Quick summary
- Bitcoin It fell to $65,112 before rebounding to $67,402 amid rising tensions in the Middle East.
- Houthi militants have entered the conflict while reports indicate the US may strike Iranian nuclear facilities
- Brent crude It has risen to nearly $115 per barrel, recording a 90% year-to-date gain
- The Dow Jones fell nearly 800 points on Friday, officially entering correction territory
- The “Magnificent Seven” of major technology companies lost $850 billion in combined market value during the week.
The cryptocurrency market witnessed significant volatility while stock markets recorded their worst weekly performance in months. As Houthi forces joined the regional conflict, energy prices rose and technology stocks continued to decline.
Iranian forces targeted two aluminum manufacturing facilities, causing aluminum prices to rise by up to 6%. This escalation indicates that the economic impact of the conflict has expanded beyond oil markets to broader industrial commodity chains.
((LINK_START_6))Brent crude ((LINK_END_6)) advanced 2.5% to reach approximately $115 per barrel. Year-to-date gains are about 90%. This significant increase in prices intensifies inflationary pressures and complicates the Federal Reserve’s monetary policy decisions regarding potential interest rate cuts. ((LINK_START_7))Bitcoin ((LINK_END_7)) reached $65,112 during early trading on Monday, marking its weakest level since the start of hostilities five weeks ago. The digital asset later recovered to $67,402 as the Asian trading sessions began. Ethereum rose 2% to $2,044, Solana advanced 0.9% to $83.48, and Ripple increased 1.4% to $1.35.
Despite Monday’s recovery, most of the leading cryptocurrencies are still in negative territory for the week. Bitcoin was down 1% weekly, Ethereum was down 0.9%, Ripple was down 1.9%, and Solana was down 3.7%. TRON emerged as a notable exception, rising 2.6% daily and 4.6% over the week.
Stock market developments
US stocks had a painful week. The Dow Jones Industrial Average fell nearly 800 points on Friday, officially crossing into correction territory as it extended its losing streak to five straight weeks. The S&P 500 has reached its lowest level in several months.
The “Great Seven” tech giants – including Meta and Google – saw $850 billion of their collective market value evaporate last week. Meta and Google faced particularly intense selling pressure after an adverse legal ruling over their involvement in social media addiction cases.
S&P 500 futures pointed to modest gains Monday morning, signaling potential stabilization after Friday’s sharp selloff. Dow Jones and Nasdaq 100 futures showed marginal upward movement.
Asian stock markets suffered greatly. South Korea’s main index fell by 3.2%, while Japan’s Nikkei fell by 3.4%.
Preview next week
Market participants will be monitoring several important employment indicators this week, including the JOLTS Job Opportunities Survey, ADP private sector payrolls data, and the March Employment Situation report. Trading will be suspended on Friday in observance of Good Friday.
Nike’s quarterly earnings can provide valuable insights into consumer spending patterns. The results of the study of rare earth metals and tertiary metals in the USA will shed light on the metals and mining sector.
According to a report in the Wall Street Journal, President Trump is considering military action to eliminate Iran’s enriched uranium stockpiles. Although a final decision has not yet been reached, this development has contributed to increasing market anxiety.
Bitcoin’s break below the $66,000 threshold marks the first instance in weeks where the cryptocurrency’s support level has turned downward instead of upward. The crucial question for digital asset traders in the coming days remains whether this level is sustainable.
