Crypto markets witnessed a surge in volatility on Monday as the price of bitcoin briefly soared to $79,480 before rapidly declining to $77,800. The fluctuation began at approximately 23:00 UTC, coinciding with the opening of US equity markets and CME bitcoin futures, a period typically marked by increased volatility. By 05:30 UTC, the price started to drop 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 talks between US officials and Pakistan.
Ether (ETH) was recently trading at around $2,320, having lost 2.2% since midnight UTC, underperforming bitcoin's 1.1% decline, but not falling as sharply as several altcoins. Derivatives positioning Token talk