Bitcoin's Price Plunges Below $85k as Treasury Yields Soar

Bitcoin's price has dropped below $85,000 on September 22 as yields on U.S. Treasurys reach their highest level in nearly 20 years.

The decline marks a reversal for Bitcoin, which had risen nearly 30% over the past month and was experiencing its biggest hot streak since 2012.

Other cryptocurrencies such as Ethereum (ETH) and Dogecoin (DOGE) have also dropped on the day.

The downturn is attributed to a broad market selloff, with yields on U.S. government bonds spiking due to higher interest rates making bonds more attractive to investors.