Bitcoin Touches $84k Amid Soaring Yields and Tech Frenzy

Bitcoin surged to $84,307.1 on Thursday after logging bumper gains in Q3 due to rising optimism over friendlier U.S. regulations and bargain buying.

The cryptocurrency's advance was partly driven by a soft U.S. PCE price index data read that came in below expectations, sparking hopes of fewer interest rate hikes from the Federal Reserve.

However, surging Treasury yields, which hit fresh multi-year peaks on Wednesday, weighed on Bitcoin's gains, while optimism over artificial intelligence drove flows towards tech and chipmaking stocks, pressuring crypto prices.

A stablecoin backed by payments giants Visa, Mastercard, Stripe, and Coinbase went live on Wednesday, targeting banking, cross-border payments, card settlement, institutional trading, and lending.