Crypto markets experienced heightened volatility on Monday, with bitcoin surging to $79,480 before quickly dropping to $77,800. The initial upward movement began around 23:00 UTC, coinciding with the opening of US equity and CME bitcoin futures, a period typically marked by increased volatility.
However, by 05:30 UTC, the price started to fall after failing to surpass the $80,000 threshold, resulting in a 2% decline within an hour. This downturn was triggered by rising oil prices, which 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 outpacing the more significant losses of several altcoins.