Crypto markets experienced a surge in volatility on Monday, with bitcoin spiking to $79,480 before quickly dropping back to $77,800. The price movement began around 23:00 UTC, coinciding with the opening of US equity and CME bitcoin futures, a period often marked by increased volatility.
By 05:30 UTC, the price had started to fall after failing to surpass the $80,000 threshold, resulting in a 2% decline 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 planned US talks in 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.