Crypto market volatility resurfaced on Monday, with bitcoin soaring to $79,480 before abruptly plummeting to $77,800. The sudden movement commenced around 23:00 UTC, coinciding with the opening of US equity and CME bitcoin futures, a period often marked by heightened market fluctuations. By 05:30 UTC, the price began to decline after failing to breach the $80,000 threshold, resulting in a 2% drop within an hour.
The downturn occurred in tandem with the surge in oil prices, which reached a peak since the US-Iran ceasefire, with Brent crude trading at $107 per barrel following the cancellation of US-Iran talks. Meanwhile, ether traded at approximately $2,320, having incurred a 2.2% loss since midnight UTC, underperforming bitcoin's 1.1% decline, while several altcoins suffered even more substantial losses.