bitcoin rose on Monday as dashed hopes for a peace deal between Russia and Ukraine sent oil prices soaring.
BTC, the leading cryptocurrency by market value, jumped more than 2% to trade above $90,000, cheering the broader market. Main alternative cryptocurrencies like ether , and sunny gained 3% or more, according to data source CoinDesk.
In traditional markets, West Texas Intermediate (WTI) crude oil prices rose 1% to $57.24 per barrel. Brent crude oil rose 0.80% to $60.81 per barrel. Asian stocks traded tentatively as year-end holidays kept market volumes and liquidity low. South Korea’s KOSPI index was an exception, rising 1.7% amid gains in chipmaker stocks.
On Sunday, Russia attacked Naftogaz’s Kherson combined heat and power plant, 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.
These actions dented hopes for a peace deal between Russia and Ukraine, even as U.S. President Donald Trump and his Ukrainian counterpart, Zelensky, signaled progress on a 20-point peace plan. The war between Russia and Ukraine has dragged on for almost four years, increasing inflation in the global economy.
