Bitcoin is rising again
What’s happening: Bitcoin climbed more than 5% on Tuesday, after slipping below $77,000 earlier in the session.
What happened: The world’s largest cryptocurrency has been under pressure over the past month, with investors abandoning riskier assets.
Bitcoin fell to a fourth-month low in early trading on Tuesday on heightened macroeconomic uncertainty, before recovering and surging past $83,000.
Investors have been treading cautiously, with risk sentiment hit by Trump pressurising Ukraine to withdraw its UN resolution demanding the withdrawal of Russian forces and his showdown with President Volodymyr Zelensky in the Oval Office.
The joint US-Ukrainian statement, released after talks in Saudi Arabia, says that the ceasefire is “subject to acceptance and concurrent implementation by the Russian Federation.” The statement also said that the ceasefire may be extended by “mutual agreement of the parties.”
Meanwhile, the US SEC (Securities and Exchange Commission) dropped high-profile lawsuits against major exchanges like Coinbase, signalling a shift from the previous administration’s hardline stance against cryptocurrencies.
What to watch: Investors will continue monitoring the Trump administration’s announcements related to tariffs, which has fuelled heightened macroeconomic uncertainty.
Any updates on US crypto regulations will also be in focus.
What happened: The world’s largest cryptocurrency has been under pressure over the past month, with investors abandoning riskier assets.
Bitcoin fell to a fourth-month low in early trading on Tuesday on heightened macroeconomic uncertainty, before recovering and surging past $83,000.
Will Bitcoin continue to rise?
Why it matters: One of US President Donald Trump’s key agendas since entering the White House in January has been to put an end to the Russia-Ukraine war.Investors have been treading cautiously, with risk sentiment hit by Trump pressurising Ukraine to withdraw its UN resolution demanding the withdrawal of Russian forces and his showdown with President Volodymyr Zelensky in the Oval Office.
The rise of Bitcoin
In a rapid turn of events, Ukraine agreed to a US proposal of an immediate one-month ceasefire, officials from both countries said in a joint statement on Tuesday evening. Although investors may continue to wait on tenterhooks till Russia accepts the proposal, the announcement gave markets something to cheer.The joint US-Ukrainian statement, released after talks in Saudi Arabia, says that the ceasefire is “subject to acceptance and concurrent implementation by the Russian Federation.” The statement also said that the ceasefire may be extended by “mutual agreement of the parties.”
Meanwhile, the US SEC (Securities and Exchange Commission) dropped high-profile lawsuits against major exchanges like Coinbase, signalling a shift from the previous administration’s hardline stance against cryptocurrencies.
Bitcoin now
Bitcoin rose by 5.50% to $83,243 after the ceasefire news on Tuesday. Ethereum rose 4.11% to $1,947.10, while XRP added 5.55% to reach $2.19. Solana, Dogecoin and Cardano jumped 7.34%, 6.38% and 5.92%, respectively.What to watch: Investors will continue monitoring the Trump administration’s announcements related to tariffs, which has fuelled heightened macroeconomic uncertainty.
Any updates on US crypto regulations will also be in focus.