Crypto markets experienced a surge in volatility on Monday, with bitcoin initially spiking to $79,480 before swiftly declining to $77,800. The volatility began 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 started to fall after failing to break through the $80,000 barrier, resulting in a 2% decline 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 talks in Pakistan. 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 plummeted more sharply. The derivatives market positioning and token performance also reflected the market's turmoil.