Bitcoin Hits $84k Amid Regulatory Optimism and Yield Pressures

Bitcoin rose to $84k on Thursday after a strong third quarter, fueled by optimism over friendlier US regulations and bargain buying. The cryptocurrency rallied despite surging Treasury yields, which hit fresh multi-year peaks amid worries about interest rate hikes from the Federal Reserve.

The gains were also driven by a soft PCE inflation print, which some saw as a sign that cooling inflation might lead to fewer interest rate hikes. However, high yields continued to weigh on Bitcoin's price, quashing its momentum.

In related news, a stablecoin backed by Visa, Mastercard, and Coinbase went live on Wednesday, targeting banking, cross-border payments, and institutional trading. The coin, OpenUSD, was initially revealed in June and is now available on multiple blockchains.