Bitcoin Daily Commentary - 12 March 2025
Bitcoin's price is up 4.7% over the past 24 hours, trading just under $83,000. Meanwhile Bitcoin's dominance has increased to 61.4%, from 60.9% yesterday as Bitcoin continues to outperform altcoins.
Sentiment has improved slightly with the Bitcoin Fear & Greed Index rising to 24 and indicating a shift back up into Fear territory.
In 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.
Helping the mood, Ontario Premier Doug Ford agreed to suspend a 25% electricity export surcharge he had put in place against a number of U.S. states. The surcharge was made in retaliation to 25% tariffs Trump had placed on Canadian imports last week.
Crypto markets have turned nicely higher on the news with bitcoin trading up to $83,600 immediately after the ceasefire news broke.
Reflective of the current fear sentiment in crypto, analysts at Santiment report growing panic among investors, with increasing predictions of Bitcoin dropping below $70,000, which increases the likelihood of a bounce before approaching those levels.
