Bitcoin Price Plunges from $79,500 High as Crypto Market Experiences Selloff Amid Rising Oil Prices

Crypto markets witnessed a surge in volatility on Monday, with bitcoin spiking to $79,480 before promptly retreating to $77,800. The fluctuations began around 23:00 UTC, coinciding with the opening of US equity and CME bitcoin futures markets, a period notorious for heightened volatility. By 05:30 UTC, the price plummeted after failing to breach the $80,000 threshold, plummeting 2% within an hour. This downturn occurred as oil prices soared to their highest level since the US-Iran ceasefire, with Brent crude reaching $107 per barrel following US President Donald Trump's cancellation of planned 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 severe losses.