Daily Market Update: BTC Slides to $75K as Oil Hits Four-Year High and Tech Earnings Divide Wall Street

TLDR

• Bitcoin fell 2.1% to $75,633 as Brent crude surged 7.1% to $126.41 a barrel, its highest level in four years
• Reports that Trump is being briefed on military options against Iran drove the oil spike and risk-off selling
• Ether, XRP, Solana, and BNB all dropped; Dogecoin was the only top-10 gainer, up 3.8%
• Nasdaq 100 futures erased a 1.1% rally despite strong Alphabet and Amazon earnings; Meta fell 6%
• Analysts say Bitcoin needs Brent crude below $100 and Middle East tensions to ease before it can break $80,000

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.

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.

Altcoins Drop Across the Board

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.

Tech Earnings Drive Mixed Stock Moves

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.

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