Crypto markets witnessed a resurgence of volatility on Monday, with bitcoin surging to $79,480 before swiftly plummeting to $77,800. The volatility began 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 started to decline after failing to breach the $80,000 threshold, resulting in a 2% drop within an hour. This downturn occurred in tandem with oil prices reaching their highest level since the US-Iran ceasefire, with Brent crude trading at $107 per barrel following the cancellation of US diplomatic 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 experienced more pronounced losses. The derivatives market and token performance also reflected the market's overall sentiment.