Bitcoin Dips as Geopolitics and Oil Prices Weigh on Crypto Markets

Crypto markets saw losses on Monday as geopolitical tensions and elevated oil prices dampened risk appetite. Bitcoin and Ethereum declined, while Dogecoin bucked the trend with a 1.66% gain.

Trading volume surged 12% over the last 24 hours, but it wasn't enough to propel BTC above $80,000. Ethereum also saw increased trading activity as it challenged the resistance at $2,530.

According to Coinglass data, over $175 million was liquidated from the market in the past day, primarily wiping out leveraged long positions.

CryptoQuant noted that Bitcoin's short-term holder whale unrealized profit has hit a record high. This could potentially lead to a shift in sentiment and a drop in prices if holders take profits.