Bitcoin Slumps Below $85,000 as Rising Yields Spark Profit-Taking
Bitcoin's recent rally has taken a hit as rising US bond yields and renewed interest rate concerns have led to profit-taking across the cryptocurrency market. The world's largest digital asset was trading around $84,000 on Friday, down roughly 3% over 24 hours after reaching an intraday high above $87,000.
The pullback comes just days after Bitcoin touched an eight-month high of around $87,350, following gains of more than 8% during September and a 25% advance in August. Higher bond yields typically increase the opportunity cost of holding non-yielding assets such as Bitcoin and can weigh on speculative investments more broadly.
The latest selling coincides with another rise in US Treasury yields, with the benchmark 10-year yield climbing to its highest level since 2007. This has led to a decline in several major altcoins, including Ethereum, XRP, Solana, and Dogecoin.