Bitcoin Tumbles Below $85,000 as Treasury Yields Reach 5%

Bitcoin's price took a hit on September 23rd as it fell below $85,000. This decline coincided with stronger U.S. business activity and a significant increase in the 10-year Treasury yield, which topped 5% intraday.

The rising Treasury yield put pressure on interest-rate-sensitive assets, leading to increased liquidations of leveraged crypto positions. According to reports, $135.8 million in liquidations occurred within one hour, with $47.4 million of that coming from Bitcoin and $23.9 million from Ether (ETH).

The decline halted a recovery that had gained pace after short-position liquidations earlier in the week.