Bitcoin Plunges Below $84k as Treasury Yields Spike

Bitcoin's price dropped to $84,148.7 on Thursday, extending steep overnight losses as Treasury yields and oil prices spiked.

The increase in Treasury yields, which jumped above 5%, and robust purchasing managers index data contributed to higher interest rate expectations.

As a result, investors became risk-averse, leading to profit-taking across the cryptocurrency market.

Bitcoin's decline was accompanied by broader losses among altcoins, with Ethereum falling 2.5% to $2,685.83 and Binance Coin dropping 7.5% to $1.5052.