Market Wrap: Crypto Pumps After Putin Pledges to Partially Pull Back Troops
Tensions at Ukraine’s border eased slightly after positive remarks from Putin, leading to a jump in both cryptocurrencies and stocks
- Russia will partially pull troops from Ukraine’s border, Putin said during a meeting with German Chancellor Olaf Scholz
- Putin promises to strive to resolve the crisis ”by taking a diplomatic path,” prompting a surge in global markets
Russia to ‘partially pull back troops’ from Ukraine’s border
Equity and crypto prices surged today after Russian President Vladimir Putin said Russia had decided “to partially pull back troops” from Ukraine’s border.
This is the most positive news that has come out of the recent Russia-Ukraine tensions. The announcement helped reverse a sell-off prompted by US Secretary of State Antony Blinken's announcement yesterday that the US was moving its Ukrainian embassy out of Kyiv “due to the dramatic acceleration in the buildup of Russian forces.”
In a press conference with German Chancellor Olaf Scholz, Putin reiterated his concerns over NATO’s expansion to the east, among other things, but offered the prospect of a deescalation.
“We are also ready to continue on the negotiating track, but all these questions, as has been said before, must be viewed comprehensively,” Putin said.
“We intend to and will strive to reach agreement with our partners on the questions that we posed, in order to solve them by taking a diplomatic path,” he added.
Investors welcomed news of the positive meeting between Scholz and Putin. The S&P 500 rose by almost 1.6%, and the Nasdaq and Dow also jumped 2.47% and 1.22%, respectively.
Crypto saw a huge pump with bitcoin climbing almost 3.5% and ether jumping 5.77% by the close of US equity markets. Avalanche, a newer coin that has crept into the top 10 coins by market capitalization, jumped over 12% on the day.
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Continued deescalation of tension on the Ukrainian border should push markets higher, though looming inflation figures and Fed rate hikes may shake things up. The St. Louis Fed president and the Cleveland Fed president are scheduled to speak on Thursday, which could also spook markets.
Investors should prepare for some level of volatility going forward.
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