Bitcoin Slips Below $86k as Yields and Oil Prices Surge

Bitcoin's price slipped below $86,000 on Wednesday as investors grew cautious amid rising U.S. Treasury yields and oil prices.

The world's largest cryptocurrency peaked above $87,300 on Monday but gave back some gains, trading down 1.7% to around $84,652 by 18:12 ET (22:12 GMT).

The surge in U.S. Treasury yields came as hot economic data boosted the odds of a Federal Reserve rate hike in October.

Average input costs across both goods and services jumped in September, while the overall rate of inflation reached its highest since October 2022.

Rising interest rates typically weigh on speculative assets like cryptocurrencies.