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What’s happening: Bitcoin climbed more than 5% on Tuesday, after slipping below $77,000 earlier in the session.
What happened: The world’s largest cryptocurrency has been under pressure over the past month, with investors abandoning riskier assets.
Bitcoin fell to a fourth-month low in early trading on Tuesday on heightened macroeconomic uncertainty, before recovering and surging past $83,000.
Why it matters: One of US President Donald Trump’s key agendas since entering the White House in January has been to put an end to the Russia-Ukraine war.
Investors have been treading cautiously, with risk sentiment hit by Trump pressurising Ukraine to withdraw its UN resolution demanding the withdrawal of Russian forces and his showdown with President Volodymyr Zelensky in the Oval Office.
In a rapid turn of events, Ukraine agreed to a US proposal of an immediate one-month ceasefire, officials from both countries said in a joint statement on Tuesday evening. Although investors may continue to wait on tenterhooks till Russia accepts the proposal, the announcement gave markets something to cheer.
The joint US-Ukrainian statement, released after talks in Saudi Arabia, says that the ceasefire is “subject to acceptance and concurrent implementation by the Russian Federation.” The statement also said that the ceasefire may be extended by “mutual agreement of the parties.”
Meanwhile, the US SEC (Securities and Exchange Commission) dropped high-profile lawsuits against major exchanges like Coinbase, signalling a shift from the previous administration’s hardline stance against cryptocurrencies.
Bitcoin rose by 5.50% to $83,243 after the ceasefire news on Tuesday. Ethereum rose 4.11% to $1,947.10, while XRP added 5.55% to reach $2.19. Solana, Dogecoin and Cardano jumped 7.34%, 6.38% and 5.92%, respectively.
What to watch: Investors will continue monitoring the Trump administration’s announcements related to tariffs, which has fuelled heightened macroeconomic uncertainty.
Any updates on US crypto regulations will also be in focus.
Context: The GBP/USD forex pair climbed on Tuesday on weakness in the US dollar driven by concerns related to the impact of Trump’s policies.
Details: Investors have been concerned about US President Donald Trump’s tariff moves leading to a trade war. There has also been heightened fears of his policies triggering recession in the US economy, now known as “Trumpcession.”
Weakness in the US dollar boosted the GBP/USD pair. The US dollar index, which measures the greenback’s performance versus a basket of major peers, lost around 0.44% to reach 103.38 on Tuesday.
With Tuesday’s downturn, the US dollar gave up all the gains it had made since Trump won the US elections in November last year.
Investors shrugged off data showing a slowdown in UK’s retail sales growth. Retail sales in the UK grew by 0.9% year-on-year in February, after a 2.5% gain in January. The slowdown was much more than expected, with estimates at 2.4% growth.
The GBP/USD rose 0.56% to 1.2950 on Tuesday. The EUR/USD also climbed 0.77% to 1.0919. Meanwhile, the FTSE 100 shed 1.21% to close at 8,495.99.
What to watch: Investors await the release of the RICS house price index for the UK on Thursday. Data on UK’s balance of trade, construction output, GDP growth and industrial production, due for publishing on Friday, will also be in focus.
Other Markets: US stock indices closed lower on Tuesday, with the Dow Jones index, S&P 500 and Nasdaq down by 1.14%, 0.76%, and 0.18%, respectively.
Russian officials hinted at talks on the US proposal of a ceasefire taking place “in the next few days.” The news sent the RUB/USD pair slightly higher in forex trading this morning.
Malaysia’s retail sales grew by 8.4% year-on-year in January, accelerating from an 11-month low of 5.4% in the previous month. This being the fastest growth in retail sales since May 2024 lent support to the MYR/USD forex pair.
South Korea’s seasonally adjusted unemployment rate eased to 2.7% in February, from 2.9% in the previous month. This being the second consecutive month of decline in the unemployment rate sent the KRW/USD pair higher in forex trading this morning.
Japan’s producer prices rose by 4.0% year-on-year in February, slightly below January’s 4.2%, which was the fastest growth in 20 months. This being the 48th consecutive month of producer inflation exerted pressure on the JPY/USD forex pair.
New Zealand’s electronic card transactions rose by 0.3% to NZ$6,528 million in February. This marking a significant recovery from the decline of 1.6% in the previous month sent the NZD/USD pair higher in forex trading this morning.
ECB President Christine Lagarde’s speech (1245 UAE Time), Cyprus’ balance of trade (1400 UAE Time), Belgium’s industrial production (1430 UAE Time), India’s industrial production and inflation rate (1430 UAE Time), Portugal’s balance of trade and inflation rate (1500 UAE Time), Brazil’s inflation rate (1600 UAE Time), US inflation rate (1630 UAE Time), Brazil’s car production (1700 UAE Time), Bank of Canada’s inflation rate decision (1745 UAE Time), EIA’s crude stockpiles, gasoline inventories, and distillate stockpiles (1630 UAE Time) and Russia’s inflation rate (1800 UAE Time).
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