## Bitcoin Price Surge

**Bitcoin (BTC)** has recently soared above **$83,000**, marking a **7% increase** in just 24 hours, following the announcement of a **30-day ceasefire** between Ukraine and Russia. This news has significantly impacted market sentiment, pushing **U.S. stock markets** from losses to gains.

![Kiev, Ukraine. Credit: Shutterstock](https://cdn.sanity.io/images/s3y3vcno/production/e2207ccf27b672b6cf7d6d3f9fa5abd12110b12f-1500x1000.jpg)

### Key Developments
- **Ceasefire Agreement**: Ukraine accepted a proposal from the U.S. for a ceasefire, pending Russia's acceptance.
- **Market Response**: Following the ceasefire news, the **Nasdaq** and **S&P 500** indices showed positive movements, with the Nasdaq rising by **1.25%** and the S&P by **0.4%**.
- **Crypto Market Reaction**: Alongside Bitcoin, **Ether (ETH)** rose by **5.6%**, and **Solana (SOL)** jumped by **10%**. 

### Trade Tensions Ease
Additionally, **Ontario Premier Doug Ford** announced the suspension of a **25% electricity export surcharge**, which was a retaliatory measure against U.S. tariffs. This easing of trade tensions further contributed to the positive market sentiment.

### Market Summary
As the dust settles, Bitcoin's price reflects a robust recovery from a low of **$76,000** overnight, showcasing the volatile nature of crypto amidst geopolitical events. Investors are closely monitoring how the situation in Ukraine evolves, as it continues to influence both traditional and digital asset markets.

Also giving a boost was an easing in trade tensions between the U.S. and Canada.

Bitcoin Surges Past $83K Following Ukraine Ceasefire News - A Market Reaction Explained

## Market Reaction to US Stock Selloff
**Cryptocurrencies** faced a significant downturn as fears from a **selloff in US equities** overshadowed President **Donald Trump’s** recent initiatives to support the industry. 

## Bitcoin and Ether Price Movements
On Tuesday morning in Asia, **Bitcoin** dropped over **3%**, while **Ether** plummeted **6%**, hitting an intra-day low of **$1,756**, the lowest since **October 2023**. Although both cryptocurrencies managed to recover some of their losses later, the initial decline was alarming.  

## US Stock Market Impact
The decline in crypto values coincided with a sharp drop in US stocks, particularly in the **technology sector**. The **Nasdaq 100 Index** suffered its worst day since **October 2022**, falling **3.8%**. Concerns are mounting on Wall Street, especially after Trump indicated potential economic disturbances due to trade tensions with **Canada**, **Mexico**, and **China**. Many **strategists** and **economists** are now increasing their predictions for a US economic downturn.  

## Industry Reactions
Joshua Lim, Co-Head of Markets at **FalconX Global**, noted that the **Bitcoin reserve executive order** has removed a positive catalyst for crypto prices, leaving the market vulnerable to macroeconomic risks.  

Trump's announcement of a US **Bitcoin reserve** and additional stockpiles of other cryptocurrencies ahead of a crypto summit on **March 7** did not significantly improve market sentiment. The order tasked the Treasury and Commerce departments with developing budget-neutral strategies for Bitcoin acquisition, indicating no new investments would be made.  

Hayden Hughes, head of crypto investments at **Evergreen Growth**, expressed that the market's reaction to the reserve announcement seems exaggerated and suggested that it may be **overly oversold**.  

## ETF Performance
The **market-wide selloff** severely impacted exchange-traded funds (ETFs) tied to digital assets, with two ETFs linked to **MicroStrategy** plummeting over **30%** in a single day.  

As of **10:52 a.m.** on Tuesday in Singapore, Bitcoin was trading at **$79,300**. Analysts predict support levels at **$73,000** and **$70,000**, with expectations for strong buying at these prices.

(Bloomberg) -- Cryptocurrencies slid as fears over a selloff in US equities eclipsed President Donald Trump’s recent efforts to buttress the industry. Most Read from BloombergNJ College to Merge With State School After Financial StressNYC Congestion Pricing Toll Gains Support Among City ResidentsWhere New York City's Zoning Reform Will Add HousingBuffalo’s Billion-Dollar Freeway Fix Is on Ice, But Not Because of TrumpInside the ‘Not Architecture’ of High Line Designers Diller Scofidio + RenfroBi

3 months ago Bitcoin Articles Digested