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

Bitcoin BTC$90,101.30 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$3,044.26, XRP$1.9125 and solana SOL$128.77 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.