Bitcoin Price Plunges to $77,800 After Briefly Touching $79,500 Amid Broader Cryptocurrency Downturn

Crypto markets were marked by heightened volatility on Monday, with bitcoin surging to $79,480 before rapidly retreating to $77,800. The price movement began around 23:00 UTC, coinciding with the opening of US equity and CME bitcoin futures, a period typically characterized by increased volatility. By 05:30 UTC, the price started to decline after failing to breach the $80,000 threshold, dropping 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 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 pronounced losses.