Crypto markets witnessed a surge in volatility on Monday, with bitcoin initially spiking to $79,480 before rapidly declining to $77,800. This fluctuation began around 23:00 UTC, coinciding with the opening of US equity and CME bitcoin futures, a period known for heightened market instability.
By 05:30 UTC, the price started to drop after failing to surpass the $80,000 mark, 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 US officials' visit to Pakistan.
Meanwhile, Ether traded around $2,320, having lost 2.2% since midnight UTC, underperforming bitcoin's 1.1% decline but not plummeting as sharply as several altcoins. The market's derivatives positioning and token performance also warrant attention.