Bitcoin Surpasses $90K as Oil Rises on Russia-Ukraine Tensions
Bitcoin (BTC $87,428.19) climbed over 2% on Monday, topping $90,000, as renewed geopolitical tensions in the Russia-Ukraine conflict pushed oil prices higher. The rally lifted broader crypto markets, with ether (ETH $2,931.07), XRP ($1.861), and Solana (SOL $123.21) all gaining more than 3%, according to CoinDesk data.
Oil reacted to weekend developments, with West Texas Intermediate (WTI) crude rising 1% to $57.24 per barrel and Brent crude up 0.8% at $60.81 per barrel. Asian equities traded cautiously amid thin year-end liquidity, though South Korea’s KOSPI index rose 1.7%, supported by gains in semiconductor stocks.
Over the weekend, Russian forces struck Naftogaz’s Kherson Combined Heat and Power Plant, a key heating source for tens of thousands of residents. Ukraine responded by targeting the Syzran oil refinery in Russia’s Samara region, damaging its main processing unit.
The attacks tempered optimism over a Russia-Ukraine peace deal, despite statements from U.S. President Donald Trump and Ukrainian President Zelensky on progress with a 20-point plan. Now in its fourth year, the conflict continues to influence global energy markets and inflation.
