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Ukraine Ceasefire Breakthrough Sends Markets Into Green; Bitcoin Retakes $83K
Also giving a boost was an easing in trade tensions between the U.S. and Canada.
Updated Mar 11, 2025, 7:20 p.m. Published Mar 11, 2025, 6:59 p.m.
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What to know:
- Ukraine has agreed to a U.S. proposal for a 30-day ceasefire in its war with Russia.
- Shortly after that news hit, Ontario Premier Doug Ford appeared to back down in his tit-a-tat with President Trump.
- U.S. stock markets moved from sizable losses to gains and crypto turned decidedly higher.
What was shaping up to be another down day in markets has reversed in Tuesday afternoon U.S. trading after Ukraine agreed to a Trump administration proposal for a 30-day ceasefire in its war with Russia.
Russia has yet to weigh in, but the agreement will hinge on that country's acceptance, according to a joint statement of Ukraine and the U.S. after a meeting of their delegations in Saudi Arabia.
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As part of the agreement, the U.S. will immediately lift a pause on intelligence sharing and military assistance to Ukraine, the statement continued.
Trade tensions ease as well
Helping the mood, Ontario Premier Doug Ford agreed to suspend a 25% electricity export surcharge he had put in place against a number of U.S. states.
The surcharge was made in retaliation to 25% tariffs Trump had placed on Canadian imports last week. Shooting back at that, Trump earlier Tuesday had threatened to double that tariff to 50% for steel and aluminum imports from the U.S. neighbor to the north.
Markets gain
Adding to yesterday's major losses, markets were again sharply lower prior to the news, but the Nasdaq has moved into the green by 1.25% and the S&P 500 by 0.4%.
Crypto markets have turned nicely higher as well, with bitcoin now up by 7% over the past 24 hours to $83,300 after dropping as low as $76,000 overnight. Ether is ahead 5.6% and Solana's by 10%.
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KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
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Crypto selloff accelerates, sending bitcoin back to $91,000
Strategy is an outperformer following MSCI's decision not to exclude the stock from its indices, but any positive reaction was muted by the decline in BTC.
What to know:
- Crypto markets extended overnight losses, with bitcoin now down 3% over the past 24 hours to just above $91,000.
- The CoinDesk 20 Index dropped nearly 4%, led by an 8% decline in XRP, which had been one of the big gainers in early 2026.
- Digital asset treasury stocks are seeing little boost from last night's MSCI decision not to exclude Strategy and other DATs from its indexes.
