Treasury Yields Spike, Bitcoin Price Drops to $83k

Bitcoin's price dropped to $83,687.7 on Thursday, following steep overnight losses as investors became increasingly cautious about higher interest rates. The cryptocurrency fell by 2.4% in a single day, with broader crypto prices also taking a hit due to weak risk appetite.

The surge in Treasury yields was a major factor contributing to the decline, with the rate hitting its strongest level since 2007. This sharp increase in borrowing costs makes debt more attractive than risky investments like Bitcoin, which typically offer lower returns in such environments.

Bond yields across developed markets also rose on expectations of further rate hikes, with the yield on 30-year bonds reaching a new high. Oil prices rebounded overnight after Iranian President Masoud Pezeshkian's strongly worded address at the United Nations General Assembly.