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Bitcoin has reclaimed the $40,000 mark in the last hour, following indications of progress in discussions between and e amid the ongoing conflict.

n President Vladimir Putin stated that “positive movement” was being made in the negotiations on a “daily basis.”  is facing penalties from Western countries, among others, as world leaders criticize the invasion of e.

The spike came in the wake of new comments from n President Vladimir Putin, who indicated in a meeting with his Belan counterpart, Aleksandr Lukashenko, that there had been “positive shifts” in the e dynamic.

Putin said improvements has been made in the talks between the Kremlin and e:

“There are certain positive shifts, negotiators on our side tell me.”

Putin’s remarks boosted global markets. Futures on the S&P 500 rose 1.31%, while futures on the tech-heavy Nasdaq 100 rose 1.65%. Sentiment in Europe was higher, with the DAX in Germany rising 3.41% and the Stoxx Europe 600 rising 2.09%.

At the time of writing, BTC/USD volatility remained high, with bulls aiming to break through $40,000 resistance more convincingly.

The increasing volatility had an effect on liquidations as well, with over $24 million in leveraged positions being wiped off the market in the last hour alone. The largest single liquidation order was on Bybit, worth about $6 million.

Explosive growth in #Bitcoin bitfinex shorts

hate to say it, capitulation incoming pic.twitter.com/FTQGt41UBQ

— Cole Garner (@ColeGarnerXBT) March 11, 2022

Related Reading | Bitcoin On Course To Hit $100K Nine Months From Now, Bitbull CEO Predicts

The cryptocurrency market remains volatile. Bitcoin rose from $38,600 in European morning hours to little more than $40,200 after Putin’s remarks were made public. Ethereum, XRP, and Solana’s SOL all gained 2.4% in the last hour, while Polkadot’s DOT led advances with an 8% rise in the last 24 hours.

However, it’s worth mentioning that n troops are rumored to be gathering around Kyiv, and some foresee a possible effort to encircle the capital.

Adam Cochran, a well-known crypto critic and analyst, commented on the contradicting signals, saying:

“Markets are so thin and so desperate for relief that we're moving on vague positive news in the -e conflict while both sides also release worsening statements and escalating action.”

Bitcoin stayed at the lower end of its established trading range, with the area north of $42,000 proving impossible to hold for long in 2022.

The latest price action, however, was a godsend for some traders, with popular Twitter account Anbessa informing followers that everything was going as planned.

$BTC/USD Update

bullish divergence playing out 4th entry ->  4 bounce up 3% pic.twitter.com/QqZnheFLyQ

— AN₿ESSA (@Anbessa100) March 11, 2022

The deterioration of e’s position has sent shockwaves through global markets. This week, India saw a massive outflow of foreign capital worth billions of dollars, while Brent crude hit $140 per barrel.

Related Article | Billionaire Investor Says Crypto Outlook Is 'Very Bullish' For Bitcoin