Bitcoin Retreats from $79,500 High as Oil Price Hike Sparks Crypto Market Sell-Off

Crypto markets experienced a surge in volatility on Monday as the price of bitcoin spiked to $79,480 before swiftly plummeting to $77,800. The fluctuation began around 23:00 UTC, coinciding with the opening of US equity and CME bitcoin futures, a period known for heightened market instability. By 05:30 UTC, the price started to decline after failing to surpass the $80,000 threshold, resulting in a 2% drop within an hour. This downturn occurred as oil prices reached their highest level since the US-Iran ceasefire, with Brent crude trading at $107 per barrel following the cancellation of US officials' planned visit to Pakistan. Meanwhile, Ether traded at approximately $2,320, having lost 2.2% since midnight UTC, underperforming bitcoin's 1.1% decline but not falling as sharply as several alternative cryptocurrencies.