Cryptocurrency Markets Face Pressure Amid Japanese Inflation and Iran Conflict
- Bitcoin (BTC) traded at $77,736.71, struggling to surpass Thursday’s high of $78,700.
- Ether (ETH) was priced around $2,300, down by 0.8% since midnight UTC.
- Japan’s Corporate Service Price Index rose by 3.1% year-on-year in March, exceeding forecasts.
- Core inflation in Japan increased to 1.8% in March from February’s rate of 1.6%.
- WTI crude futures surged over 40% to $96 since the start of the Iran war in late February.
The cautious sentiment in cryptocurrency markets is linked to rising inflation data from Japan and ongoing geopolitical tensions due to the Iran conflict, which has disrupted oil shipments through the Strait of Hormuz.
With Bitcoin hovering near $77,800 and Ether declining slightly, market participants are closely monitoring inflation trends and their potential impact on global economic conditions.(Source)
