Bitcoin Stalls at $77.8K Amid Japan Inflation Surge and Iran War Tensions

Gate News message, April 24 — Crypto markets weakened on Friday as Bitcoin hovered near $77,800 and Ethereum fell to $2,300 with a 24-hour decline of 0.8%. The uptrend that began Wednesday from $65,000 has visibly slowed, with Ethereum underperforming Bitcoin.

Market pressure stems from Japan's March corporate services price index rising 3.1% year-over-year, exceeding expectations and accelerating core inflation. Market participants anticipate the Bank of Japan may signal rate hikes at its next policy meeting. A stronger yen could trigger unwinding of global carry trades, weighing on risk assets.

The Iran-Israel conflict continues disrupting oil shipments through the Strait of Hormuz, with WTI crude futures (U.S. benchmark oil contract) up over 40% to $96 per barrel since the war began. The U.S. Pentagon warned that clearing sea mines would take at least six months, sustaining global inflation pressures and further constraining the Federal Reserve's room to cut rates.