Bitcoin Rebounds Past $84,000 Amid Slowing Fed Rate Hikes

Bitcoin (BTC) has reclaimed the $84,000 level despite the U.S. 10-year Treasury yield hitting a 24-year high of 5.342%, which is its highest level since April 3, 2002.

This move came as Federal Reserve officials signaled a slower pace of rate hikes, reviving investor sentiment and leading to a recovery in risk appetite.

According to Bithumb, the South Korean crypto exchange, Bitcoin was trading at approximately $85,000 on the 2nd, up 0.89% from 24 hours earlier. Globally, it moved around $84,804, up 1.67%. Other major cryptocurrencies such as Ethereum, Ripple, and Solana also saw gains.

However, the precious metals market, including gold and silver, took a hit due to rising bond yields. International silver futures traded on the New York Mercantile Exchange (COMEX) declined over 13% in the past month, while international gold futures fell roughly 10%. Analysts expect prolonged global tightening to weigh heavily on the precious metals market.