Crypto markets experienced a surge in volatility on Monday, with bitcoin initially spiking to $79,480 before rapidly declining to $77,800. The fluctuation began around 23:00 UTC, coinciding with the opening of US equity and CME bitcoin futures markets, a period known for heightened volatility. By 05:30 UTC, the price started to fall after failing to surpass the $80,000 mark, resulting in a 2% drop 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. The decline in crypto prices was also influenced by derivatives positioning and market sentiment.