Bitcoin and major cryptocurrencies dropped Thursday as oil prices hit a four-year high, driven by fresh reports of potential U.S. military action against Iran.
Brent crude jumped 7.1% to $126.41 a barrel after Axios reported that President Donald Trump is set to be briefed on new military options against Iran. U.S. Central Command has also reportedly requested hypersonic missiles be deployed to the Middle East.
BREAKING: President Trump has "rejected" Iran's proposal to open the Strait of Hormuz and the US has prepared a plan for a "short and powerful" wave of strikes on Iran, per Axios.
Details include:
1. Trump says he will keep Iran under a naval blockade until they agree to a…
— The Kobeissi Letter (@KobeissiLetter) April 29, 2026
The Strait of Hormuz has been effectively closed since the conflict began in late February. That has choked the flow of crude oil, natural gas, and oil products through one of the world’s busiest shipping routes.
Brent crude is now up over 100% year-to-date and is on a nine-day winning streak, its longest since May 2022.
Bitcoin fell 2.1% to $75,633 during Asian trading hours. It is down 3% on the week and sits $50,000 below its all-time high of $126,000 set in October 2025.
Throughout April, Bitcoin has traded between $74,000 and $78,000, even as oil climbed from $98 to $126 a barrel.
Ether dropped 3.4% to $2,244 and is down 4.4% on the week. XRP fell 2.1% to $1.37. Solana lost 2.6% to $82.62, and BNB shed 1.9% to $615.
Dogecoin was the only top-10 token outside stablecoins to post a gain, rising 3.8% on the day and 10.1% on the week to $0.10.
Fernando Lillo, director at exchange Zoomex, said Bitcoin breaking above $80,000 depends on the war premium unwinding. He stated that a drop in Brent crude below $100 per barrel would be required, and that the two are directly linked.
Lillo also outlined a scenario where the Trump administration could lift the Iran blockade, framing it as a response to positive steps from Iran, which he said could push Bitcoin toward $85,000.
U.S. stock futures were mixed Thursday. S&P 500 futures rose 0.2%, while Nasdaq 100 futures fell 0.2% and Dow futures dropped 0.6%.
Meta fell nearly 6% after reporting weaker-than-expected capital spending and slower user growth. Microsoft was largely flat despite beating estimates on both revenue and profit.
Alphabet rose 6% after strong revenue and Google Cloud growth. Amazon gained 4% on the back of solid cloud computing numbers.
Apple is set to report earnings after Thursday’s market close.
The Federal Reserve held interest rates steady in the 3.5% to 3.75% range. Fed Chair Jerome Powell said he plans to stay on past the end of his current term, citing legal battles facing the central bank.
The post Daily Market Update: BTC Slides to $75K as Oil Hits Four-Year High and Tech Earnings Divide Wall Street appeared first on CoinCentral.
