Bitcoin (BTC) reversed course during US trading hours on 8 Apr as equities rallied and oil prices tumbled, breaking from the broader risk-on move sparked by easing US-Iran tensions.
Updated: Bitcoin Breaks from Risk Rally as Stocks Climb, Oil Tumbles
8 April 2026 - 18:25 CEST
BTC traded around $71,300 at 16:15UTC, down roughly 1% intraday, while S&P 500 futures have risen about 2% since 23:00UTC on 7 Apr. The move reverses part of Bitcoin’s earlier rally, when it climbed nearly 7% alongside global markets on news of a temporary ceasefire and the reopening of the Strait of Hormuz, which handles about 20% of global oil flows.
Oil prices plunged as markets priced in easing tensions, with Brent crude sliding around 9% since midnight UTC on 8 Apr to around $94 per barrel as fears of supply disruptions allayed.
"Today's move appears to reflect a combination of factors. Equities are reacting positively to macro or equity-specific catalysts at the open, while Bitcoin (trading 24/7) may have already priced in similar information overnight," said Max Kahn, CEO of Digital Wealth Partners.
Weekly gains hold as crypto market cap jumps
Bitcoin remains higher on the week despite the intraday pullback, rising about 4.4% over the past seven days, despite the weakness during US trading hours.
Ether (ETH) mirrored Bitcoin's intraday weakness, falling around 1% during the US session to around $2.200, while still jumping 6% over the past 24 hours, according to TradingView. The broader crypto market has also expanded by nearly 4% over the same time to $2.43tn.
"Crypto markets tend to be more sensitive to short-term positioning, liquidity conditions, and profit-taking, especially following periods of strength," Kahn added.
Iran's crypto toll plan
The move lower comes despite reports that Iran plans to require oil tankers to pay transit fees in cryptocurrency.
According to the Financial Times, Iran is seeking to require oil tankers transiting the Strait of Hormuz to pay tolls in Bitcoin. Hamid Hosseini, a spokesperson for Iran's Oil, Gas and Petrochemical Products Exporters' Union, told the FT that vessels would be required to declare cargo via email before being charged a $1 per barrel fee.
The use of Bitcoin is intended to reduce traceability and avoid potential sanctions-related disruptions, according to the report. Approximately 20mn barrels of crude oil and petroleum products passed through the Strait of Hormuz daily in 2025, according to the International Energy Agency (IEA).
Ceasefire brings back risk-on sentiment
Financial markets welcomed the de-escalation in the weeks-long conflict after Trump warned that "a whole civilization will die" if Iran did not restore access to the Strait of Hormuz.
The threat had prompted Iran to cut off direct communications with the US on Tuesday, though talks with ceasefire mediators continued, according to The Wall Street Journal. In the final hours, both sides agreed to a two-week ceasefire and the temporary reopening of the Hormuz passage for the same period.
