Bitcoin Tops $90K as Oil Rises on Russia-Ukraine Tensions

Bitcoin (BTC $87,428.19) surged on Monday, climbing over 2% to trade above $90,000 as renewed tensions in the Russia-Ukraine conflict pushed oil prices higher. The move lifted broader crypto markets, with ether (ETH $2,931.07), XRP ($1.861), and Solana (SOL $123.21) all gaining 3% or more, according to CoinDesk data.

Oil prices responded to the geopolitical escalation. West Texas Intermediate (WTI) crude rose 1% to $57.24 per barrel, while Brent crude increased 0.8% to $60.81 per barrel. Asian stocks traded cautiously amid thin year-end liquidity, though South Korea’s KOSPI index jumped 1.7%, led by gains in semiconductor stocks.

Over the weekend, Russian forces attacked Naftogaz’s Kherson Combined Heat and Power Plant, a key heating source for tens of thousands of residents. Ukraine retaliated by targeting the Syzran oil refinery in Russia’s Samara region, damaging its primary processing unit.

These developments 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 entering its fourth year, continues to influence global energy markets and inflation.