Crypto markets witnessed a resurgence of volatility on Monday, with bitcoin surging to $79,480 before swiftly receding to $77,800. The price fluctuation began around 23:00 UTC, coinciding with the opening of US equity and CME bitcoin futures, a period often characterized by heightened market instability. By 05:30 UTC, the price commenced its descent after failing to breach the $80,000 barrier, plummeting 2% within an hour. This downturn occurred in tandem with oil prices reaching their highest level since the US-Iran ceasefire, with Brent crude trading at $107 per barrel following the cancellation of US-Iran talks.
Meanwhile, Ether traded at approximately $2,320, having incurred a 2.2% loss since midnight UTC, underperforming bitcoin's 1.1% decline but faring better than several altcoins that experienced more pronounced losses.