Crypto market volatility increased on Monday as the bitcoin price surged to $79,480 before quickly dropping to $77,800. The price movement started around 23:00 UTC, coinciding with the opening of US equity and CME bitcoin futures, a period known for heightened volatility. By 05:30 UTC, the price began to fall after failing to surpass the $80,000 threshold, resulting in a 2% decline 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 US talks in Pakistan.
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.