Crypto
Bitcoin Hits $84k as Regulators Spark Rally, Yields Weigh
Bitcoin rose to $84k on Thursday after logging bumper gains in Q3 due to optimism over friendlier US regulations.
The cryptocurrency rally, however, lost steam going into the fourth quarter as markets braced for more interest rate hikes by the Federal Reserve. Surging Treasury yields also weighed on Bitcoin's price, which rose 1.5% to $84,307.1 by 02:21 ET (06:21 GMT).
The price surge was partly due to a soft print in US PCE inflation data, which read below expectations and sparked hopes that cooling inflation will invite fewer interest rate hikes from the Fed.