Cryptocurrency markets experienced heightened volatility on Monday, with bitcoin briefly spiking to $79,480 before rapidly declining to $77,800. The volatility began around 23:00 UTC, coinciding with the opening of U.S. equity markets and CME bitcoin futures, a period known for increased market fluctuations.
By 05:30 UTC, the price started to fall after failing to surpass the $80,000 threshold, resulting in a 2% drop within an hour. This decline occurred in tandem with oil prices reaching their highest level since the U.S.-Iran ceasefire, with Brent crude trading at $107 per barrel following the cancellation of planned U.S. 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 experienced more significant losses.