A Ukrainian delegation and the U.S. reached an agreement on March 11 in Saudi Arabia to accept a proposed 30-day ceasefire framework (pending final confirmation from Russia). According to a joint statement, the U.S. will immediately resume military intelligence sharing and military aid to Ukraine. This news alleviates geopolitical risks, with Bitcoin rapidly rising from a night session low of $76,000, up 7% in 24 hours to recover $83,300, and Ethereum simultaneously rebounding 5.6% to $1,940.
Bitcoin rebounds to $83,000 Source: CoinMarketCap
US-Canada tariff war cools off urgently
Ontario Premier Doug Ford announced the suspension of the 25% power export surcharge imposed on multiple U.S. states, responding to the Trump administration's withdrawal of the 50% tariff threat on Canadian steel and aluminum products. The easing of bilateral trade tensions further stimulates market sentiment, with the Nasdaq index rebounding 1.25% from its lows and the S&P 500 rising 0.4%, reversing early losses.
The top ten cryptocurrencies are all in the green, with Solana (SOL) leading with a 10% increase, and Cardano (ADA) and Polygon (MATIC) rising 8.3% and 7.9% respectively.
On-chain data shows that net inflows to centralized exchanges plummeted by 72% in the past 12 hours, as investors sold off in response to declining hedging demand. The derivatives market is also warming up, with the funding rate for Bitcoin perpetual contracts turning positive at 0.015%, and long leverage being re-established.
