- The lack of shipping through the Hormuz Canal continues to push up oil prices, leading to weaker stocks and cryptocurrencies.
- The cryptocurrency market reacted with a fall following the failed negotiations between Trump’s team and Iranian representatives.
Oil prices in the US approaching to $97 per barrel due to the stalled peace talks between the US and Iran and the blockage of the Strait of Hormuz.
The situation has led to higher oil prices, weaker cryptocurrencies, and continued investor caution around major assets this week.
Data from finance.yahoo
Reportedthat Iran offered to stop attacks on ships in the strait, and in return demanded a complete end to the war, the lifting of the US naval blockade and a postponement of nuclear talks.
Over the weekend, President Donald Trump canceled a planned trip for his representatives to Pakistan because, as he said, the conversation could be done by phone.
The ceasefire between the countries did not lift the blockade of shipping in the Strait of Hormuz and reduced daily transit through the Strait of Hormuz to almost zero.
Supply disruptions have affected the flow of crude oil, fuel, natural gas and fertilizers, and have rightly raised concerns about rising inflation.
Meanwhile, oil prices continue to rise: the global benchmark Brent crude rose more than 3% to $107 per barrel. West Texas Intermediate crude rose 2,25% to $96,52.
Pressure on shares was also felt during morning trading on April 27. The index Nasdaq fell 0,3% after pulling back from recent record highs. The S&P 500 index stayed at the same level ahead of the important reporting week.
Bitcoin and also decreased against the backdrop of a general reduction in risks. The largest kriptovalyuta fell below $77,000 after its motion to the $80,000 mark did not end with a breakout.
Cryptocurrency-related stocks also declined, with Coinbase falling 1,5% and USDC stablecoin issuer Circle down 3,5%. Galaxy Digital shares also lost nearly 6%.
Analysts Bitfinex They noted that Bitcoin’s volatility was driven by short-term Bitcoin holders taking profits during the rally. Their selling pressure was offset by demand from buyers. ETF и Strategy.
Analysts stated that the most likely scenario in the near term is consolidation or a correction to $75,000. To confirm a sustainable bullish trend, Bitcoin needs a breakout above $80,000, the experts added.
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