Bond Yields Spike, Bitcoin Tumbles to $84K

Bitcoin's price has dropped to $84,425 after shedding 2.06% in value over the day.

The decline comes as a result of the recent hike in US government bond yields, which have risen to 5.11%, a level not seen since the 2007 global financial crisis.

This increase in yields has also led to a tightening of competition for investor funds, forcing yields higher and causing investors to take on a risk-off position, disposing of crypto assets in favor of assured returns on Treasuries.

Historically, this type of reaction from Bitcoin leads to a dual-stage response: an initial drop followed by a structural decoupling period where the cryptocurrency recovers to higher prices.