Crypto markets experienced a surge in volatility on Monday, with bitcoin initially spiking to $79,480 before promptly retreating to $77,800. The fluctuation began around 23:00 UTC, coinciding with the opening of US equity and CME bitcoin futures, a period notorious for heightened market instability.
By 05:30 UTC, the price downturn commenced after failing to breach the $80,000 threshold, resulting in a 2% decline 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 talks in Pakistan. Meanwhile, ether traded at approximately $2,320, having lost 2.2% since midnight UTC, underperforming bitcoin's 1.1% decline but faring better than several altcoins that experienced more pronounced losses.