[New York Coin Market/Summary] Bitcoin Recovers to $83,000; Ukraine Agrees to U.S.-Led Ceasefire Proposal

# Crypto Market Cap Increases by $50 Billion During New York Trading Hours # Crypto Futures Rise; U.S. Dollar Declines, Treasury Yields Climb # Bitcoin and Ethereum ETF Outflows Continue in the U.S. By Jang Doseon, Special Correspondent in New York The cryptocurrency market continued its upward trend on the 11th during New York trading hours, digesting new tariff threats from President Trump. Bitcoin recovered to $83,000. On that day, the market faced downward pressure after President Trump announced plans to increase tariffs on Canadian steel and aluminum to 50% and significantly raise tariffs on automobiles imported from Canada starting May 2. Consequently, Bitcoin retreated below $80,000. However, buying on the dip helped mitigate the decline, and the market turned upward in the afternoon following news that Ukraine had agreed to a 30-day ceasefire with Russia, as proposed by the U.S. The ceasefire's activation is contingent upon Russia's assent. Amid macroeconomic factors such as tariff wars and recession fears, which pose significant risks for further adjustments, the digital asset market showed a temporary rebound. However, it remains uncertain whether this momentum can be sustained, given the anticipated challenges before the Ukrainian conflict can come to an end. Marcus Thielen, founder of 10X Research, who accurately predicted the recent decline in the crypto market, advised caution in a report issued that day, warning that Bitcoin could fall to $73,000. He added that a new narrative is needed for the market to return to a bullish phase. The market is awaiting the release of the U.S. Consumer Price Index (CPI) data for February on Wednesday. Signs of easing U.S. inflation could boost risk appetite; however, worsening inflation signals could further batter risky assets. Marex Solutions' Senior Global Market Strategist Ilan Solot commented in an email to CoinDesk, “Is the worst over? It’s impossible to say with certainty.” He noted, “However, the risk-reward ratio for taking long positions in U.S. stocks is improving. The VIX index, which measures volatility, is currently significantly inverted, indicating that short-term contracts are trading at higher prices than long-term contracts. This suggests considerable market stress but also points to extreme investor sentiment.” # Crypto Market Cap Increases by $50 Billion During New York Trading Hours As of 3:45 p.m. New York time on the 11th, the total market capitalization of cryptocurrencies stood at $2.69 trillion on CoinMarketCap, up 4.91% from 24 hours ago. This marks a $50 billion increase compared to the pre-market opening on the New York Stock Exchange. The 24-hour trading volume in the crypto market rose 7.62% to $148.2 billion. Bitcoin's dominance was recorded at 61.1%, while Ethereum's dominance stood at 8.7%. The Fear and Greed Index for the crypto market indicated a state of extreme fear with a reading of 15. At the time, Bitcoin was priced at $83,317 on CoinMarketCap, a 5.80% increase from 24 hours earlier. The overnight low (Asian trading hours) was $76,624, and the day's high during New York trading hours was $83,577. Bitcoin has been experiencing a correction since reaching a new all-time high of $109,114 on January 20. Ethereum rebounded 4.69% to $1,953, with its overnight low at $1,760. Ethereum's all-time high was $4,891.70, recorded on November 16, 2021. Other altcoins in the top 10 market cap list also rose compared to 24 hours ago, except for Tron, which declined by 1.51%. XRP was up 5.78%, BNB 3.62%, Solana 7.63%, Cardano 5.87%, and Dogecoin 6.36%. # Crypto Futures Rise; U.S. Dollar Declines, Treasury Yields Climb Bitcoin futures for March delivery traded on the Chicago Mercantile Exchange (CME) rose 5.19% to $83,130, April futures increased 5.34% to $83,780, and May futures climbed 3.28% to $82,730. Ethereum futures for March increased 4.63% to $1,954.00, April futures rose 4.53% to $1,961.00, and May futures were up 2.22% to $1,932.50. According to Wall Street Journal data, the dollar index fell 0.54% to 103.27. The yield on the 10-year U.S. Treasury note rebounded by 6.2 basis points to 4.278%. # Bitcoin and Ethereum ETF Outflows Continue in the U.S. According to Farside Investors, Bitcoin ETFs experienced outflows of $278.4 million on Monday, marking the third consecutive day of negative flows. Notable outflows included $89.2 million from BlackRock and $134 million from Fidelity. No Bitcoin funds recorded net inflows that day. Ethereum ETFs also saw net outflows of $34 million on Monday, including $23.7 million from Fidelity, with four funds recording outflows. No funds experienced inflows.