Bitcoin fell to $70,981 on Thursday, as the two-week U.S.-Iran ceasefire that triggered Tuesday’s broad market rally began showing serious cracks less than 48 hours after it was announced. Iranian Parliament Speaker Mohammad Bagher Ghalibaf said Wednesday evening that three clauses of the ceasefire proposal had been contravened, without specifying which. The Strait of Hormuz — the reopening of which was the centerpiece condition of the deal — remained effectively closed to normal commercial tanker traffic. Brent crude rebounded roughly 2% to approximately $97, reversing a portion of the more-than-10% single-day collapse on Wednesday that had been the commodity’s worst drop in six years.
Bitcoin’s move was comparatively muted: down 0.5% over 24 hours, still up 6.1% on the week, and holding within the months-long $65,000–$73,000 trading range it has occupied since the conflict began. The altcoin market felt more pain. Ether fell 2.6% to $2,180 after leading the ceasefire rally with a 5.2% weekly gain. Solana’s SOL dropped 3.1% to $81.96. XRP lost 3% to $1.33, and dogecoin slid 3.4% to $0.091. The MSCI Asia Pacific Index fell 0.9%, reversing a portion of Wednesday’s surge that had been the index’s best single day in a year.
This story is an excerpt from the Unchained Daily newsletter.
Subscribe here to get these updates in your email for free
QCP Capital had flagged the risk Wednesday, writing that the ceasefire was “a pause rather than a durable settlement, with the ceasefire conditional on how Iran manages passage through Hormuz over the coming weeks.” That caution proved warranted. The firm also noted that the “physical damage narrative has not gone away” — a reference to the significant energy infrastructure damage sustained by the U.S., Israel, and Iran over five weeks of conflict, which analysts say could keep oil near $100 regardless of any diplomatic agreement.
The macro backdrop adds an additional headwind. Global risk assets face what some analysts are calling “uncoordinated tightening” as major central banks hold rates higher for longer, reinforcing downward pressure on speculative assets. Bitcoin’s net position remains positive on the week, but the path to a sustained breakout above $73,000 — the ceiling of the conflict-era range — depends heavily on whether the ceasefire holds long enough for energy markets to stabilize and diplomatic talks to make meaningful progress at the weekend session in Islamabad.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Bitcoin Spot ETFs Post $1B Net Inflows Last Week, Largest in 3 Months
Abstract: Bitcoin spot ETFs attracted about $1 billion in net inflows last week, led by BlackRock's IBIT with $906.1 million and Morgan Stanley's MSBT with $71.1 million in its first full trading week, following $786.3 million the previous week.
Summary: Bitcoin spot ETF inflows totaled about $1B last week, the largest in three months; IBIT led with $906.1M, while MSBT added $71.1M in its first full week.
GateNews59m ago
Bitcoin Tops $75K as Ceasefire Hopes Drive Rally
Bitcoin rose on ETF demand while miners sold BTC; margins tightened and AI/HPC-focused pivots could turn miners into AI data-center players, potentially boosting valuations as AI demand grows.
Abstract: Bitcoin rose on ETF demand amid miner selling and tight margins. The report highlights a strategic pivot by public miners toward AI/HPC infrastructure, signaling a potential shift from pure bitcoin mining to AI data-center services and higher valuation multiples.
CryptoFrontier1h ago
BlackRock IBIT Adds 3,355 BTC in $256M Institutional Inflow on April 20
IBIT led Bitcoin ETF inflows with $256M (≈3,355 BTC) on Apr 20, pushing total spot-ETF inflows near $58B and assets over $100B, underscoring rising institutional demand and access via regulated ETFs.
Abstract: This report notes that BlackRock's iShares Bitcoin Trust (IBIT) attracted $256 million in net inflows on April 20, about 3,355 BTC, signaling robust institutional interest in Bitcoin spot ETFs. IBIT dominated daily flows, with Bitcoin ETF inflows totaling over $238 million for the day and cumulative spot ETF inflows approaching $58 billion; overall spot Bitcoin ETF assets exceed $100 billion, representing more than 6% of Bitcoin's market cap. The trend suggests growing institutional confidence in Bitcoin as a long-term asset, aided by regulated access and simplified custody; IBIT remains the leading issuer, though Fidelity and ARK Invest are also attracting capital.
GateNews1h ago
Oil Price Surges 5% as Hormuz Goes Dark and US Seizes Iranian Vessel
Oil price news Monday showed Brent crude jumped 4.3% to $94.18 and WTI rose 5.6% to $88.54, reversing Friday's 9% collapse as Iran reimposed Strait of Hormuz restrictions over the weekend, the US Navy seized the Iranian cargo vessel Touska, and Kpler maritime data recorded zero tanker crossings of t
Cryptonews2h ago
Scammers Pose as Iranian Authorities to Extort Stranded Shipowners in Bitcoin and Tether
Gate News message, April 21 — Unknown actors sent fraudulent messages to shipping companies with vessels stranded west of the Strait of Hormuz, claiming to be Iranian authorities and offering safe passage in exchange for fees paid in Bitcoin or Tether, according to Greek risk firm MARISKS. The messa
GateNews3h ago
MicroStrategy’s BTC holdings are nearing Satoshi Nakamoto! Can it become the world’s biggest holder in as fast as nine months?
MicroStrategy recently spent $2.5 billion to buy an additional 34,164 bitcoins. Its total holdings have surpassed 815k BTC, nearing Satoshi Nakamoto’s known amount. Analysts project that if it continues this pace of accumulation, MicroStrategy could become the world’s largest bitcoin holder within 9 to 14 months.
ChainNewsAbmedia4h ago
