Crypto markets experienced heightened volatility on Monday, with bitcoin surging to $79,480 before quickly dropping back to $77,800. The price movement began around 23:00 UTC, coinciding with the opening of US equity and CME bitcoin futures, a period known for increased market volatility. By 05:30 UTC, the price started falling after failing to break through the $80,000 barrier, 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 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.
The derivatives market and token performance also reflected the market's overall sentiment.