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

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.

• 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.