Crypto markets witnessed a resurgence of volatility on Monday, with bitcoin surging to $79,480 before swiftly reversing course to $77,800. The fluctuation began around 23:00 UTC, coinciding with the opening of US equity and CME bitcoin futures, a period typically marked by heightened volatility.
By 05:30 UTC, the price started to decline after failing to surpass the $80,000 threshold, plummeting 2% 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 US President Donald Trump's cancellation of planned talks in Pakistan.
Meanwhile, ether recently traded at approximately $2,320, having lost 2.2% since midnight UTC, underperforming bitcoin's 1.1% decline but faring better than several alternative coins that experienced more pronounced drops.