Bitcoin Below $84K Amid Treasury Yields Spike, Crypto Market Slumps

The crypto market took a hit on Thursday as Bitcoin dipped below $84,000 and major Treasury yields spiked to their highest levels since July 2007. The 10-year Treasury yield rose to 5.11% before rebounding slightly above 5%, while the two-year Treasury yield reached its highest level since 2023 at 4.897%. Brent crude futures also surged more than 3% to about $106 a barrel, adding to the market's pressure.

The decline in crypto-linked stocks was led by Michael Saylor-backed Strategy (MSTR), which fell over 3% in premarket trade. Coinbase (COIN) and BitMine Immersion Technologies (BMNR) each dropped more than 2%, while USDC stablecoin issuer Circle (CRCL) declined about 1.6%. The overall cryptocurrency market lost around 1.7% in value, slipping below the $3 trillion mark.

Ripple's XRP led losses among major cryptocurrencies, with its price falling over 8.5% to around $1.46 in the last 24 hours. Solana and Ethereum also traded lower, with SOL dropping 3.5% to about $113 and ETH falling 3.3% to around $2,600.