TLDR
- Bitcoin fell to $65,112 before recovering to $67,402 as the Middle East conflict expanded
- Houthi forces joined the war, and the US may target Iranian nuclear enrichment sites
- Brent crude hit ~$115 a barrel, up around 90% year-to-date
- US stocks fell sharply Friday, with the Dow dropping nearly 800 points into correction territory
- The “Magnificent Seven” tech stocks lost $850 billion in market value last week
Bitcoin briefly dropped to its lowest price since the war began, while US stocks posted steep weekly losses. Houthi forces entered the conflict, crude oil surged, and tech stocks continued their slide.
Iran attacked two aluminum production sites, sending aluminum prices up as much as 6%. The move broadened the economic damage from the war beyond oil and into industrial supply chains.
Brent crude climbed 2.5% to around $115 a barrel. That puts oil up roughly 90% so far this year. The price spike adds to inflation concerns and makes it harder for the Federal Reserve to cut interest rates.
Bitcoin dipped to $65,112 early Monday, its lowest point since the war began five weeks ago. It then recovered to $67,402 as Asian markets opened. Ethereum rose 2% to $2,044, Solana gained 0.9% to $83.48, and XRP added 1.4% to $1.35.
Despite Monday’s bounce, weekly returns for most major cryptocurrencies remain negative. Bitcoin is down 1% on the week, Ethereum is down 0.9%, XRP is down 1.9%, and Solana is down 3.7%. Tron was one outlier, up 2.6% on the day and 4.6% on the week.
What Happened in Stocks
US stocks had a rough week. The Dow fell nearly 800 points on Friday, sinking into correction territory and marking a fifth straight week of losses. The S&P 500 hit its lowest level in months.
The “Magnificent Seven” tech stocks — a group that includes Meta and Google — lost $850 billion in combined market value last week. Meta and Google were hit especially hard after losing a lawsuit over their role in social media addiction.
S&P 500 futures pointed slightly higher Monday morning, suggesting some stabilization after Friday’s steep drop. Dow and Nasdaq 100 futures were also up slightly.
Asian markets did not hold up well. South Korea’s benchmark index fell 3.2%, and Japan’s Nikkei dropped 3.4%.
What’s Coming This Week
Investors are watching several key labor market reports this week, including the JOLTS survey, the ADP private payrolls report, and the March jobs report. Markets will be closed Friday for Good Friday.
Earnings from Nike may offer a read on consumer spending. USA Rare Earth and Trilogy Metals will report, giving insight into the minerals sector.
The Wall Street Journal reported that President Trump is weighing a military operation to remove enriched uranium from Iran. No decision has been made, but the news added to market uncertainty.
Bitcoin’s drop below $66,000 marked the first time in weeks the price floor moved lower rather than higher. Whether that level holds remains the key question for crypto traders this week.
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