Tom Leigh, Chairman of BitMine Immersion Technologies, stated that he believes the price of Ethereum could eventually reach $250,000.

Specifically, Leigh endorsed the $250,000 price target featured in a new report by the "Etherealize" platform. The report highlights that Ethereum’s staking feature provides a yield similar to interest earned from a bank account, giving the currency a distinct use case compared to its rival, Bitcoin. Furthermore, researchers argue that Ethereum's Proof-of-Stake (PoS) model could offer stronger long-term network security compared to Bitcoin's mining mechanism.

Tom Leigh described the Etherealize report as a "fresh and comprehensive vision for the future of Ethereum," supporting its argument that the digital currency could benefit from elements not available in gold or Bitcoin, such as the staking mechanism and the network’s extensive utility.

The report estimates a total addressable market opportunity for Ethereum of approximately $31.5 trillion. Based on a circulating supply of 121 million coins, this equates to a theoretical price of nearly $250,000 per unit.

However, the report noted that Leigh has a direct interest in supporting this outlook, as BitMine is considered the world's largest institutional holder of Ethereum. BitMine's stock (BMNR) has declined by 28% this year, currently trading at $22.59 per share.

Brent crude prices jumped by more than 3% following a report from Israel's N12 channel stating that Iran's chief negotiator with the United States has submitted his resignation.

By 2:05 PM ET, Brent crude rose approximately 3% to reach $104.79 per barrel, while West Texas Intermediate (WTI) climbed over 3% to $95.95 per barrel.

According to the report, Iranian Parliament Speaker Mohammad Bagher Ghalibaf resigned from his position as Tehran’s top negotiator due to interference from the Iranian Revolutionary Guard Corps (IRGC).

While CNBC has not confirmed the report's validity, the possibility of IRGC intervention raises market fears of a more hardline stance from Tehran during negotiations with the United States.

Meanwhile, the flow of oil tankers through the Strait of Hormuz remains extremely low as the United States and Iran seek to impose mutual blockades during the ceasefire period.

Iran continues to demand that vessels obtain prior permission to cross the Strait. Conversely, U.S. President Donald Trump stated on Thursday that the United States has "total control" over the maritime passage, adding that ships require authorization from the U.S. Navy to pass.

The United States has been enforcing a blockade on Iranian ports since April 13.

The current period has also seen both the United States and Iran seizing vessels; Iran detained two cargo ships in the Strait on Wednesday, while the United States intercepted several Iranian oil tankers.

The Canadian dollar declined for the third consecutive day against its U.S. counterpart on Thursday as investors assessed ongoing trade restrictions in the Strait of Hormuz and data showing that rising oil prices pushed domestic producer prices higher last month.

The Canadian currency, known as the "loonie," was trading down 0.1% at 1.3680 CAD per U.S. dollar (equivalent to 73.10 U.S. cents), after moving within a range between 1.3661 and 1.3689.

Impact of Dollar Strength and Geopolitical Risks

Strategists at Scotiabank, Shaun Osborne and Eric Theoret, noted that domestic news and developments remain limited, pointing out that the Canadian dollar's intraday movements are primarily driven by the general trend of the U.S. dollar and overall market risk levels.

They added: "We expect limited gains for the U.S. dollar, with strong resistance in the 1.37 range, while support remains at 1.3625 before a potential decline toward 1.35 levels."

Meanwhile, the U.S. dollar index rose slightly against a basket of major currencies, supported by escalating tensions between the U.S. and Iran and stalled peace talks. This combination pushed oil prices higher and dampened investor risk appetite.

Oil Supports the Canadian Economy... With Inflationary Pressure

Prices for oil—one of Canada's most vital exports—rose by 1.5% to reach $94.37 per barrel.

Data revealed that producer prices in Canada increased by 2.4% in March compared to February, driven by higher costs for energy, petroleum products, and chemicals following the closure of the Strait.

Additionally, increased sales in the petroleum products, coal, and transportation equipment sectors contributed to a 3.5% month-on-month rise in manufacturing sales during March, according to preliminary estimates.

Anticipation of Bank of Canada Decisions

Retail sales data for February, scheduled for release on Friday, is expected to provide further insight into domestic economic performance ahead of the Bank of Canada’s monetary policy decision next week.

Investors are betting that the central bank will keep its key interest rate unchanged at 2.25%, with the possibility of a single rate hike before the end of the year.

Bond Movements

Canadian government bond yields declined across various maturities. The 10-year bond yield fell by 3.8 basis points to reach 3.454%, reflecting a flatter yield curve.

Major U.S. stock indices edged lower on Thursday as investors awaited clearer signals regarding the U.S.-Iran conflict, while mixed corporate earnings reignited concerns over AI's impact on the software sector.

Tehran tightened its grip on the Strait of Hormuz, broadcasting footage of special forces storming a large cargo ship seized on Wednesday. Iran continues to demand that the United States lift the naval blockade imposed on its ports.

While investors have shown remarkable resilience recently, largely ignoring war risks, signs of fatigue are emerging. This has led to brief periods of risk aversion as the market seeks clarity on the conflict's resolution and timing. With oil prices holding above $100 per barrel, the risk of a resurgence in inflation remains a key concern.

Market Performance at 09:46 AM ET

- Dow Jones Industrial Average: Fell 154 points (0.30%) to 49,341.55.

- S&P 500: Decreased 6.61 points (0.10%) to 7,131.08.

- Nasdaq Composite: Dropped 57.27 points (0.26%) to 24,593.45.

Data released Thursday showed a slight increase in weekly jobless claims, though the threat of war-driven price hikes continues to hang over the economy.

Earnings Under the Microscope

Despite a largely strong earnings season so far, investors are questioning the reliability of these results as a future indicator, given they only reflect one month of Middle East disruptions.

Kiran Ganesh, multi-asset strategist at UBS Global Wealth Management, noted: "Earnings results do not yet reflect the impact of the energy supply shock." He added that while an oil shock is a drag on growth, there is strong structural support, and the market remains comfortable as long as a path to de-escalation exists.

Pressure on Technology Stocks

- IBM: Shares tumbled 12% after Q1 revenue growth slowed due to weakness in its software business, sparking fears that AI tools are disrupting traditional software business models.

- Microsoft & Adobe: Shares fell 2.6% and 7.3%, respectively.

- S&P 500 IT Sector: Declined 0.6%, acting as the primary drag on the index, though a 1.8% gain in the Utilities sector helped limit broader losses.

Notable Stock Movements

- Tesla: Dropped 3.8% after increasing its 2026 spending plans to over $25 billion, as Elon Musk pivots heavily toward AI, robotics, and chips.

- Lockheed Martin: Slipped 3.7% following lower-than-expected Q1 profits.

- Texas Instruments: Jumped 10.5% after forecasting Q2 revenue and profit that beat Wall Street estimates.

- Cannabis Stocks: Tilray Brands and Canopy Growth rose 5.8% and 6.5%, respectively, after the U.S. Department of Justice reclassified state-licensed marijuana as a less dangerous drug.

In terms of market breadth, advancing issues outnumbered decliners by a 1.04-to-1 ratio on the NYSE and a 1.51-to-1 ratio on the Nasdaq. The S&P 500 recorded 28 new 52-week highs and 5 new lows, while the Nasdaq saw 74 new highs and 41 new lows.