Bitcoin tops $90,000, Oil rises as Russia-Ukraine peace hopes falter

• Bitcoin rose over 2% on Monday, trading above $90,000, as hopes for a Russia-Ukraine peace deal diminished.
• Major cryptocurrencies like ether, XRP, and solana also saw gains of 3% or more.
• Russia and Ukraine conducted attacks on key energy infrastructure, affecting peace deal prospects despite ongoing diplomatic efforts.

Bitcoin BTC$90,056.17 rose on Monday as dampened hopes of a Russia-Ukraine peace deal pushed oil prices higher.

BTC, the leading cryptocurrency by market value, jumped over 2% to trade above $90,000, bringing cheer to the broader market. Major alternative cryptocurrencies such as ether ETH$3,037.67, XRP$1.9090 and solana SOL$127.98 gained 3% or more, according to data source CoinDesk.

In traditional markets, prices for the West Texas Intermediate (WTI) crude increased by 1% to $57.24 per barrel. Brent crude rose 0.80% to $60.81 per barrel. Asian stocks traded tentatively as year-end holidays kept volumes and market liquidity thin. 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 of a Russia-Ukraine peace deal, even as U.S. President Donald Trump and his Ukrainian counterpart, Zelensky, indicated progress on a 20-point peace plan. The Russia-Ukraine war has been raging for nearly four years, adding to inflation in the global economy.

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• XRP, dogecoin and solana outperformed bitcoin and ether over the past 24 hours in thin weekend trading.
• Analysts said bitcoin remains range-bound between roughly $86,500 and $90,000.
• Glassnode flagged spot price sitting near one on-chain mean while remaining well below short-term holders’ cost basis.

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