Bitcoin Jumps to $40K as Putin Sees Positive Shift in Ukraine Talks

European equity benchmarks and U.S. index futures extended gains while major cryptocurrencies jumped as much as 7.6%.

AccessTimeIconMar 11, 2022 at 1:08 p.m. UTC
Updated Mar 11, 2022 at 8:34 p.m. UTC

Shaurya is an analyst/editor for CoinDesk's markets team in Asia.

Bitcoin regained the $40,000 level in the past hour after reports of positive developments in talks between Russia and Ukraine.

  • Russian President Vladimir Putin said there was “positive movement” in negotiations, which were happening on a “daily basis.” Russia faces sanctions from Western countries among others as leaders worldwide condemn the invasion of Ukraine.
  • Putin’s comments buoyed global markets. S&P 500 futures added 1.31%, and futures on the tech-heavy Nasdaq 100 rose 1.65%. Sentiment in Europe was stronger, with Germany’s DAX jumping 3.41% and Stoxx Europe 600 gaining 2.09%.
  • Crypto markets were mixed. Bitcoin jumped from $38,600 in European morning hours to slightly over $40,200 as Putin’s comments went public. Ether added 2.4% in the past hour alongside XRP and Solana’s SOL, while Polkadot’s DOT led gains with an 8% rally in the past 24 hours.
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Bitcoin jumped to as much as $40,200 before a sell-off. (TradingView)

  • Ukraine’s worsening situation has rippled across global markets. India saw an exodus of foreign capital to the tune of billions of dollars this week while Brent crude touched $140 a barrel. Demand for nickel – alongside a short squeeze – pushed prices of the metal to a record $101,000, while gold touched $2,070 on Tuesday, a level previously seen in August 2020.

UPDATE (March 11, 14:01 UTC): Changes photo.

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Shaurya is an analyst/editor for CoinDesk's markets team in Asia.

CoinDesk - Unknown

Shaurya is an analyst/editor for CoinDesk's markets team in Asia.

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