BTC Slumps Below $84K Amid Soaring Treasury Yields

Bitcoin (BTC) took a hit on Monday, dropping below $84K for the first time in two weeks. The leading cryptocurrency by market capitalization fell 1.7% to reach $83,061 as of 6:30 GMT.

The decline came amidst a surge in U.S. Treasury yields, which reached their highest point in nearly two decades at over 5%. This increase in borrowing costs typically creates headwinds for speculative assets like cryptocurrencies, draining liquidity from markets and making traditional fixed-income investments more attractive on a risk-adjusted basis.

Major altcoins such as Ether (2% decline to $2,652.25), XRP (-2.7%), Solana (-2.1%), Cardano (-3.5%), and BNB (-1.3%) also experienced downward momentum.