Crypto markets witnessed a return of volatility on Monday, with bitcoin surging to $79,480 before swiftly declining to $77,800. The fluctuation began around 23:00 UTC, coinciding with the opening of US equity and CME bitcoin futures, a period often marked by heightened volatility.
By 05:30 UTC, the price started to fall after failing to surpass the $80,000 threshold, dropping 2% within an hour. This decline 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 around $2,320, having lost 2.2% since midnight UTC, underperforming bitcoin, which saw a 1.1% decline, but not plummeting as sharply as several alternative cryptocurrencies.