51 billion
  • Total ETH holdings ~ 5.69 million

While You Were Sleeping

A French ship recently passed through the Strait of Hormuz, marking the first time a Western European vessel has done so since the start of the recent conflict. This transit could signal a return to normal shipping operations if the route remains safe. The move comes after Iran and Oman reached an agreement to ensure the security of ships passing through the strait.

The U.S. has sent a Chinese fugitive wanted on drug charges back to China, a rare act signaling improving relations between the two countries. This is the first such repatriation in recent years and is seen as a positive step before the upcoming meeting between President Trump and President Xi.

Iran launched attacks on energy facilities in Gulf countries, including Kuwait, on Friday. This came shortly after President Trump warned Iran of further consequences unless they agree to begin peace talks.

Japan is indicating it may intervene in the foreign exchange market as the yen continues to fall, nearing a level of 160 yen per dollar. This move comes amid rising concerns about the speed and extent of the yen’s decline and increased market volatility.

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2026-04-03 14:22