[Weekly Xangle] Cryptocurrency Weakness Amid Mixed War Variables and Soaring Oil Prices
In the first week of April 2026, the cryptocurrency market showed overall weakness amidst macroeconomic uncertainty and slowing liquidity. As of April 3, Bitcoin stood at $66,889, down 2.77% from the previous week, while Ethereum fell 0.13% to $2,057, showing a relatively steady trend. Amidst corrections in major assets, the altcoin market saw a limited rebound centered on a few specific assets, with Algorand (ALGO, +26.44%), Mimcore (M, +17.08%), and Stable (STABLE, +11.36%) ranking among the top gainers.
The key market variable this week was President Trump's highly volatile remarks and the resulting Middle East risks. Market direction wavered as remarks hinting at a possible ceasefire and hardline military messages were repeated, while international oil prices remained high as the possibility of imposing tolls was raised even as negotiations regarding passage through the Strait of Hormuz were underway. This uncertainty acted as a factor amplifying volatility across risk assets.
Another major variable was concern over the impact of high energy prices on the job market. So far, key indicators such as a decline in new jobless claims and growth in private employment have shown a stable trend, outperforming market expectations, suggesting that the actual impact is limited. However, with increasing cost pressures, such as the rise in manufacturing price indices, the possibility remains that future increases in energy prices will gradually affect employment and consumption.
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