Bitcoin Plunges Below $85K Amid US Treasury Yield Surge and Long Liquidations
Bitcoin's price has dropped below $85,000 after a significant selloff over the past 24 hours. The cryptocurrency fell by around 3% to trade near $84,300 at the time of writing.
The decline was driven by rising US Treasury yields, stronger economic data, and long liquidations in the crypto derivatives market. CoinGecko data showed that roughly $524 million in positions were liquidated over 24 hours, with longs accounting for close to $454 million.
The sell-off accelerated as leveraged positions were forced out of the market, adding to the downward pressure on BTC. Oil prices also contributed to the rise in yields, rebounding more than 4% towards $104 per barrel.
Despite the daily loss, Bitcoin remains 10% higher over the past seven days and 4.4% higher over the past 30 days, according to CoinGecko. However, the cryptocurrency is down 24.8% over the past year.