Despite the peace talks between the US and Russian leaders concluding without special results, the Bitcoin (BTC) price maintained stability. Although the market had anticipated that the cryptocurrency market would fluctuate if discussions on ending the Ukraine war between the two countries failed, the situation was different this time.
The most attention was drawn to the direct meeting between President Trump and Russian President Vladimir Putin. This summit, which was realized after several years, was held on the occasion of the New York UN General Assembly and was Putin's first visit to the United States. Despite the tense atmosphere, the two leaders stated that there was progress on some issues. President Trump said, "We have not yet reached an agreement on several major issues, but we have made significant progress," and Putin evaluated the meeting as a "starting point".
Meanwhile, Ukrainian President Volodymyr Zelenskyy expressed disappointment at being excluded from the talks. He emphasized, "We are prepared to do our best to end the war, and a three-way conference involving the United States, Russia, and Ukraine is necessary".
The market was focused on the reaction immediately after the talks. Bitcoin's price had dropped below $117,000 before the talks but rebounded to around $118,000, stopping the decline. This was interpreted as evidence that the uncertainty of the talks did not significantly impact the price.
In fact, the sharp increase in the US Producer Price Index (PPI) announced the previous day seemed to have a greater impact on this price movement. After the PPI statistics were released, Bitcoin quickly dropped from its peak of $124,500 to below $118,000, showing volatility.
The market confirmed that Bitcoin's price elasticity remains robust even in a situation where global geopolitical risks and macroeconomic variables are simultaneously at play. The limited decline and quick rebound are expected to be interpreted as key indicators maintaining investor confidence.
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