Analysis: BTC's upward momentum is hindered, as Japan's inflation data and the Iran conflict trigger market risk-averse sentiment

ME News report. April 24 (UTC+8): CoinDesk reports that the cryptocurrency market weakened overall on Friday, with BTC trading near $77,800, after the upward momentum that began around $65,000 on Wednesday noticeably slowed. ETH is at $2,300, down about 0.8% over the past 24 hours, underperforming BTC. Market pressure is coming from two fronts. First, Japan’s March corporate services price index rose 3.1% year-on-year, exceeding expectations; core inflation is accelerating, and the market expects that the Bank of Japan’s next policy meeting may send signals of a rate hike, while a stronger yen could lead to the unwinding of carry trades in global risk assets. Second, the Iran war continues to disrupt oil transport through the Strait of Hormuz; WTI crude oil futures have risen by more than 40% since the outbreak of the war to $96 per barrel. The U.S. Department of Defense warns that clearing water mines could take six months, which will exert ongoing pressure on global inflation and may reduce the Federal Reserve’s room to cut interest rates. (Source: MLion)