TLDR
- Bitcoin dropped 0.5% to $70,981 but remains up 6.1% for the week after ceasefire euphoria fades
- Iran’s parliamentary speaker claims three ceasefire clauses were broken; Strait of Hormuz stays closed
- Brent crude rebounded 2% to ~$97 after its worst single-day drop in six years on Wednesday
- Ether, Solana, XRP, and Dogecoin each fell between 2.2% and 3.4% on Thursday
- US stock futures dipped 0.1–0.2% overnight, pausing the S&P 500’s four-day winning streak
A ceasefire between the US and Iran that sent markets surging on Wednesday is already showing cracks, and traders are pulling back.
Bitcoin slipped 0.5% to $70,981 on Thursday. Despite the dip, it remains up 6.1% on the week, a period that saw it climb from around $67,000 to a high of $72,700 after news broke of a two-week US-Iran ceasefire.
That rally is now stalling. Iran’s parliamentary speaker Mohammad Bagher Ghalibaf said three clauses of the ceasefire had been breached, though he did not name which ones. Israeli attacks continued in Lebanon.
The Strait of Hormuz, the key oil shipping lane whose reopening was the central condition of the deal, remains effectively closed. Tanker traffic through the strait is minimal despite Iran’s earlier pledge to allow coordinated transit.
UPDATE: REPORTS INDICATE IRAN HAS CLOSED THE STRAIT OF HORMUZ
After ongoing Israeli attacks on Lebanon, I ran threatens to terminate the ceasefire agreement and has closed down the Straight of Hormuz.
Tensions are still extremely high as missile and drone attacks continue… https://t.co/xHNBLEhcXe pic.twitter.com/ZFSkL0fvxL
— BSCN (@BSCNews) April 8, 2026
Oil markets responded quickly. Brent crude bounced back 2% to around $97 per barrel after crashing more than 10% on Wednesday. That was its worst single-day drop in six years.
Crypto Markets Pull Back
Ether fell 2.6% to $2,180, giving back part of its 5.2% weekly gain. Solana dropped 3.1% to $81.96. XRP lost 3% to $1.33, and Dogecoin slid 3.4% to $0.091. BNB was down 2.2% at $600, holding up slightly better than the rest.
The broader crypto pullback mirrors what is happening across global risk assets as traders reassess how durable the ceasefire actually is.
Stock Futures Pause After Big Rally
US stock futures dipped overnight. Contracts linked to the S&P 500 and the Dow each fell around 0.1%. Nasdaq 100 futures were down 0.2%.
This followed a strong regular session on Wednesday. The S&P 500 rose 2.5%, the Nasdaq gained 2.8%, and the Dow jumped over 1,300 points, its best single-day gain since April 2025.
European futures and the MSCI Asia Pacific Index also pointed lower Thursday. The Asian index fell 0.9% after its biggest single-day jump in a year on Wednesday.
Treasuries were steady after an earlier rally faded on concerns that rising oil prices could feed back into inflation.
The Federal Reserve is still flagging upside inflation risks while labor conditions soften. Japan’s wage growth has hit multi-decade highs, raising expectations for more rate hikes there.
One analyst described the situation as “uncoordinated tightening” across major economies, adding another layer of uncertainty on top of the geopolitical situation.
Investors are watching Thursday’s PCE inflation data and weekly jobless claims, both due before the market open, for fresh signals on the Fed’s next move.
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