Crypto markets experienced a surge in volatility on Monday, with Bitcoin's price initially spiking to $79,480 before rapidly retreating to $77,800. The volatility began around 23:00 UTC, coinciding with the opening of US equity markets and CME Bitcoin futures, a period known for heightened market fluctuations. By 05:30 UTC, the price had started to fall after failing to break through the $80,000 threshold, resulting in a 2% drop within an hour.
This downturn occurred as oil prices reached their highest level since the US-Iran ceasefire, with Brent crude reaching $107 per barrel following the cancellation of US plans to send officials to talks in Pakistan. Meanwhile, Ether traded at around $2,320, having lost 2.2% since midnight UTC, underperforming Bitcoin's 1.1% decline but faring better than several alternative coins that saw more significant losses.