Bitcoin Climbs Above $90K as Oil Rises on Fading Russia-Ukraine Peace Hopes
Bitcoin (BTC $87,428.19) rose on Monday, gaining more than 2% to trade above $90,000, as dampened hopes of a Russia-Ukraine peace deal pushed oil prices higher. The move boosted broader crypto markets, with major altcoins posting notable gains: ether (ETH $2,931.07), XRP ($1.861), and Solana (SOL $123.21) each rose 3% or more, according to CoinDesk data.
In traditional markets, oil prices climbed on renewed geopolitical tensions. West Texas Intermediate (WTI) crude increased 1% to $57.24 per barrel, while Brent crude rose 0.8% to $60.81 per barrel. Asian stock markets traded cautiously amid year-end holiday thinness, though South Korea’s KOSPI index advanced 1.7%, led by chipmaker gains.
The geopolitical backdrop intensified over the weekend. Russian forces attacked Naftogaz’s Kherson Combined Heat and Power Plant, a critical heating source for tens of thousands of residents. Ukraine retaliated by striking the Syzran oil refinery in Russia’s Samara region, damaging its primary processing unit.
These events tempered optimism over a Russia-Ukraine peace deal, despite statements from U.S. President Donald Trump and Ukrainian President Zelensky suggesting progress on a 20-point plan. The ongoing conflict, now in its fourth year, continues to contribute to global inflationary pressures.
