US markets have opened Monday with Bitcoin trading at $70,925.76, down 0.78% over the last 24 hours, as traders digest President Trump’s order for a naval blockade of the Strait of Hormuz following the collapse of US-Iran peace talks over the weekend.
The Iran war escalation sets a volatile backdrop for what is already a heavy week of catalysts for the crypto markets.
The US Senate returned from its Easter recess today. CLARITY Act negotiations resume immediately, with the Senate Banking Committee targeting a markup in the final two weeks of April. Senator Bernie Moreno has said explicitly that if the bill does not reach the Senate floor by May, midterm election politics will effectively shelve crypto legislation for the rest of 2026.
The ABA’s formal pushback on stablecoin yield, published today, lands directly into those reopened negotiations.
Read More: US Banks Just Fired Back at the White House Over Stablecoin Yield: “Misleading Sense of Safety”
Tuesday brings two major catalysts on the same morning. The Producer Price Index lands at 8:30am ET – wholesale inflation, and the first read on whether energy price shocks from the Hormuz disruption are spreading into the broader supply chain.
A hotter-than-expected print would harden the Fed’s higher-for-longer stance further.
Tuesday also brings BlackRock’s Q1 2026 earnings. With $14 trillion under management and deep exposure to Bitcoin and Ethereum ETFs, any commentary on institutional crypto flows or tokenisation plans directly moves sentiment.
The US tax filing deadline adds a layer of selling pressure.
Crypto holders managing capital gains liabilities from 2025’s peak have until end of day to file and some will liquidate to cover bills.
The same day, the Federal Reserve releases its Beige Book at 2pm ET – a summary of economic conditions across all 12 Fed districts. With the Iran war’s energy shock still feeding through the economy, this will be the clearest read yet on how inflation pressure is spreading beyond oil and gasoline into broader business activity.
Initial Jobless Claims drop at 8:30am ET. The same day, the SEC hosts a public roundtable on options market structure – the commissioners running it are the same officials driving the SEC’s broader crypto regulatory agenda, making any signals from the session worth watching.
Several Federal Reserve officials deliver speeches this week, with the last public signals due before the pre-meeting blackout period begins around April 19. The most closely watched appearance is Governor Christopher Waller’s “Economic Outlook” speech on Friday April 17.
CME FedWatch currently shows over 98% probability of no rate cut at either the April 29 or June 17 meetings. Any deviation from that hawkish tone moves crypto immediately.
The Strait of Hormuz blockade, effective from Monday morning, is the backdrop to all of it.
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