Bitcoin and Ethereum prices rise, while XRP and Dogecoin remain stable during escalating tensions in the Strait of Hormuz.
April 23, 2026
Cryptocurrencies like Bitcoin and Ethereum saw a significant rally, accompanied by stable performances from XRP and Dogecoin amidst tensions in the Strait of Hormuz. This spike in the prices of leading cryptocurrencies coincided with stock markets hitting new record highs following news of an extension to the Iran ceasefire, despite lingering concerns over tensions in the important passageway.
Bitcoin reached almost $80,000 before retreating slightly to the low $78,000s, with trading volume surging by 36% in the previous 24 hours. Ethereum also saw a significant rise, surpassing $2,400, supported by robust buying activity. Meanwhile, XRP and Dogecoin showed minimal movements. Data from Coinglass revealed that over $460 million was liquidated in the past 24 hours, with bearish positions accounting for $350 million. Open interest in Bitcoin futures increased by 8.64% over the same period, reaching $61.57 billion. Despite this, traders on the Binance platform were mostly bearish, favoring short positions over long ones.
Despite the positive market movements, there was still a prevailing sense of “fear” in the crypto market as indicated by the Crypto Fear & Greed Index. The total global cryptocurrency market capitalization reached $2.61 trillion, rising by 1.65% within a day. In the traditional stock market, indices performed exceptionally well, with the Dow Jones Industrial Average, the S&P 500, and the Nasdaq Composite achieving record closes.
Regarding recent developments in the Strait of Hormuz, where the U.S. military intercepted three Iranian-flagged tankers, oil prices experienced an uptick, with West Texas Intermediate crude futures briefly touching $97 per barrel before retreating to $93. Analysts observed a potential bullish reversal pattern in Bitcoin, citing a Morning Star candlestick pattern at the bottom of a downtrend, usually signaling a shift from selling to buying momentum.
Additionally, there was speculation that Bitcoin’s recent price surge was primarily fueled by activity in the perpetual futures market, while spot demand remained subdued. This led to concerns over a possible correction if traders opt to take profits while the spot demand for Bitcoin continues to dwindle. Overall, the crypto market exhibited a mix of bullish momentum and underlying caution due to various geopolitical and market factors.
