Crypto markets experienced heightened volatility on Monday, with bitcoin spiking to $79,480 before rapidly declining 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 to fall after failing to break through the $80,000 barrier, dropping 2% within an hour. This decline 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 planned US talks in Pakistan.
Meanwhile, ether traded around $2,320, having lost 2.2% since midnight UTC, underperforming bitcoin's 1.1% decline but faring better than several alternative cryptocurrencies that saw more significant losses.