Bitcoin Takes Hit as Treasury Yields Spike Above 5%
Bitcoin dropped below $85,000 as U.S. Treasury yields jumped above 5% due to stronger-than-expected economic data.
The flash U.S. Composite PMI rose to 58.4 in September, its strongest reading since July 2021.
This development is a reminder that Bitcoin's recent rebound can be challenged when markets price in tighter monetary policy.
Strong business activity typically sounds like good news for the economy, but markets are looking at the other side of the equation.