BTC hits $90K as oil prices rise amid dwindling Russia-Ukraine peace prospects

Bitcoin Tops $90K as Oil Rises Amid Russia-Ukraine Escalation

Bitcoin (BTC $87,428.19) jumped over 2% on Monday, surpassing $90,000, as renewed tensions in the Russia-Ukraine conflict pushed oil prices higher. The rally boosted 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 markets reacted to weekend geopolitical developments. West Texas Intermediate (WTI) crude rose 1% to $57.24 per barrel, while Brent crude climbed 0.8% to $60.81 per barrel. Asian equities traded cautiously amid thin year-end liquidity, though South Korea’s KOSPI index rose 1.7%, led by semiconductor 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 hitting the Syzran oil refinery in Russia’s Samara region, damaging its primary processing unit.

The attacks have dampened hopes for a Russia-Ukraine peace deal, even as U.S. President Donald Trump and Ukrainian President Zelensky reported progress on a 20-point plan. The conflict, now in its fourth year, continues to pressure global energy markets and inflation.