In a significant development, Ukraine has agreed to a 30-day ceasefire with Russia, following a proposal from the United States. This agreement comes on the heels of the U.S. resuming its weapons and intelligence-sharing support to Ukraine, which had been temporarily suspended.
The announcement of the ceasefire has had an immediate impact on global financial markets, particularly the cryptocurrency sector. Major cryptocurrencies, including Bitcoin and Ethereum, have seen notable gains. Bitcoin surged by 5%, while Ethereum increased by 4%, contributing to an overall 4.59% rise in the crypto market.
Market analysts attribute this market rally to a reduction in geopolitical uncertainty, which has boosted investor confidence. The ceasefire agreement between Ukraine and Russia has alleviated some concerns surrounding the ongoing conflict, providing a favorable environment for digital assets to thrive.
In a joint announcement made on Tuesday, Ukraine and the United States confirmed that the U.S. would lift its pause on security assistance and intelligence sharing. Additionally, Ukraine accepted the U.S. proposal for a temporary ceasefire, with the possibility of extending it if both Ukraine and Russia agree. The extension, however, is contingent on Russia’s acceptance of the terms.
“The United States will communicate to Russia that Russian reciprocity is essential for achieving peace,” the statement read.
Ukrainian President Volodymyr Zelensky expressed support for the ceasefire, noting that while Ukraine had initially suggested limiting the truce to aerial and maritime operations, the U.S. advised extending it to include the entire front line. Zelensky acknowledged this as a positive development and emphasized that the U.S. would need to persuade Russia to participate in the ceasefire.
The ceasefire discussions took place during a high-level meeting in Saudi Arabia on Tuesday, which included U.S. officials such as Secretary of State Marco Rubio and National Security Adviser Mike Waltz, as well as Andriy Yermak, Chief of Staff to President Zelensky.
Following the meeting, Rubio stated, “The U.S. has proposed entering into a ceasefire and commencing negotiations to resolve this conflict in a lasting and sustainable manner. Ukraine has accepted the proposal, and now the ball is in Russia’s court.”
As the situation unfolds, the international community is closely watching Russia’s response to this ceasefire initiative.
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