Bitcoin Sinks Amid Treasury Yield Surge and Oil Rebound

Bitcoin's price dropped to $83,378.7 on Thursday, down 2.9% from the previous day, as investors grew concerned over higher interest rates and rising oil prices.

The spike in Treasury yields, which reached a 19-year high, contributed to the decline in risk appetite, making Bitcoin's appeal less attractive compared to debt investments that offer better returns in such environments.

Broadly, cryptocurrency prices fell as investors took profits after stellar gains in September, driven by optimism over more U.S. regulatory favor, particularly after the SEC announced a five-year exemption for blockchain-based stock offerings.

The price drop affected other cryptocurrencies, with Ethereum falling 2.8% to $2,656.83 and XRP declining 8.1% to $1.4650.