Bitcoin Crumbles Below $83k Amid Fed Rate Hike Expectations

The price of Bitcoin has plummeted below $83,000 amid market expectations that the US Federal Reserve (Fed) will raise interest rates four times by June 2027.

This move would increase rates from the current range of 3.75%-4% to 4.75%-5%, with a 25 basis point hike already implemented this month.

Rising US Treasury yields are also contributing to the decline, with the 20-year yield approaching 5.5% and the 10-year yield hovering above 5.1%.