Bitcoin rose on Monday as muted hopes for a peace deal between Russia and Ukraine pushed oil prices up.
BTC, the leading cryptocurrency by market cap, jumped over 2% to trade above $90,000, bringing cheers to the broader market. Major alternative cryptocurrencies such as ether , and solana achieved 3% or more, according to data source CoinDesk.
In traditional markets, West Texas Intermediate (WTI) crude oil prices rose 1% to $57.24 a barrel. barrel. Brent crude rose 0.80% to $60.81 a barrel. barrel. Asian shares traded tentatively as the end of the year kept volume and market liquidity thin. South Korea’s KOSPI index was an exception, rising 1.7% on gains in chipmaker shares.
On Sunday, Russia attacked Naftogaz’s cogeneration plant in Kherson, causing significant damage to the infrastructure, which is known to be a critical source of heating for tens of thousands of residents. Meanwhile, Ukraine attacked the Syzran oil refinery in Russia’s Samara region, damaging the only primary oil processing unit at the refinery.
Those actions dampened hopes for a peace deal between Russia and Ukraine, even as US President Donald Trump and his Ukrainian counterpart, Zelensky, indicated progress on a 20-point peace plan. The war between Russia and Ukraine has raged for almost four years and has increased inflation in the global economy.
