Bitcoin rose Monday as dashed hopes for a peace deal between Russia and Ukraine pushed oil prices higher.
BTC, the leading cryptocurrency by market value, surged more than 2% to trade above $90,000, bringing joy to the market as a whole. Top alternative cryptocurrencies such as ether , and Solana gained 3% or more, according to data source CoinDesk.
In traditional markets, West Texas Intermediate (WTI) crude prices rose 1% to $57.24 per barrel. Brent crude rose 0.80% to $60.81 a barrel. Asian stocks traded tepidly as the year-end holidays limited market volumes and liquidity. South Korea’s KOSPI index was an exception, rising 1.7% amid a rise in chipmaker stocks.
Russia attacked the Naftogaz combined heat and power plant in Kherson on Sunday, causing significant damage to the infrastructure, known to be a vital source of heating for tens of thousands of residents. Meanwhile, Ukraine attacked the Syzran oil refinery in Russia’s Samara region, damaging the refinery’s only primary oil processing unit.
The actions dented hopes for a peace deal between Russia and Ukraine, even as U.S. 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, worsening inflation in the global economy.
