Bitcoin’s price rebounded late Tuesday afternoon (4 p.m. ET), climbing to the $83,568 range after dipping below $80,000 earlier in the day. This movement coincided with Canada’s decision to halt electricity tariffs on the United States and Ukraine’s agreement to a 30-day ceasefire with Russia following U.S.-led negotiations in Saudi Arabia.
Crypto Market Improves as Ukraine Ceasefire and U.S. Trade Policy Evolve
Both digital assets and equities oscillated between gains and losses throughout the day as trade tensions reignited. Earlier, former President Donald Trump imposed additional tariffs on Canadian steel and aluminum imports, injecting renewed uncertainty into trade policy. However, later in the afternoon, Ontario Premier Doug Ford announced that a planned 25% surcharge on electricity exports to the U.S. would be put on hold.
Ford’s decision followed what he described as a “productive conversation” with U.S. Secretary of Commerce Howard Lutnick. The two officials agreed to convene in Washington on Mar. 13 to discuss potential revisions to the United States-Mexico-Canada Agreement (USMCA) ahead of an Apr. 2 tariff deadline. Meanwhile, market sentiment improved as Ukraine agreed to a 30-day ceasefire with Russia after diplomatic efforts in Saudi Arabia.
The ceasefire, pending Russia’s formal acceptance, is intended to facilitate broader peace negotiations. As part of the agreement, the U.S. pledged to immediately lift its freeze on intelligence sharing and military aid to Ukraine, a restriction put in place following a contentious meeting last month between former President Donald Trump and Ukrainian President Volodymyr Zelenskyy.
On Wall Street, benchmark indices erased earlier losses, and the total cryptocurrency market capitalization climbed to $2.7 trillion, reflecting a 5.5% increase over the past 24 hours. Bitcoin rebounded above $83,000, rising 5.75% after its morning decline, while ethereum gained 4.45%. Global cryptocurrency trade volume reached approximately $148.16 billion, marking a more than 7% increase from the previous day.
Investor concerns, fueled by erratic tariff policies and recent statements from the administration, also appeared to ease.
