Bitcoin Crashes Below $83,000 as Treasury Yields Reach Decade-High

Bitcoin plummeted below $83,000 on September 24 as the 10-year U.S. Treasury yield reached its highest level since 2007.

The spike in interest rates added pressure across crypto markets, with Bitcoin's Binance BTC/USDT market reaching a low of $82,874.93 just minutes after falling below the mark.

At 5:38 a.m. ET, Bitcoin traded at $83,256, down 2.89% over 24 hours, while Ether (ETH) plummeted by 3.39%, and XRP and Dogecoin dropped 8.58% and 7.79%, respectively.

The 10-year Treasury yield closed at 5.11% on September 23, up 0.15 percentage point from the previous day and its highest level since July 2007.