A three-day ceasefire between Russia and Ukraine, brokered with US backing, has opened the door to something markets haven’t priced in for years: the possibility that this war might actually wind down. President Trump said he believes the truce could last longer than its initial window, and crypto markets appear to agree with him, at least for now.

Bitcoin pushed past $80,000 following the announcement, a move traders attributed directly to the perceived cooling of one of the world’s most destabilizing geopolitical conflicts.

What the ceasefire actually involves

The truce covers May 9 through May 11, a narrow window that both sides have already tested with mutual accusations of violations. Alongside the pause in fighting, the deal…