Crypto markets experienced heightened volatility on Monday when bitcoin (BTC) soared to $79,480 before swiftly retracting to $77,800. This fluctuation commenced around 23:00 UTC with the initiation of U.S. equity trading and CME bitcoin futures, a time known for increased market activity.
By 05:30 UTC, bitcoin’s price began its decline after failing to surpass the $80,000 threshold, resulting in a 2% drop within an hour. This downturn coincided with oil prices reaching their peak since the ceasefire between the U.S. and Iran commenced, with Brent crude trading at $107 per barrel following President Donald Trump’s cancellation of plans for talks in Pakistan.
In contrast to bitcoin’s modest 1.1% decline, ether (ETH) saw a more significant drop, trading near $2,320 after losing 2.2% since midnight UTC. This underperformance was noted alongside several altcoins experiencing sharper declines.