The crypto market witnessed a resurgence of volatility on Monday, with bitcoin surging to $79,480 before rapidly declining to $77,800. The fluctuation began around 23:00 UTC, coinciding with the opening of US equity and CME bitcoin futures markets, a period typically marked by heightened volatility. By 05:30 UTC, the price started to fall after failing to surpass the $80,000 threshold, plummeting 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 significant drops.