Bond Market Selloff Sends Bitcoin Plummeting Below $83k

Bitcoin plummeted below $83k in the past 24 hours due to a massive bond market selloff that dampened sentiment towards risk assets, including cryptocurrencies.

The strong economic data from the U.S. and the spike in global crude oil prices renewed Fed rate hike fears, triggering a selloff in U.S. bond markets. The yield on the long-dated 30-year bond touched a 22-year high of 5.442 percent following hot PMI data.

The likelihood of a quarter percentage rate hike by the Fed in October is currently above 70 percent, according to the CME FedWatch tool.