Daily Market Dispatch – April 22, 2026. Bitcoin tests $78,000 on ceasefire extension.
22 Apr 2026, 14:33
Daily Market Dispatch – April 22, 2026
Bitcoin tests $78,000 on ceasefire extension
Bitcoin pushed toward $78,000 in early Wednesday trading after President Trump announced an indefinite extension to the ceasefire with Iran. The broader crypto market cap reached $2.62 trillion, recovering toward pre-war levels after a timid start to April. Equity futures are pointing 0.6–0.8% higher across the board. Gold is ticking up to around $4,751, supported by a weaker dollar, which has retreated to pre-war levels as the March safe-haven spike unwinds, while Brent crude is holding just below $100.
Bitcoin
Bitcoin is trading above $78,000, up 3% over the past 24 hours and on track for its third consecutive day of gains. The move above the $75,000–$76,000 range that had capped the prior two weeks was partly mechanical — short positions built up over weeks were forcibly liquidated as price crossed that level, a dynamic that amplifies but cannot sustain a rally without underlying spot demand to follow. Spot volumes reinforce that caution, monthly activity is running below recent historical averages and cumulative spot delta has yet to turn decisively positive, consistent with price advancing faster than broad spot participation.
K33 Research flagged that funding rates turned deeply negative even as prices rose, with open interest trending higher — a configuration that cuts both ways, increasing the potential for further short squeezes but also leaving the market exposed to a sharp reversal if geopolitical sentiment deteriorates. US spot Bitcoin ETFs recorded a sixth consecutive day of net inflows on April 21, though the aggregate of $11.83 million was the smallest daily figure of the streak.
Ethereum & Altcoins
Ethereum is up 3.2% to around $2,391, with the broader market gaining approximately 2.3% over the past 24 hours. XRP advanced 1.3% to $1.46, again testing the $1.45 level that has rejected multiple rallies this year — a ceiling the token has approached but not convincingly cleared. Solana, Cardano, and Polygon each added around 2.5%, while Dogecoin gained 2.3%. The altcoin complex is participating in the move, though gains remain measured relative to Bitcoin — consistent with a market re-risking cautiously rather than rotating aggressively into higher-beta names.
Macro & Institutional
Markets are cautiously optimistic but not convinced. The ceasefire extension lifted futures, but oil near $100 and a 4.4 million barrel draw in U.S. crude inventories — more than four times the expected figure, signal that the supply shock is far from resolved. The dollar index has retreated to pre-war levels, unwinding the March safe-haven spike and providing a modest tailwind for gold, which is ticking up to around $4,751. March retail sales rose 1.4% compared to February, though the headline flatters: the bulk of the gain came from gas station sales inflated by war-driven fuel prices, not broad consumer strength.
The Warsh hearing produced no market-moving surprises. UBS maintained its call for 50 basis points of additional cuts by year-end, citing cooling core inflation and softening labor data.
Looking Ahead
The ceasefire extension buys time but resolves nothing structurally. Iran has not formally accepted the terms, the blockade continues, and Hormuz remains functionally closed. For Bitcoin, the immediate test is whether institutional spot demand is sufficient to absorb supply once the mechanical squeeze exhausts itself, and whether the $78,000–$83,000 range can hold on that basis alone.
Thursday's initial jobless claims are the lead data point — the first read on whether the energy shock is feeding into labor market softness, followed by flash PMIs and Japan CPI overnight. Friday's Michigan Consumer Sentiment final closes the week, with the 1-year inflation expectations component the number to watch ahead of the April 28–29 FOMC meeting.
– Iliya Kalchev, Analyst at Nexo’s Dispatch
For informational purposes only; not financial or investment advice.
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23 Apr 2026, 01:50
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22 Apr 2026, 15:02
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22 Apr 2026, 15:02
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22 Apr 2026, 15:02
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With Q1 officially behind us, we are fully locked in on executing an ambitious Q2. 📆
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4pm UTC. See you there! 👀
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One hour to go until the Quarterly Community AMA goes LIVE.
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With Q1 officially behind us, we are fully locked in on executing an ambitious Q2. 📆
Join Edwin as he goes live to review our recent milestones and outline our strategic roadmap for the next quarter.
4pm UTC. See you there! 👀
🔜 https://www.youtube.com/watch?v=OSh6k39FR1Y
🔖 Follow Brickken on:
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22 Apr 2026, 14:48
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