Bitcoin Slumps as Rising Yields and Business Activity Weigh on Digital Assets

Bitcoin fell sharply on September 24 as rising US Treasury yields and stronger-than-expected business activity weighed on digital assets. The cryptocurrency dropped 3.80% to around $83,880 over the previous 24 hours, though it remained up more than 10% over the past week.

Ethereum also declined, trading at around $2,682.

The immediate pressure came from the US bond market, where stronger-than-expected business activity pushed Treasury yields higher. The 10-year yield rose to 5.11%, its highest level since 2007, and the two-year yield climbed to 4.85%.

Purvang Mashru of BitDelta India said the rise in yields and changing expectations around US interest rates had added pressure to risk assets. He noted that the reversal was particularly pronounced in higher-beta cryptocurrencies, with Dogecoin, Avalanche, and Cardano among the sharper decliners.