Crypto markets experienced a surge in volatility on Monday, with bitcoin's price soaring to $79,480 before rapidly retreating to $77,800. The reversal began around 23:00 UTC, coinciding with the opening of US equity and CME bitcoin futures markets, a period known for heightened price swings. By 05:30 UTC, the price had begun to decline after failing to breach the $80,000 threshold, plummeting 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 US President Donald Trump's cancellation of planned 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 that suffered more pronounced losses. The market's derivatives positioning and token performance also underwent significant changes.