Bond Yields Skyrocket: Bitcoin Tumbles to $84K

Bitcoin's price has taken a hit, dipping to $84,425 after a 2.06% decline in value over the past day.

This pullback comes amidst rising US government bond yields, which have reached 5.11%, a level last seen during the 2007 global financial crisis.

The increase in bond yields is attributed to a combination of factors, including the recent interest rate hike by the US Federal Reserve and concerns over America's national debt, which has surpassed $40 trillion.

As a result, investors are shifting their capital towards Treasury bonds, causing competition for funds to intensify and driving up yields.