Bitcoin Price Dips, Oil Soars to Local Peaks as Trump Vows to Open Strait of Hormuz: Weekly Recap

Oil prices rocketed to multi-week peaks as the war in the Middle East is nowhere near a decisive conclusion.

It was another eventful week, mostly focused on the developments in the Middle East, which continue to intensify and impact numerous assets’ price moves, including bitcoin and oil.

Before and after our Market Update from last Friday, bitcoin’s price was already struggling, dropping from a weekly high of $72,000 marked a few days ago to $65,600 as the tensions built. It managed to remain relatively quiet over the weekend despite some expectations of more fluctuations, but dipped to a monthly low of $65,600 on Monday morning when most financial markets started to open.

More volatility ensued in the following few days, as the $68,000 resistance rejected the breakout attempts on a couple of occasions, but the $66,000 support managed to hold. The bulls finally pressed hard mid-week and drove bitcoin to a multi-day peak of $69,200 ahead of a highly anticipated speech by Trump on the war in Iran, in which he was expected to de-escalate the tension.

However, the reality was far different, as he reiterated some of his other, more threatening statements of the past couple of weeks, indicating that the US could obliterate Iran and even hinted at exiting NATO. BTC reacted with another nosedive to under $66,000 but rebounded to $67,000 as of now.

In the meantime, oil prices are up to over $110 per barrel, the highest levels since March 9. Most recently, oil was impacted after Trump’s statement that the US can “easily open” the Strait of Hormuz with “a little more time.”

Market Data

Market Cap: $2.380T | 24H Vol: $82B | BTC Dominance: 56%

BTC: $66,800 (+0.5%) | ETH: $2,060 (+3.6%) | XRP: $1.33 (-1.2%)

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This Week’s Crypto Headlines You Can’t Miss

Bitcoin’s Worst-Case Scenario: Analysts Warn of 25–80% Crash. While some analysts might be speculating that the bottom is in for BTC, XWIN Research Japan warned that the asset could plunge by up to 80% if the situation in the Middle East worsens in the following weeks, especially if the Strait of Hormuz is completely blocked.

ZachXBT Accuses Circle of Being ‘Asleep’ as Drift Hack Funds Moved Freely. Drift Protocol fell victim to the latest large-scale hack in the crypto industry, and ZachXBT lashed out at Circle for failing to intervene in time as stolen USDC flowed from Solana to Ethereum for hours.

Ripple Unveils Game-Changer: XRP and Crypto Now Integrated Into Corporate Treasury Systems. It was a big week for Ripple as the company unveiled new products aimed at allowing corporations to manage fiat and crypto side by side in a single system. A day later, KBRA assigned a BBB issuer rating to Ripple Prime.

Metaplanet Buys 5,075 BTC for $405M to Become 3rd Largest Corporate Treasury. Although Strategy didn’t disclose a new bitcoin purchase this week for the first time in months, Metaplanet stepped up and became the third-largest corporate holder of the cryptocurrency after it bought over 5,000 BTC for $405 million.

BTC Long-Term Holders Selling at a Loss: Final Capitulation Phase May Be Here. After data emerged that short-term holders are selling BTC at a loss, on-chain numbers revealed that long-term holders have faced the same fate. However, analysts believe this could be the final capitulation phase before a trend reversal.

Google: Quantum Computing Could Crack Top 1,000 ETH Wallets in Days. Quantum computing is the next major threat the cryptocurrency industry will have to battle, and a recent report from Google noted that such devices could crack the largest 1,000 ETH wallets within days.

Charts

This week, we have a chart analysis of Ethereum, Ripple, Cardano, Binance Coin, and Hyperliquid – click here for the complete price analysis.