Bitcoin Retreats from $79,500 High as Crypto Market Experiences Widespread Selloff Due to Oil Price Surge

Crypto markets witnessed a return of volatility on Monday, with bitcoin experiencing a sharp spike to $79,480 before quickly reversing course to $77,800. The volatility commenced around 23:00 UTC, coinciding with the opening of US equity and CME bitcoin futures, a period typically marked by heightened market fluctuations. By 05:30 UTC, the price began to decline after failing to surpass 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 planned talks between US officials and Pakistan. Meanwhile, ether traded around $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.