Bitcoin Surges Past $90K as Oil Rises Amid Russia-Ukraine Tensions
Bitcoin (BTC $87,428.19) climbed on Monday, jumping over 2% to trade above $90,000 as fading hopes for a Russia-Ukraine peace deal pushed oil prices higher. The rally boosted broader crypto markets, with major altcoins posting strong gains: ether (ETH $2,931.07), XRP ($1.861), and Solana (SOL $123.21) all rose 3% or more, according to CoinDesk data.
Oil markets reacted to renewed geopolitical risks. West Texas Intermediate (WTI) crude increased 1% to $57.24 per barrel, while Brent crude rose 0.8% to $60.81 per barrel. Asian equities traded cautiously amid thin year-end liquidity, though South Korea’s KOSPI index advanced 1.7%, driven by gains in chipmaker stocks.
Over the weekend, Russia struck Naftogaz’s Kherson Combined Heat and Power Plant, a critical heating source for tens of thousands of residents. Ukraine retaliated by targeting the Syzran oil refinery in Russia’s Samara region, damaging its main processing unit.
The attacks undermined optimism over a potential peace deal, even as U.S. President Donald Trump and Ukrainian President Zelensky indicated progress on a 20-point plan. Now in its fourth year, the conflict continues to exert upward pressure on global inflation and energy markets.
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