Crypto markets experienced a surge in volatility on Monday, with bitcoin spiking to $79,480 before rapidly declining to $77,800. The price movement commenced around 23:00 UTC, coinciding with the opening of US equity and CME bitcoin futures, a period often marked by increased volatility. By 05:30 UTC, the price began to fall after failing to breach 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 planned US talks in Pakistan.
Ether traded at approximately $2,320, having lost 2.2% since midnight UTC, underperforming bitcoin's 1.1% decline but not plummeting as sharply as several alternative coins.