Crypto
Bitcoin Tumbles Below $84k Amid US Business Boom and Soaring Yields
Bitcoin's price dropped below $84,000 on Wednesday after a surprise jump in US business activity sent Treasury yields higher. The decline came within an hour of the data release, reversing a morning rally that had pushed Bitcoin above $87,000 on Binance.
The S&P Global flash Purchasing Managers' Index (PMI) showed a reading of 58.4 for September, up from 56.0 in August and the fastest growth since July 2021. The manufacturing gauge jumped to 57.0 from 53.9, its strongest since May 2022.
However, the report also flagged rising costs, with input prices climbing at the fastest rate since October 2022 due to higher oil prices affecting fuel and transport costs.