Crypto markets experienced a surge in volatility on Monday, with bitcoin spiking to $79,480 before swiftly retreating to $77,800. The price movement commenced around 23:00 UTC, coinciding with the opening of US equity and CME bitcoin futures, a period typically marked by heightened volatility. By 05:30 UTC, the price began to decline after failing to breach the $80,000 threshold, dropping 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. The derivatives positioning and token talk also reflected the market's bearish sentiment.