Bitcoin and ether rise as Ukraine-Russia tensions appear to ease

A young woman walks past a Bitcoin symbol in the window of a company that offers blockchain application services.

Sean Gallup | Getty Images News | Getty Images

Cryptocurrencies rose on Tuesday with US stock futures as tensions between Ukraine and Russia appeared to be easing.

Bitcoin climbed more than 4% to $ 44,301.94, while ether rose more than 7% to $ 3,118.63 around 8:13 am ET, according to data from Coin Metrics. Almost the entire crypto market was higher on Tuesday.

The upward moves follow an announcement from Moscow that the Russian Defense Ministry has begun returning some troops to deployment bases after training exercises near the Ukraine border.

Bitcoin traded choppily on Monday as the conflict had appeared to escalate, while stocks ended the day lower. The cryptocurrency has been trading like more traditional risk assets for several months as its investor base becomes increasingly institutionalized.

However, bitcoin has also long been regarded as a safe haven asset that would ideally retain its value in times of instability.

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