Crypto markets witnessed a return of volatility on Monday, with bitcoin surging to $79,480 before swiftly reversing course to $77,800. The fluctuations began around 23:00 UTC, coinciding with the opening of US equity and CME bitcoin futures markets, a period known for heightened volatility. By 05:30 UTC, the price started to decline after failing to surpass 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 the cancellation of planned US-Iran talks. 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.