Bitcoin climbed to $83,864 on Sunday after President Donald Trump announced an immediate energy ceasefire between Russia and Ukraine. Moscow and Kyiv have not confirmed the agreement.
Trump posted on Truth Social that both sides had agreed to the ceasefire and warned against breaking it, but provided no specific terms, start date, or compliance mechanisms.
Cryptocurrency markets reacted swiftly to the announcement. Both Bitcoin and Ethereum prices rose modestly in the aftermath, triggering significant liquidations among traders betting on price declines. Data from CoinGlass showed $70 million in short bets were liquidated over four hours, compared to $6.9 million in long liquidations. Shorts accounted for 97.1% of the $22.29 million liquidated on Bitcoin during that period.
Ukrainian President Volodymyr Zelensky said the ceasefire announcement was "news for me," indicating he had not been consulted before Trump's post. Zelensky responded by setting conditions, stating that if Trump negotiated the deal with Putin, Ukraine would need details on when the ceasefire begins and said "we are ready, and we will accept it."
Russia had not commented on the ceasefire by press time. In October, Kremlin spokesperson Dmitry Peskov previously stated that Russia saw no point in a sector-only ceasefire. Trump made a similar ceasefire claim in September, which neither side confirmed at that time, and both continued striking energy sites.
Oil futures had been closed since Friday and were set to reopen Sunday evening in New York. West Texas Intermediate crude last settled at $91.66 a barrel, while Brent crude closed at $104.42. Oil markets, more directly exposed to energy infrastructure conditions, are expected to provide the first substantive price test of whether the ceasefire claim has market credibility.
