Bitcoin Crashes Below $84,000 as Treasury Yields Soar to 5%

Bitcoin plummeted below $84,000 after a surprise jump in US business activity sent Treasury yields soaring.

The S&P Global flash composite PMI rose to 58.4 from 56.0, its fastest growth since July 2021.

This unexpected surge pushed the 10-year Treasury yield back above 5% and revived Fed rate-hike fears.

Higher yields make assets that pay no interest, such as Bitcoin, less attractive, creating short-term downside pressure on crypto markets.