Crypto markets witnessed a return of volatility on Monday as the price of bitcoin surged to $79,480 before swiftly reversing to $77,800. The price movement began around 23:00 UTC, coinciding with the opening of US equity and CME bitcoin futures markets, a period typically marked by increased volatility. By 05:30 UTC, the price started to decline after failing to breach the $80,000 threshold, dropping by 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 the cancellation of planned talks between US officials and 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 severe losses.