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Bitcoin rose above $44,000 on Tuesday.
Dreamstime
Bitcoin
rose above $44,000 on Tuesday as reports of some Russian troops leaving the Ukrainian border lifted anxious markets.
The price of the world’s largest cryptocurrency rose 4% over the last 24 hours to reach $44,253.06 Tuesday morning, according to CoinMarketCap. Bitcoin hadn’t risen above the $44,000 level since last week. Meanwhile, Ether, the second-largest digital currency, has risen 6% over the past 24 hours to $3,117.74.
Dogecoin,
the popular “meme” token, has risen 2.5% to $0.1499 over the past 24 hours.
Shiba Inu
was up 3.3%, while
Solana
jumped more than 5.2%.
Russia’s Defense Ministry said it pulled some troops back from Ukraine, but noted that it will continue its military aggression, according to The Wall Street Journal. The news comes a day after the country said it was open to a diplomatic solution. Although the situation is by no means resolved, broader markets also appear to be encouraged by the latest developments.
“With diplomatic efforts set to continue …we could see sentiment continue to improve in the coming days,” Craig Erlam, Oanda’s market analyst for U.K. and EMEA, said in an email. “That could allow stocks to make up more lost ground as Ukraine developments have compounded fears around inflation and interest rates.”
The Dow Jones Industrial Average opened about 1% higher Tuesday, adding 355 points, after sliding 171 points during Monday’s regular session. The S&P 500 gained 1.2% at the open, while the Nasdaq popped 1.7%. Gains on Tuesday would end a three-day skid for all three indexes.
Write to Logan Moore at logan.moore@barrons.com.
