Crypto markets experienced a surge in volatility on Monday as the price of bitcoin spiked to $79,480 before swiftly retreating to $77,800. The volatility began around 23:00 UTC, coinciding with the opening of US equity and CME bitcoin futures markets, which often witness heightened price swings.
By 05:30 UTC, the price began to fall after failing to break through the $80,000 threshold, plummeting 2% 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 US officials' planned visit to Pakistan. Meanwhile, Ether traded at approximately $2,320, having lost 2.2% since midnight UTC, underperforming bitcoin's 1.1% decline, though not plummeting as sharply as several altcoins. The market's derivatives positioning and token performance also warrant attention.