Bitcoin price drops to $75K as new Hormuz closure puts focus on oil
Cointelegraph Market Analysis·60-word summary·1 min read
Bitcoin's price dropped to $75,000 amid rising geopolitical tensions, as the US-Iran conflict escalates with the closure of the Strait of Hormuz, a key oil route. The development has heightened market uncertainty, impacting Bitcoin's value and prompting investors to reassess risk amid potential disruptions to global oil supplies. The event underscores the link between geopolitical events and cryptocurrency markets.
Basis traders have halted unwinding, reducing Bitcoin selling pressure and potentially stabilizing prices. This pause, reported on April 20, 2026, could boost market confidence and positively impact Ethereum’s trajectory. The move signals a shift in trading activity, easing recent downward pressure on Bitcoin and possibly supporting a price recovery in the near term.
Bitcoin led crypto inflows on April 20, with $13.74 million in USD, $3.34 million in EUR, and $1.43 million in TRY entering the market over five hours. A total of $56.39 million shifted into large-cap assets, indicating renewed investor preference for Bitcoin amid mixed altcoin performance, reflecting ongoing market shifts and liquidity trends.
Ethereum and XRP prices rose on Monday amid geopolitical tensions, with Iran peace talks stalling and the Strait of Hormuz closing. Bitcoin remained steady above $75,000 after strong weekly gains. Ethereum traded over $2,300, and XRP stayed around $1.40. These developments reflect traders' cautious optimism amid regional conflicts impacting markets.
Lydian launched a Visa Platinum crypto card on April 20, 2026, issued by Rain and powered by Visa, allowing users to spend over 300 digital assets at more than 150 million merchants worldwide. This new card aims to facilitate everyday transactions with cryptocurrencies, expanding the practical use of digital assets in daily life.
Trader Crypto Jack warns Bitcoin could drop to $48,000 before a May recovery amid US–Iran tensions. Bitcoin failed to break above $75K, showing signs of weakness. The market remains volatile, with traders cautious. The prediction reflects ongoing geopolitical pressures affecting crypto prices, with some analysts expecting a short-term dip before a rebound.
Anthony Scaramucci, founder of SkyBridge Capital, has projected that Bitcoin could reach $1 million per coin in the future. This scenario, highlighted on April 20, 2026, underscores the growing optimism among investors and institutions about Bitcoin’s long-term potential. The statement reflects ongoing debates about Bitcoin’s evolving role in the financial landscape.
