Bitcoin increased on Monday due to lowered expectations of a Russia-Ukraine peace agreement that drove oil prices upward.
BTC, the top cryptocurrency by market capitalization, surged over 2% to trade above $90,000, uplifting the wider market. Major alternative cryptocurrencies like ether , and solana all increased by 3% or more, according to CoinDesk.
In traditional markets, West Texas Intermediate (WTI) crude prices rose by 1% to $57.24 per barrel, while Brent crude climbed 0.80% to $60.81 per barrel. Asian stocks traded cautiously as year-end holidays resulted in thinner volumes and market liquidity. South Korea’s KOSPI index was a notable exception, increasing by 1.7% on the back of gains in the chip manufacturing sector.
On Sunday, Russia attacked Naftogaz’s Kherson Combined Heat and Power Plant, inflicting substantial damage to the infrastructure critical for heating tens of thousands of residents. In response, Ukraine struck the Syzran oil refinery in Russia’s Samara region, damaging its primary oil processing unit.
These developments diminished hopes for a peace settlement between Russia and Ukraine, even as U.S. President Donald Trump and Ukrainian President Zelensky indicated progress on a 20-point peace agenda. The ongoing Russia-Ukraine conflict has persisted for nearly four years, exacerbating global inflation.
