Bitcoin rises to $84k after bumper Q3 gains; stubborn yields weigh

Bitcoin surged to $84,307.1 on Thursday, expanding on gains made in the third quarter. Optimism over more accommodating U.S. regulations had sparked a wave of bargain buying, but the rally faltered heading into the fourth quarter due to surging Treasury yields and anticipation of further interest rate hikes by the Federal Reserve.

The cryptocurrency's price peaked at $85,600 on Wednesday following U.S. PCE price index data that fell slightly short of expectations. This data fueled some hope that cooling inflation may lead to fewer interest rate hikes from the Fed. However, Bitcoin's gains were partially offset by a sharp rise in Treasury yields, which reached multi-year peaks on Wednesday.

Ethereum, the world's second-largest cryptocurrency, rose 2% to $2,714.83, while XRP climbed 0.8% and Solana increased by 0.9%. Cardano gained 4.2% and BNB added 1.8%. Among meme coins, Dogecoin saw a 2.9% increase, while $TRUMP surged by 7.3%.