Bitcoin Holds Firm at $84,500 Amid Record Treasury Yields and Heavy Liquidations

Bitcoin held steady near $84,500 as crypto derivatives liquidations reached $341 million on Wednesday. This came as Treasury yields climbed to a 19-year high of 5.11%, putting pressure on risk assets.

The largest cryptocurrency traded at $84,583, up 0.31% over the past 24 hours. It moved within a range of $82,874 and $84,942.

Ethereum (ETH) also saw gains, rising by 0.27% to $2,689 with a price range of $2,600 to $2,706.

The total value of liquidations was lower than the $500 million seen on September 23rd, indicating reduced volatility in the market. However, long positions accounted for $222 million, while short positions represented $120 million.