Bitcoin Plunges Below $84,000 Amid Rising Treasury Yields
Bitcoin dropped below $84,000 on Thursday as the 10-year Treasury yield reached its highest level since July 2007. The drop of over $3,500 from Wednesday's high comes amidst rising US borrowing costs. The 10-year Treasury yield closed at 5.11%, up 15 basis points from the previous day.
The five- and seven-year yields also posted their highest closes in nearly two decades. Dogecoin and XRP both fell by around 8% each, while ether and solana lost more than 3%. The sell-off follows a strong US business survey that saw output growing at its fastest rate since July 2021.
The S&P Global flash US Composite PMI jumped to 58.4 in September from 56.0 in August. Input costs rose at the fastest overall pace since October 2022, according to Chris Williamson, chief business economist at S&P Global Market Intelligence.