Bitcoin's Price Surged as the Cryptocurrency Market Rebounded

Bitcoin's price rebounded late Tuesday afternoon (4 p.m. ET), climbing to the $83,568 range after dipping below $80,000 earlier in the day.

Bitcoin price today, March 12 | Bitcoin price rose late Tuesday afternoon (4 p.m. ET), trading up to the $83,568 level. The largest cryptocurrency dipped below $80,000 earlier in the day.

Canada is to pause electricity tariffs on the United States and Ukraine agreed to a 30-day ceasefire with Russia, in an agreement reached at a U.S.-led meeting in Saudi Arabia.

Both digital assets and equities toggled between gains and losses. Earlier, former President Donald Trump slapped additional tariffs on Canadian steel and aluminum imports, heating up trade tensions.

Later, Ontario Premier Doug Ford announced that a planned 25% surcharge on electricity exports to the U.S. would be postponed.

Ford’s decision came after what he described as a “productive conversation” with U.S. Secretary of Commerce Howard Lutnick. The two officials are set to meet in Washington on March 13 to discuss potential revisions to the United States-Mexico-Canada Agreement (USMCA) ahead of an April 2 tariff deadline.

The cryptocurrency market also saw gains as Ukraine agreed to a 30-day ceasefire with Russia. The ceasefire, which is still pending Russia’s acceptance, will pave the way for broader peace negotiations.

As part of the agreement, the U.S. will immediately terminate its suspension of intelligence sharing and military aid to Ukraine. The restriction was imposed following a recent meeting between former President Donald Trump and Ukrainian President Volodymyr Zelenskyy last month.

On Wall Street, major stock indexes recovered from earlier losses, and the total cryptocurrency market cap reached $2.7 trillion, showing a 5.5% increase over the past 24 hours.

Bitcoin price today, March 12Bitcoin price rose further after dipping below $80,000 earlier in the day, and was last seen at $83,568. It was now up 5.75% for the past 12 hours from the morning lows.

Meanwhile, ethereum was trading at $617.66, showing a 4.45% gain. Global cryptocurrency trade volume came in at $148.16 billion, a more than 7% increase over the previous 24 hours.

Investor concerns, which were sparked by the administration’s recent statements and the administration’s helter-skelter tariff policies, also appeared to ease.