Crypto Market Slumps as Bitcoin Tumbles Below $84K

The cryptocurrency market took a hit on Thursday morning as Bitcoin's price dipped below $84,000. MSTR stock, backed by Michael Saylor and Strategy treasury company, led losses among major crypto-linked stocks with a decline of over 3% in premarket trade.

Coinbase (COIN) and BitMine Immersion Technologies (BMNR) fell more than 2%, while USDC stablecoin issuer Circle (CRCL) dropped about 1.6%. The sell-off came ahead of the meeting between President Donald Trump and Chinese President Xi Jinping on Thursday afternoon.

The broader market was also under pressure, with Wall Street trading lower amid rising Treasury yields and higher oil prices. The 10-year U.S. Treasury yield closed Wednesday at 5.11%, its highest level since July 2007, before climbing further to 5.139% on Thursday morning.

Ripple's XRP led the slide among major cryptocurrencies, followed by Solana (SOL) and Ethereum (ETH). The overall cryptocurrency market dropped around 1.7%, slipping back below the $3 trillion mark.