The crypto market has been impacted by the recent surge in oil prices, which has reached above $100 per barrel after the U.S. President ordered a blockade at the Strait of Hormuz.
Bitcoin, the largest cryptocurrency by market capitalization, failed to break out of its monthslong trading range and sold off below the key resistance level at $74,000, currently trading at around $70,600.
The altcoin market also followed suit, with Ether tumbling from its April 11 high of $2,320 to $2,190. This decline indicates a lack of momentum in the market and suggests that traders are scaling back risk.
Derivatives positioning shows that futures tied to most major tokens have declined slightly over the past 24 hours, indicating that traders are reducing their exposure to the market.