Crypto markets experienced a surge in volatility on Monday as the price of bitcoin spiked to $79,480 before quickly dropping back to $77,800. The volatility began around 23:00 UTC, coinciding with the opening of US equity and CME bitcoin futures markets, which often see heightened price fluctuations.
By 05:30 UTC, the price of bitcoin began to fall after failing to surpass the $80,000 threshold, resulting in a 2% decline over the course of an hour. This downturn occurred as oil prices reached their highest level since the US-Iran ceasefire, with Brent crude reaching $107 per barrel following the cancellation of planned 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 alternative cryptocurrencies that saw more pronounced losses.