Bitcoin falls below $84K as 10-year Treasury yield hits 19-year high
Bitcoin traded near $83,200 as Fed hike odds reached about 75% and Treasury prepared a $6 billion buyback of long-dated bonds.
Bitcoin prices slipped below $84,000 on Thursday as the US 10-year Treasury yield surged to its highest level since 2007. The 10-year yield rose to 5.11% on Wednesday, up from 4.96% the previous day, and even reached 5.13% at one point. This increase in bond yields can raise borrowing costs and potentially weigh on risk assets like Bitcoin.
While some analysts noted that Bitcoin has performed well despite rising rates and a strong US dollar, others pointed to concerns about higher borrowing costs and the potential impact of upcoming Federal Reserve meetings.
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