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.
As part of the agreement, the U.S. will immediately lift a pause on intelligence sharing and military assistance to Ukraine, the statement continued.
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 (BTC) now up by 7% over the past 24 hours to $83,300 after dropping as low as $76,000 overnight. Ether (ETH) is ahead 5.6% and Solana’s (SOL) by 10%.
This sudden shift in market sentiment highlights the significant impact of geopolitical developments on financial markets. Investors are cautiously optimistic about the potential for stability in the region, although the sustainability of this rebound will largely depend on Russia’s response and the overall situation in Ukraine.
