Bitcoin price drops to $82.7K October low as bond sell-off resumes on Iran nerves
Bitcoin fell below $83,000 to reach month-to-date lows as stocks reversed after all-time highs and bond yields spiked higher.
Bitcoin's price plummeted to $82.7K, marking its lowest point of the month, amid a surge in bond yields and rising oil prices following concerns over Iran's actions. Stocks recovered from their all-time highs, while bond yields spiked to their highest levels in 24 years. The 10-year and 30-year yields reached 5.36% and 5.73%, respectively.
As US stock markets retreated, Bitcoin struggled to surpass $87,000, with no signs of increased demand on trading platforms. Analysts suggested that the uncertainty surrounding the Strait of Hormuz and potential clamping down on illegal traffic could be contributing factors to the market's volatility.
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- Why are US bond yields rising? Is it the Iran war or a stronger economy? hindustantimes.com
